Trulieve’s Q2 Revenue Drops 10% YoY, NYSE Debut Boosts Investor Access

Jelena MartinovicBy , Featured Writer
Burn After Reading The 30-second intel for operators and investors

Trulieve's Q2 2026 revenue falls 10% year over year to $271 million, but the company lists on the NYSE as TRLV, the first U.S. cannabis company to do so after medical marijuana rescheduling.

  • Operators: Scale still delivers margin: Trulieve posts 60% gross margin and 36% adjusted EBITDA margin, with 94% of revenue from retail. Cash flow is weaker, though, with operating cash flow at $53 million versus $86 million a year earlier.
  • Investors: The NYSE listing opens the stock to more institutional investors, potentially improving liquidity and analyst coverage. Adjusted net income is $20 million, but GAAP net loss is $406 million, largely from a $407 million Harvest deconsolidation impact.
  • Do now: Read Trulieve's press release and compare adjusted results with GAAP figures, especially the Harvest deconsolidation impact and the 57% drop in free cash flow, before drawing conclusions.
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Medical cannabis company Trulieve Cannabis Corp. (NYSE: TRLV) announced on Friday its results for the second quarter of fiscal 2026, revealing a 10% year-over-year drop in revenue to $271 million. That said, 94% of revenue was from retail sales, the company said in a press release.

“We made history this quarter as the first U.S. cannabis company to list on the New York Stock Exchange following rescheduling of medical marijuana,” Kim Rivers, Trulieve CEO, said. “With broader cannabis rescheduling and state program expansion in markets like Georgia and Texas on the horizon, Trulieve is well positioned to leverage its scale, financial strength, and branded products to drive future growth.”

Q2 2026 Financial Highlights

  • Gross profit was $162, down 11% year-over-year, but gross margin was strong at 60%.
  • Adjusted EBITDA came in positive at $98 million, down 11% year-over-year and representing a 36% margin.
  • Adjusted net income was $20 million, or $0.11 per share, compared to an adjusted loss of $8 million in the second quarter of 2025.
  • GAAP net loss was $406 million, compared with a $14 million loss in the corresponding quarter of 2025. The company said this is largely reflecting the $407 million impact from the Harvest deconsolidation and equity investment.
  • Operating cash flow was $53 million, down from $86 million in the prior year’s period.
  • Free cash flow was $32 million, representing a 57% year-over-year decrease.
  • Cash was $325 million at quarter-end.

During the quarter, Trulieve began trading on the NYSE under TRLV. The move allows more institutional investors to access the stock, potentially improving liquidity and analyst coverage.

Moreover, Trulieve has structured its business to comply with the new federal medical-cannabis framework.

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Jelena Martinovic
August 10, 2026
Covers cannabis news, markets and regulation for IgniteIt. Previously wrote about financial markets for Benzinga and Insider Monkey.
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