TALLAHASSEE, Fla. — February 26, 2026 — Leads & Copy —
Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) has announced its financial results for the fourth quarter and full year ended December 31, 2025, reporting $1.2 billion in full-year revenue and a 60% gross margin.
The cannabis company, a multi-state operator in the U.S., also reported record 2025 cash flow from operations of $273 million and free cash flow of $229 million. Trulieve sold a record 50.1 million branded product units in 2025, a 5% increase compared to the previous year.
The company reported a net loss attributable to common shareholders of $116 million, with an adjusted net loss of $27 million, which excludes non-recurring charges, asset impairments, disposals, and discontinued operations. Adjusted EBITDA reached a record $427 million, or 36% of revenue, a $7 million or 2% increase from 2024.
Trulieve ended the year with $256 million in cash. The company redeemed $368 million of senior secured notes due in 2026 and repaid a $15.8 million mortgage. It also closed a $140 million private placement of senior secured notes due in 2030 and received conditional approval for a Dispensing Organization license under the Texas Compassionate Use Program.
The cannabis company’s rewards program grew to 915,000 members as of December 31, 2025. Trulieve added 11 dispensaries in 2025, bringing its total to 233 retail locations nationwide.
Fourth-quarter revenue totaled $293 million, with 93% from retail sales. The gross margin was 60%, with a GAAP gross profit of $175 million. The net loss attributable to common shareholders was $43 million, and the adjusted net loss was $3 million, excluding specific charges. Adjusted EBITDA for the quarter was $105 million, or 36% of revenue. The company generated $59 million in cash flow from operations and $56 million in free cash flow.
Trulieve released a new mobile app for Florida customers, allowing patients to browse and reserve products, view promotions, and check rewards status. They also opened one dispensary in Findlay, Ohio, during Q4.
Recent developments include the opening of a dispensary in Fort Myers, Florida, and the closing of a second tranche $60 million private placement of senior secured notes due in 2030. The company currently operates 234 retail dispensaries and over four million square feet of cultivation and processing capacity in the United States.
Trulieve CEO Kim Rivers said the company finished the year strong by winning a conditional license in Texas and repositioning its debt. Rivers added that with rescheduling on the horizon, Trulieve is carrying the momentum into 2026, prioritizing expanded access, loyal customers, branded products, and growth initiatives.
The company will host a conference call and live audio webcast on February 26, 2026, at 8:30 A.M. Eastern time, to discuss its fourth quarter and full year 2025 financial results. Interested parties can join the conference call by dialing 1-844-824-3830 (North American toll free) or 1-412-542-4136 (International) and using passcode 9288786.
A live audio webcast of the conference call, a PowerPoint presentation, and an archived replay of the webcast will be available on the investor relations section of Trulieve’s website. The company’s Form 10-K for the year ended December 31, 2025, will be available on the SEC’s website and on Trulieve’s website.
Source: Trulieve Cannabis Corp.
