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Trulieve Cannabis
(NYSE:TRLV)
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Rating:60Neutral
Price Target:
$11.50
▲(21.44% Upside)
Action:Reiterated
Date:10/01/26
Overall score is driven primarily by solid cash generation and improved leverage, which partially offset weak/volatile profitability and soft revenue trend. The earnings call adds support due to strong margins, EBITDA, and 280E relief tailwinds, but near-term guidance is cautious (flat Q3 revenue, lower full-year operating cash flow and higher capex). Technicals are mixed and valuation is constrained by negative earnings and no provided dividend yield.
Positive Factors
Strong cash generation
Sustained positive operating and free cash flow demonstrates that Trulieve can fund core operations despite accounting losses. This supports liquidity, debt management, and selective investment in stores and capacity, giving the company greater resilience over the next several quarters.
Negative Factors
Persistent profitability weakness
Continued net and operating losses show that strong gross margins have not yet translated into consistent bottom-line profitability. The declining TTM revenue trend further limits operating leverage, making sustained earnings improvement dependent on better execution and market growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Sustained positive operating and free cash flow demonstrates that Trulieve can fund core operations despite accounting losses. This supports liquidity, debt management, and selective investment in stores and capacity, giving the company greater resilience over the next several quarters.
Read all positive factors
Trulieve Cannabis (TRLV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.00B
Dividend YieldN/A
Average Volume (3M)2.34M
Price to Earnings (P/E)―
Beta (1Y)0.71
Revenue Growth-3.90%
EPS Growth-177.39%
CountryUS
Employees5,000
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-2.45
Shares Outstanding170,158,920
10 Day Avg. Volume2,413,508
30 Day Avg. Volume2,342,437
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)1.43
Price to Sales (P/S)1.41
P/FCF Ratio7.83
Enterprise Value/Market Cap1.07
Enterprise Value/Revenue1.88
Enterprise Value/Gross Profit3.17
Enterprise Value/Ebitda-21.62
Forecast
1Y Price Target
$17.81Price Target Upside88.09% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-1.5
Revenue Forecast (FY)$1.01B
Trulieve Cannabis Business Overview & Revenue Model
Company Description
Trulieve Cannabis Corp. engages in the cultivation, processing, manufacturing, and retail distribution of medical and adult-use cannabis products. It cultivates and produces its products in-house and distributes to its branded stores, as well as d...
How the Company Makes Money
Trulieve makes money primarily by producing and selling cannabis products in the United States through a vertically integrated model. Key revenue streams include: (1) Retail dispensary sales: The largest driver is direct-to-consumer sales in Truli...
Trulieve Cannabis Earnings Call Summary
Earnings Call Date:Aug 07, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call communicated multiple substantial strategic and operational wins — uplisting to the NYSE, federal rescheduling benefits (including 280E relief), strong margins (60% gross, 63% medical-only), $98M adjusted EBITDA (36% margin), $53M operating cash flow, and clear near-term growth catalysts in Georgia and Texas. These positives were tempered by a large, non-recurring $407M deconsolidation charge related to Harvest that produced a GAAP net loss, ongoing tax uncertainty tied to 280E (UTP and interest), temporary supply constraints in Georgia, and guidance that Q3 revenue will be flat versus Q2 medical-only. On balance, the operational performance, balance sheet strength, regulatory tailwinds, and strategic growth opportunities outweigh the one-time accounting and transitional challenges discussed on the call.Positive Updates
NYSE Uplisting and Strategic Positioning
Trulieve uplisted to the New York Stock Exchange (listed June 10) and will hold a NYSE closing bell ceremony Aug 18 — positioning the company for broader institutional interest, higher liquidity, potential index inclusion, lower cost of capital, and renewed conversations with financial service providers and vendors.
Negative Updates
Large Non-Recurring Net Loss from Harvest Deconsolidation
Q2 GAAP net loss of $406 million includes a $407 million one-time impact from the deconsolidation of Harvest and reporting Harvest as an equity investment, a material non-cash/structural adjustment that depressed GAAP earnings for the quarter.
Read all updates
Q2-2026 Updates
Positive
Negative
NYSE Uplisting and Strategic Positioning
Trulieve uplisted to the New York Stock Exchange (listed June 10) and will hold a NYSE closing bell ceremony Aug 18 — positioning the company for broader institutional interest, higher liquidity, potential index inclusion, lower cost of capital, and renewed conversations with financial service providers and vendors.
Read all positive updates
Company Guidance
Management guided Q3 revenue to be comparable to Q2 medical‑only revenue of $222 million and Q3 gross margin to be roughly in line with Q2 medical‑only margin of 63%; for full‑year 2026 they now expect at least $225 million of operating cash flow (revised down from $250M) and raised capex guidance to $95 million (from $85M), with the option to accelerate Texas investment pending approvals. In Q2 the company reported $271M total revenue ($222M medical‑only), $162M gross profit (60% margin; medical‑only $140M or 63%), $98M adjusted EBITDA (36% margin), $53M operating cash flow, $325M cash, $289M debt, $21M quarter capex and $32M free cash flow. Operational and customer metrics cited that underpin the outlook include medical‑only traffic +6% and units +8% sequentially, medical‑only customer retention 78%, rewards program >1.1M members (added 80k in Q2; rewards members spend 2.2x and drove 80% of Q2 transactions), nearly 14M branded units sold, Roll One Clutch vape units +35% growth, Florida sales of 680k ounces of flower and 1.5 billion mg of oil, Georgia patients >45k (YTD +38%; +8,253 since July 1), Texas program ~157k patients (+16% YTD), and a newly authorized share repurchase program up to $50M (~8.5M shares).Trulieve Cannabis Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
58
Neutral
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.14B | 1.18B | 1.19B | 1.13B | 1.24B | 938.38M |
| Gross Profit | 677.39M | 711.17M | 715.75M | 588.63M | 682.00M | 566.13M |
| EBITDA | -99.19M | 328.33M | 282.80M | -21.98M | 239.75M | 283.59M |
| Net Income | -473.39M | -116.38M | -155.10M | -526.80M | -205.10M | 18.03M |
Balance Sheet | ||||||
| Total Assets | 2.08B | 2.70B | 2.87B | 2.73B | 3.40B | 3.41B |
| Cash, Cash Equivalents and Short-Term Investments | 325.42M | 255.53M | 299.20M | 201.37M | 212.30M | 230.65M |
| Total Debt | 577.26M | 563.62M | 824.46M | 792.57M | 1.03B | 859.02M |
| Total Liabilities | 1.31B | 1.55B | 1.62B | 1.32B | 1.47B | 1.26B |
| Stockholders Equity | 767.46M | 1.16B | 1.26B | 1.41B | 1.93B | 2.15B |
Cash Flow | ||||||
| Free Cash Flow | 186.81M | 212.31M | 116.82M | 146.35M | -161.49M | -293.22M |
| Operating Cash Flow | 244.80M | 272.82M | 271.48M | 201.84M | 23.10M | 12.90M |
| Investing Cash Flow | -109.37M | 13.50M | -206.62M | -37.47M | -215.06M | -215.18M |
| Financing Cash Flow | -211.04M | -270.50M | -33.44M | -175.59M | 177.80M | 289.23M |
Trulieve Cannabis Technical Analysis
Neutral
9.47
Price Trends
10.82
Negative
10.00
Positive
8.66
Positive
Market Momentum
-0.14
Positive
43.39
Neutral
22.59
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TRLV, the sentiment is Neutral. The current price of 9.47 is below the 20-day moving average (MA) of 11.44, below the 50-day MA of 10.82, and above the 200-day MA of 8.66, indicating a neutral trend. The MACD of -0.14 indicates Positive momentum. The RSI at 43.39 is Neutral, neither overbought nor oversold. The STOCH value of 22.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TRLV.
Trulieve Cannabis Risk Analysis
Trulieve Cannabis disclosed 2 risk factors in its most recent earnings report. Trulieve Cannabis reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Trulieve Cannabis Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | C$2.09B | 12.13 | 6.82% | ― | 3.81% | 344.13% | |
60 Neutral | $2.00B | -26.42 | -6.88% | ― | -3.90% | -177.39% | |
53 Neutral | C$3.52B | -67.42 | -4.47% | ― | 1.50% | 81.84% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | C$2.17B | -1.40 | -35.22% | ― | -2.30% | 26.63% | |
43 Neutral | C$420.12M | -2.09 | -28.27% | ― | -5.83% | -115.39% | |
42 Neutral | C$149.77M | -1.56 | 53.44% | ― | 4.96% | -12.20% |
* Healthcare Sector Average
TRLV
Trulieve Cannabis
10.39
2.29
28.27%
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Trulieve Cannabis Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
Trulieve Cannabis Completes Delaware Corporate Domestication Move
Positive
Aug 11, 2026
Trulieve Cannabis completed a corporate domestication to Delaware, under which its previously authorized, issued, and outstanding British Columbia subordinate and multiple voting shares were automatically exchanged on a one-for-one basis into Clas...
Business Operations and StrategyStock BuybackDelistings and Listing ChangesFinancial DisclosuresRegulatory Filings and Compliance
Trulieve Cannabis Posts Q2 Results, NYSE Listing Milestone
Positive
Aug 7, 2026
Trulieve Cannabis reported second-quarter 2026 results on August 7, 2026, posting revenue of $271 million, 60% gross margin and adjusted EBITDA of $98 million, while generating $53 million in operating cash flow and ending the quarter with $325 mi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.