Trulieve Q3 2026 Results: $230M Revenue, 64% Gross Margin and $327M Cash Following NYSE Listing

Burn After Reading The 30-second intel for operators and investors ⏱ 0:30

Trulieve reports Q3 2026 revenue of $230M, down 20% year over year, but with a 64% gross margin, $89M adjusted EBITDA and $327M in cash. The figures cover medical operations only after Harvest was deconsolidated on June 3.

• Operators: Federal rescheduling of state-licensed medical cannabis brought DEA registrations and removal of 280E for Trulieve. Georgia traffic rose sevenfold after its July 1 program expansion, and Texas timing depends on state regulation.
• Investors: Margins and cash generation improved on a smaller perimeter, with $45M Q3 free cash flow and a $65M mortgage repayment. Year-over-year comparisons are distorted until future quarters offer like-for-like results.
• Do now: Compare Trulieve's medical-only Q3 figures with Green Thumb's integrated results from November 4, adjusting for the Harvest deconsolidation, before drawing conclusions about growth or margin trends.

Short on time? You’re done. Want the numbers?Keep reading ↓

Trulieve Cannabis Corp. (NYSE: TRLV) reported third-quarter 2026 revenue of $230 million, a 64% gross margin and $89 million in adjusted EBITDA, as the company entered a new phase following its corporate restructuring, New York Stock Exchange listing and receipt of federal DEA registrations.

The Florida-based cannabis operator reported about $1 million in net income attributable to common shareholders, up from a $27 million loss a year earlier. Adjusted net income reached $18 million, or $0.09 per diluted share.

Trulieve generated $74 million in operating cash flow and $45 million in free cash flow during the quarter, ending September with $327 million in cash.

The results, released November 5, reflect substantial changes in the company’s financial reporting and regulatory position over the past several months.

Revenue Declines as Trulieve Reports Medical-Only Operations

Third-quarter revenue declined 20% from $288 million a year earlier and 15% from $271 million in the preceding quarter.

However, those comparisons require an important qualification.

The third-quarter results include only Trulieve’s medical cannabis operations, while prior reporting periods included consolidated results from Harvest’s mixed medical and adult-use businesses.

Trulieve deconsolidated Harvest on June 3, 2026, separating those operations from its medical cannabis reporting structure.

Consequently, the reported revenue decline cannot be interpreted entirely as a deterioration in underlying sales. The company is reporting a different operating perimeter than it did a year earlier.

Retail sales accounted for approximately 95% of third-quarter revenue.

Gross profit totaled $148 million, representing a 64% margin, compared with 59% in the year-earlier period and 60% in the second quarter.

Adjusted EBITDA declined from $103 million a year earlier to $89 million, although the adjusted EBITDA margin improved from 36% to 39%.

The results show higher reported profitability margins despite a smaller consolidated revenue base.

Kim Rivers: Medical Cannabis Rescheduling Unlocks New Opportunities

Trulieve CEO Kim Rivers linked the company’s recent developments to changes in the federal treatment of state-licensed medical cannabis.

“State-licensed medical marijuana rescheduling unlocked major milestones including DEA registration, removal of 280E tax, and uplisting to the NYSE,” Rivers said in a press release.

“Third quarter results demonstrate the strength of our medical cannabis platform underscored by revenue, margins, and cash generation.”

The company’s NYSE listing followed its corporate domestication from British Columbia to Delaware. Trulieve also joined the S&P Total Market Index, S&P Completion Index, and Morningstar Total Stock Market Index.

These developments potentially broaden the company’s visibility among institutional investors, although index inclusion and exchange access do not guarantee investment inflows.

Trulieve also confirmed receiving final DEA registrations for state-licensed medical marijuana dispensaries under the new federal regulatory framework.

The registrations introduce federal compliance requirements while providing qualifying medical operations with a pathway to operate under the revised framework. They do not represent unrestricted federal authorization for recreational cannabis activities.

Cash Generation Supports Debt Reduction

Trulieve generated $183 million in operating cash flow and $120 million in free cash flow during the first nine months of 2026.

The company also recently repaid $65 million in mortgage notes secured by its Jefferson County, Florida, cultivation facility, ahead of their scheduled 2028 maturity.

The repayment is intended to reduce leverage and interest expense.

Trulieve’s $327 million cash position provides resources for expansion, debt management, and additional investments, although the company’s balance sheet continues to carry significant liabilities.

Its third-quarter operating cash flow of $74 million and free cash flow of $45 million suggest that the medical-focused business remains capable of generating substantial cash even after the restructuring.

Georgia and Texas Drive Expansion Strategy

Trulieve currently operates 208 dispensaries and approximately 3.5 million square feet of cultivation and processing capacity across the United States.

Georgia emerged as a notable growth market during the quarter.

Following the expansion of the state’s medical cannabis program on July 1, Trulieve reported a sevenfold increase in traffic. The company also introduced Modern Flower and Roll One products to the market.

In addition, Trulieve secured a perpetual, royalty-free license for Alien Labs and Connected cannabis products in Florida and Texas, covering genetics, trademarks, and proprietary expertise. The agreement includes a right of first refusal for exclusive licensing rights in additional expansion markets.

The company opened two dispensaries during the quarter, in Marco Island, Florida, and Dunwoody, Georgia.

“With meaningful growth expansion opportunities in Georgia and Texas, we are in the early stages of an accelerated growth cycle,” Rivers said.

The company’s expansion strategy remains dependent on state regulatory developments, particularly in Texas, where the scale and timing of medical cannabis market growth will influence future investment decisions.

A Different Model for Accessing U.S. Capital Markets

Trulieve’s restructuring has implications beyond its quarterly financial performance.

By separating its medical cannabis operations from Harvest’s mixed medical and adult-use activities, the company established a structure that supported its NYSE listing.

The strategy contrasts with Green Thumb Industries, whose CEO Ben Kovler said during the company’s November 4 earnings call that it was not interested in bifurcating its business.

The two companies illustrate different approaches to the same challenge: attracting institutional capital while federal cannabis regulation continues to evolve.

Trulieve has pursued a corporate structure designed around qualifying medical cannabis activities and the opportunities created by Schedule III. Green Thumb has emphasized maintaining its integrated business while awaiting broader regulatory clarity.

Trulieve’s third-quarter results provide an early look at the financial characteristics of its restructured medical business. Future quarters will offer more directly comparable results and a clearer picture of its underlying growth.

As cannabis companies navigate federal regulatory changes, institutional investment and new market opportunities, these questions will be central to IgniteIt’s Capital & Policy Summit in Washington, D.C. on November 18, bringing together executives, investors and policymakers to discuss the industry’s financial and regulatory future.