TRLV on NYSE
Trulieve Cannabis Corp.
In its 2026 annual report the company says: “Trulieve Cannabis Corp. is a reporting issuer in the United States and Canada. The Company qualifies as a well‑known seasoned issuer under National Instrument 44‑102 and is eligible to file a WKSI base shelf prospectus in Canada. The Company is a well‑known seasoned issuer, an eligible issuer, and is not an investment fund, as defined under NI 44‑102.”6 It is headquartered in Tallahassee, United States.2 Its shares trade on NYSE under the symbol TRLV.2
Price unavailable
Last updated Oct 21, 2026.
Overview
Compare with Curaleaf, USANA Health Sciences or Tilray, or pick any stock.
- TickerTRLV on NYSE2
- IndustryMedicinal Chemicals & Botanical Products2
- HeadquartersTallahassee, United States2
- Incorporated inBritish Columbia, Canada4
- Business address3494 Martin Hurst Road, Tallahassee, Fl 323124
- Filer categoryLarge accelerated filer4
- Legal formCorporation2
- LEI549300122MBOJDGEZ0142
- StatusActive2
- LEI statusLapsed (not renewed)2
- Registered addressSuite 2800, Park Place, V6C 2Z7 Vancouver, Canada2
- Registered withBC Registry Services, C11799732
See how the biggest companies compare on our leaderboards
Trulieve Cannabis Corp. is a reporting issuer in the United States and Canada. The Company’s Subordinate Voting Shares (as hereinafter defined) are listed for trading on the Canadian Securities Exchange (“CSE”) under the symbol “TRUL” and are also traded in the United States on the OTCQX Best Market (“OTCQX”) under the symbol “TCNNF”.6 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
60.2%Gross margin3
12.1%Operating margin3
-10.3%Net margin3
-0.4%Revenue growth, 20253
-10.7%Return on equity3
0.12×Debt to equity3
$228.6MFree cash flow3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Retail brought in 94% of the revenue Trulieve Cannabis Corp. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Retail | $1.1B | $1.1B | $1.1B |
| Wholesale and Other | $45.6M | $57.6M | $70.7M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue40¢$470.0M
- Selling, general and admin38¢$445.2M
- Other costs5¢$57.8M
- Income tax18¢$208.1M
Out of $1.2B in revenue.3 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Capital spending16¢$44.2M
- Kept or used elsewhere84¢$228.6M
Out of $272.8M of cash from operations.3
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenue | $1.2B | $1.2B | $1.1B |
| Cost of goods sold | $470.0M | $470.7M | $540.6M |
| Gross profit | $711.2M | $715.7M | $588.6M |
| Selling, general, and administrative | $445.2M | $510.5M | $386.2M |
| Depreciation and amortization | $117.6M | $112.8M | $109.8M |
| Impairment and other charges, net of (recoveries) | $4.8M | -$5.3M | $6.7M |
| Impairment of goodwill | $0 | $0 | $307.6M |
| Total expenses | $567.7M | $618.0M | $810.2M |
| Income (loss) from operations | $143.5M | $97.8M | -$221.6M |
| Interest expense, net | -$63.5M | -$62.2M | -$81.6M |
| Interest income | $14.5M | $14.7M | $6.2M |
| (Loss) gain on debt extinguishments, net | -$1.7M | $0 | $5.9M |
| Other (expense) income, net | -$1.4M | -$7.6M | $6.5M |
| Total other expense, net | -$52.0M | -$55.1M | -$62.9M |
| Income (loss) before provision for income taxes | $91.5M | $42.7M | -$284.5M |
| Provision for income taxes | $208.1M | $197.6M | $151.4M |
| Net loss from continuing operations | -$116.6M | -$154.9M | -$435.9M |
| Net loss from discontinued operations, net of tax (provision) benefit of $(209), $0, and $4,101, respectively | -$5.6M | -$5.7M | -$97.2M |
| Net loss | -$122.2M | -$160.6M | -$533.1M |
| Less: net loss attributable to non-controlling interest from continuing operations | -$5.9M | -$5.5M | -$5.1M |
| Less: net loss attributable to non-controlling interest from discontinued operations | $0 | $0 | -$1.2M |
| Net loss attributable to common shareholders | -$116.4M | -$155.1M | -$526.8M |
| Basic (in dollars per share) | -$0.58 | -$0.79 | -$2.28 |
| Diluted (in dollars per share) | -$0.58 | -$0.79 | -$2.28 |
| Basic (in dollars per share) | -$0 | -$0 | -$1 |
| Diluted (in dollars per share) | -$0 | -$0 | -$1 |
| Basic (in shares) | 191.3M shares | 190.0M shares | 189.0M shares |
| Diluted (in shares) | 191.3M shares | 190.0M shares | 189.0M shares |
| Tax (provision) benefit of discontinued operations | -$209.0K | $0 | $4.1M |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $255.5M | $238.8M | $201.4M | $207.2M |
| Short-term investments | $0 | $60.4M | ||
| Restricted cash | $0 | $907.0K | ||
| Accounts receivable, net | $10.5M | $8.3M | ||
| Inventories | $242.3M | $231.4M | ||
| Income tax receivable | $8.5M | $10.0M | ||
| Prepaid expenses | $18.3M | $23.0M | ||
| Other current assets | $25.5M | $26.2M | ||
| Notes receivable - current portion, net | $1.2M | $4.8M | ||
| Assets associated with discontinued operations | $859.0K | $868.0K | ||
| Total current assets | $562.7M | $604.6M | ||
| Property and equipment, net | $670.4M | $716.1M | ||
| Right of use assets - operating, net | $108.3M | $119.5M | ||
| Right of use assets - finance, net | $60.0M | $64.4M | ||
| Intangible assets, net | $798.4M | $859.5M | ||
| Goodwill | $483.9M | $483.9M | ||
| Notes receivable, net | $450.0K | $528.0K | ||
| Other assets | $10.0M | $19.8M | ||
| Long-term assets associated with discontinued operations | $1.9M | $2.0M | ||
| TOTAL ASSETS | $2.7B | $2.9B | ||
| Accounts payable and accrued liabilities | $82.7M | $94.0M | ||
| Deferred revenue | $9.6M | $8.0M | ||
| Notes payable - current portion | $4.1M | $3.4M | ||
| Operating lease liabilities - current portion | $13.0M | $12.1M | ||
| Finance lease liabilities - current portion | $10.7M | $9.5M | ||
| Construction finance liabilities - current portion | $2.4M | $1.9M | ||
| Contingencies | $780.0K | $6.3M | ||
| Liabilities associated with discontinued operations | $3.7M | $3.1M | ||
| Total current liabilities | $126.9M | $138.5M | ||
| Private placement notes, net | $136.7M | $364.8M | ||
| Notes payable, net | $90.8M | $111.9M | ||
| Operating lease liabilities | $107.9M | $117.5M | ||
| Finance lease liabilities | $64.1M | $67.7M | ||
| Construction finance liabilities | $133.8M | $135.5M | ||
| Deferred tax liabilities | $178.0M | $196.5M | ||
| Uncertain tax position liabilities | $668.4M | $445.2M | ||
| Other long-term liabilities | $11.4M | $5.0M | ||
| Long-term liabilities associated with discontinued operations | $34.9M | $38.6M | ||
| TOTAL LIABILITIES | $1.6B | $1.6B | ||
| Common stock, no par value; unlimited shares authorized. 192,307,145 and 191,005,940 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | $0 | $0 | ||
| Additional paid-in-capital | $2.1B | $2.1B | ||
| Accumulated deficit | -$912.1M | -$795.7M | ||
| Non-controlling interest | -$18.2M | -$12.3M | ||
| TOTAL EQUITY | $1.1B | $1.2B | $1.4B | $1.9B |
| TOTAL LIABILITIES AND EQUITY | $2.7B | $2.9B | ||
| Common stock, no par value (in dollars per share) | $0 | $0 | ||
| Common stock, shares issued (in shares) | 192.3M shares | 191.0M shares | ||
| Common stock, shares outstanding (in shares) | 192.3M shares | 191.0M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $255.5M | $238.8M | $201.4M | $207.2M |
| Short-term investments | $0 | $60.4M | ||
| Restricted cash | $0 | $907.0K | ||
| Accounts receivable, net | $10.5M | $8.3M | ||
| Inventories | $242.3M | $231.4M | ||
| Income tax receivable | $8.5M | $10.0M | ||
| Prepaid expenses | $18.3M | $23.0M | ||
| Other current assets | $25.5M | $26.2M | ||
| Notes receivable - current portion, net | $1.2M | $4.8M | ||
| Assets associated with discontinued operations | $859.0K | $868.0K | ||
| Total current assets | $562.7M | $604.6M | ||
| Property and equipment, net | $670.4M | $716.1M | ||
| Right of use assets - operating, net | $108.3M | $119.5M | ||
| Right of use assets - finance, net | $60.0M | $64.4M | ||
| Intangible assets, net | $798.4M | $859.5M | ||
| Goodwill | $483.9M | $483.9M | ||
| Notes receivable, net | $450.0K | $528.0K | ||
| Other assets | $10.0M | $19.8M | ||
| Long-term assets associated with discontinued operations | $1.9M | $2.0M | ||
| TOTAL ASSETS | $2.7B | $2.9B | ||
| Accounts payable and accrued liabilities | $82.7M | $94.0M | ||
| Deferred revenue | $9.6M | $8.0M | ||
| Notes payable - current portion | $4.1M | $3.4M | ||
| Operating lease liabilities - current portion | $13.0M | $12.1M | ||
| Finance lease liabilities - current portion | $10.7M | $9.5M | ||
| Construction finance liabilities - current portion | $2.4M | $1.9M | ||
| Contingencies | $780.0K | $6.3M | ||
| Liabilities associated with discontinued operations | $3.7M | $3.1M | ||
| Total current liabilities | $126.9M | $138.5M | ||
| Private placement notes, net | $136.7M | $364.8M | ||
| Notes payable, net | $90.8M | $111.9M | ||
| Operating lease liabilities | $107.9M | $117.5M | ||
| Finance lease liabilities | $64.1M | $67.7M | ||
| Construction finance liabilities | $133.8M | $135.5M | ||
| Deferred tax liabilities | $178.0M | $196.5M | ||
| Uncertain tax position liabilities | $668.4M | $445.2M | ||
| Other long-term liabilities | $11.4M | $5.0M | ||
| Long-term liabilities associated with discontinued operations | $34.9M | $38.6M | ||
| TOTAL LIABILITIES | $1.6B | $1.6B | ||
| Common stock, no par value; unlimited shares authorized. 192,307,145 and 191,005,940 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | $0 | $0 | ||
| Additional paid-in-capital | $2.1B | $2.1B | ||
| Accumulated deficit | -$912.1M | -$795.7M | ||
| Non-controlling interest | -$18.2M | -$12.3M | ||
| TOTAL EQUITY | $1.1B | $1.2B | $1.4B | $1.9B |
| TOTAL LIABILITIES AND EQUITY | $2.7B | $2.9B | ||
| Common stock, no par value (in dollars per share) | $0 | $0 | ||
| Common stock, shares issued (in shares) | 192.3M shares | 191.0M shares | ||
| Common stock, shares outstanding (in shares) | 192.3M shares | 191.0M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net loss | -$122.2M | -$160.6M | -$533.1M |
| Depreciation and amortization | $117.6M | $112.8M | $110.8M |
| Depreciation included in cost of goods sold | $55.8M | $53.6M | $59.8M |
| Loss (gain) on debt extinguishments, net | $1.7M | $0 | -$5.9M |
| Impairment and other charges, net of (recoveries) | $4.8M | -$5.3M | $6.7M |
| Impairment of goodwill | $0 | $0 | $307.6M |
| Share-based compensation | $20.5M | $20.2M | $10.6M |
| Deferred income taxes | -$18.6M | -$10.4M | -$17.2M |
| (Gain) loss from disposal of discontinued operations | -$826.0K | $0 | $69.5M |
| Other non-cash changes | $20.1M | $18.2M | $19.6M |
| Inventories | -$10.9M | -$18.7M | $83.3M |
| Accounts receivable | -$3.7M | $741.0K | -$1.7M |
| Other assets | $5.8M | -$9.1M | $9.7M |
| Accounts payable and accrued liabilities | -$11.3M | $7.2M | $1.6M |
| Income tax receivable / payable | $1.6M | -$8.5M | -$48.8M |
| Other liabilities | -$16.4M | -$1.6M | -$31.4M |
| Uncertain tax position liabilities | $223.2M | $264.9M | $160.9M |
| Proceeds received from insurance for operating expenses | $5.7M | $8.0M | $0 |
| Net cash provided by operating activities | $272.8M | $271.5M | $201.8M |
| Purchases of property and equipment | -$44.2M | -$122.6M | -$40.2M |
| Purchases of internal use software | -$16.3M | -$25.1M | -$10.6M |
| Purchases of short-term investments | $0 | -$80.0M | $0 |
| Maturities of short-term investments | $60.0M | $20.0M | $0 |
| Other purchase and payments | -$117.0K | -$7.6M | -$5.4M |
| Other proceeds | $14.1M | $8.7M | $18.8M |
| Net cash provided by (used in) investing activities | $13.5M | -$206.6M | -$37.5M |
| Proceeds from private placement notes | $140.0M | $0 | $0 |
| Payments on long-term borrowings | -$393.3M | -$8.1M | -$191.4M |
| Payments for debt issuance costs | -$3.3M | $0 | $0 |
| Payments for taxes related to net share settlement of equity awards | -$4.8M | -$14.8M | -$466.0K |
| Other payments and distributions | -$9.0M | -$13.8M | -$8.4M |
| Other proceeds | $0 | $3.2M | $24.7M |
| Net cash used in financing activities | -$270.5M | -$33.4M | -$175.6M |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | $15.8M | $31.4M | -$11.2M |
| Interest | $70.3M | $65.4M | $81.2M |
| Income taxes paid, net of (refunds) | $1.5M | -$48.4M | $52.6M |
| ASC 842 lease additions - operating and finance leases | $17.3M | $51.5M | $14.3M |
| Purchases of property and equipment in accounts payable and accrued liabilities | $3.7M | $5.3M | $2.8M |
| Reclassification of assets to held for sale | $5.7M | $10.6M | $18.4M |
| Operating license intangible placed into service, transfer from other assets | $6.5M | $0 | $0 |
| Redeemed non-controlling interest, former mezzanine equity | $0 | $2.6M | $0 |
| Redemptions of non-controlling interest | $0 | $2.1M | $0 |
| Noncash partial extinguishment of construction finance liability | $0 | $0 | $18.5M |
No quarter-by-quarter statement was filed.
Corporate structure
Trulieve Cannabis Corp. sits at the top of its group. 143 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Trulieve Cannabis Corp.
- AdvisorShares Trust Filed SCHEDULE 13G on Trulieve Cannabis Corp., latest Jul 8, 2026
- Marex Securities Products Inc. Filed SCHEDULE 13G on Trulieve Cannabis Corp., latest Dec 18, 2025
- Nomura Holdings Filed SC 13G/A on Trulieve Cannabis Corp., latest Nov 14, 2024 (2 filings since Feb 14, 2024)
- Kim A. Rivers Filed SC 13G/A on Trulieve Cannabis Corp., latest Sep 18, 2024 (4 filings since Feb 14, 2022)
- Thad Beshears Filed SC 13G/A on Trulieve Cannabis Corp., latest Feb 14, 2024 (3 filings since Feb 14, 2022)
- Cowen Financial Products LLC Filed SC 13G/A on Trulieve Cannabis Corp., latest Feb 2, 2024 (3 filings since Jan 20, 2022)
- Shade Leaf Holding, LLC Filed SC 13G on Trulieve Cannabis Corp., latest Feb 14, 2022
- Telogia Pharm, LLC Filed SC 13G on Trulieve Cannabis Corp., latest Feb 14, 2022
- Trulieve Cannabis Corp. Tallahassee, Florida, United States
- 1633 S HWY 92, LLC Subsidiary · Arizona, United States
- 181 S Cook Industrial Parkway, LLC Subsidiary · Georgia, United States
- 450 Industry Road LLC Subsidiary · Pennsylvania, United States
- 451 Industry Road LLC Subsidiary · Pennsylvania, United States
- 485 Bishop St, LLC Subsidiary · Alabama, United States
- 9275 W. Peoria Ave., LLC Subsidiary · Arizona, United States
- 938 Juanita, LLC Subsidiary · Arizona, United States
- Abedon Saiz, L.L.C. Subsidiary · Arizona, United States
- AD LLC Subsidiary · Arizona, United States
- Agrimed Industries Of PA, LLC Subsidiary · Delaware, United States
- Banyan Acquisition Corp. Subsidiary · Arizona, United States
- Banyan Cultivation Management, LLC Subsidiary · Arizona, United States
- Banyan Farms, LLC Subsidiary · Arizona, United States
- Banyan IP, LLC Subsidiary · Arizona, United States
- Banyan Management Holdings, LLC Subsidiary · Arizona, United States
- BRDE5, LLC Subsidiary · Delaware, United States
- BRLS Properties AR-Little Rock LLC Subsidiary · Delaware, United States
- BRLS Properties AZ-Apache Junction, LLC Subsidiary · Arizona, United States
- BRLS Properties AZ-Casa Grande, LLC Subsidiary · Arizona, United States
- BRLS Properties AZ-Flagstaff, LLC Subsidiary · Arizona, United States
- BRLS Properties AZ-Glendale, LLC Subsidiary · Arizona, United States
- BRLS Properties AZ-Litchfield, LLC Subsidiary · Arizona, United States
- BRLS Properties AZ-Mesa, LLC Subsidiary · Arizona, United States
- BRLS Properties AZ-Phoenix I, LLC Subsidiary · Arizona, United States
- BRLS Properties AZ-Phoenix II, LLC Subsidiary · Arizona, United States
- and 117 more
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Trulieve Cannabis Corp. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $1.0B3 Dec 31, 2025 | $987.1M3 Dec 31, 2024 | +3.0% |
| Accumulated depreciation | $346.4M3 Dec 31, 2025 | $271.0M3 Dec 31, 2024 | +27.8% |
| Property and equipment, net | $670.4M3 Dec 31, 2025 | $716.1M3 Dec 31, 2024 | −6.4% |
| Finance-lease assets | $60.0M3 Dec 31, 2025 | $64.4M3 Dec 31, 2024 | −6.8% |
| Operating-lease assets (leased space) | $108.3M3 Dec 31, 2025 | $119.5M3 Dec 31, 2024 | −9.4% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $255.5M3 Dec 31, 2025 | $238.8M3 Dec 31, 2024 | +7.0% |
| Marketable securities, current | $03 Dec 31, 2025 | $60.4M3 Dec 31, 2024 | −100.0% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $483.9M3 Dec 31, 2025 | $483.9M3 Dec 31, 2024 | 0% |
| Finite-lived intangibles, gross | $1.2B3 Dec 31, 2025 | $1.1B3 Dec 31, 2024 | +2.0% |
| Accumulated amortization | $353.8M3 Dec 31, 2025 | $270.5M3 Dec 31, 2024 | +30.8% |
| Finite-lived intangibles, net | $798.4M3 Dec 31, 2025 | $859.5M3 Dec 31, 2024 | −7.1% |
Inventory
| Item | Latest | A year before | Change |
|---|---|---|---|
| Inventory, total | $242.3M3 Dec 31, 2025 | $231.4M3 Dec 31, 2024 | +4.7% |
| Raw materials | $44.6M3 Dec 31, 2025 | $51.2M3 Dec 31, 2024 | −12.9% |
| Work in process | $139.2M3 Dec 31, 2025 | $125.2M3 Dec 31, 2024 | +11.2% |
Properties, in its own words
As of December 31, 2025, the Company operated 233 dispensaries in eight U.S. states and operated 15 cultivation and processing facilities in seven U.S. states. Substantially all of our dispensaries are leased. The cultivation, processing and related facilities provide us with approximately 4 million square feet of production space. Certain owned properties are subject to commercial mortgages. Refer to Note 10. Long-Term Borrowings to the consolidated financial statements included in Item 8 of this Annual Report on Form 10-K for additional information on our mortgages. The Company believes its facilities are suitable and adequate to meet its current needs. The Company's corporate headquarters is located in Tallahassee, Florida.
Item 2 of the 10-K filed Feb 26, 2026.6
Leadership
Who has led Trulieve Cannabis Corp., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
2025
- Chief executive officerKim A. Rivers Feb 4, 2021 to now15
- ChairKim A. Rivers May 25, 2022 to now16
- PresidentJason Pernell Mar 5, 2025 to now17
- PresidentSteven Matthew White Feb 28, 2022 to May 25, 202218
- PresidentKim A. Rivers Feb 4, 2021 to Oct 28, 202115
- Chief financial officerJan Reese Sep 30, 2025 to now19
- Chief financial officerWes Getman Jan 4, 2024 to Dec 13, 202420
- Chief financial officerRyan Blust Jun 28, 2023 to Jul 13, 202321
- Chief financial officerTimothy E. Mullany Jul 13, 2023 to Jul 13, 202322
- Chief financial officerAlex D'Amico Feb 4, 2021 to Jan 3, 202323
- Chief operating officerMarie Zhang Feb 5, 2024 to now24
Board members and other officers (19)
- Chief Corp Affairs & StrategyChristine Ann Hersey Jan 27, 2026 to now25
- Chief Accounting OfficerBrett R. Walsh Mar 10, 2026 to now26
- Chief Technology OfficerNilyum Jhala Nov 14, 2024 to now27
- Chief Marketing OfficerGina Collins Nov 21, 2024 to now28
- Chief Accounting OfficerJoy Malivuk May 2, 2023 to now29
- GC and Corporate SecretaryEric Powers Feb 4, 2021 to May 25, 202230
- Chief Production OfficerKyle Landrum Feb 4, 2021 to now31
- Chief Sales OfficerTimothy Morey Feb 4, 2021 to now32
- Chief Accounting OfficerRebecca L. Young Oct 8, 2021 to Feb 28, 202233
- Board memberMatthew J. Foulston Sep 3, 2025 to now34
- Board memberGeorge Hackney Feb 4, 2021 to Apr 13, 202135
- Board memberKim A. Rivers Feb 4, 2021 to Feb 28, 202215
- Board memberPeter Healy Feb 4, 2021 to now36
- Board memberSusan Thronson Feb 4, 2021 to now37
- Board memberThad Beshears Feb 4, 2021 to now38
- Board memberThomas L. Millner Feb 4, 2021 to now39
- Board memberGiannella Alvarez Sep 24, 2021 to May 20, 202440
- Board memberJane C. Morreau Sep 24, 2021 to now41
- General counselEric Powers Jan 3, 2023 to now42
Named in SEC Form D filings
People the company listed in its private-offering notices.
- DirectorRichard May named Oct 13, 2021 to Feb 6, 202643
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- 1633 S HWY 92, LLC Arizona5
- 181 S Cook Industrial Parkway, LLC Georgia5
- 450 Industry Road LLC Pennsylvania5
- 451 Industry Road LLC Pennsylvania5
- 485 Bishop St, LLC Alabama5
- 9275 W. Peoria Ave., LLC Arizona5
- 938 Juanita, LLC Arizona5
- AD LLC Arizona5
- Abedon Saiz, L.L.C. Arizona5
- Agrimed Industries Of PA, LLC Delaware5
- BRDE5, LLC Delaware5
- BRLS Properties AR-Little Rock LLC Delaware5
- BRLS Properties AZ-Apache Junction, LLC Arizona5
- BRLS Properties AZ-Casa Grande, LLC Arizona5
- BRLS Properties AZ-Flagstaff, LLC Arizona5
- BRLS Properties AZ-Glendale, LLC Arizona5
- BRLS Properties AZ-Litchfield, LLC Arizona5
- BRLS Properties AZ-Mesa, LLC Arizona5
- BRLS Properties AZ-Phoenix I, LLC Arizona5
- BRLS Properties AZ-Phoenix II, LLC Arizona5
- BRLS Properties AZ-Tucson I, LLC Arizona5
- BRLS Properties AZ-Tucson II, LLC Arizona5
- BRLS Properties I LLC Arizona5
- BRLS Properties MD-Hancock I, LLC Maryland5
All 142 listed subsidiaries
- BRLS Properties MD-Hancock II, LLC Maryland5
- BRLS Properties MD-Lutherville, LLC Maryland5
- BRLS Properties PA-Bethlehem, LLC Pennsylvania5
- BRLS Properties PA-Reading II, LLC Pennsylvania5
- BRLS Properties PA-SE LLC Delaware5
- BRLS Properties Tenant AZ-Tatum, LLC Arizona5
- BRLS Properties Tenant Maricopa, LLC Arizona5
- Banyan Acquisition Corp. Arizona5
- Banyan Cultivation Management, LLC Arizona5
- Banyan Farms, LLC Arizona5
- Banyan IP, LLC Arizona5
- Banyan Management Holdings, LLC Arizona5
- Brls Tenant Md-Halethorpe, LLC Maryland5
- Byers Dispensary, Inc. Arizona5
- CBX Enterprises LLC Colorado5
- CBX Sciences LLC Colorado5
- CBx Essentials, LLC Nevada5
- Chamounix Ventures, LLC Pennsylvania5
- Cochise County Wellness, LLC Arizona5
- FL Holding Company, LLC Pennsylvania5
- Formula 420 Cannabis LLC Arizona5
- Fort Mountain Consulting, LLC Arizona5
- Franklin Labs, LLC Pennsylvania5
- GOGRIZ, LLC Massachusetts5
- Green Desert Patient Center Of Peoria, Inc. Arizona5
- Green Sky Patient Center Of Scottsdale North, Inc. Arizona5
- Greenhouse Wellness WV Dispensaries LLC West Virginia5
- Greenmart of Nevada LLC Nevada5
- Harvest Cheyenne Holdings, LLC Nevada5
- Harvest DCP Of Colorado, LLC Colorado5
- Harvest DCP Of Florida, LLC Florida5
- Harvest DCP Of Maryland, LLC Maryland5
- Harvest DCP Of Pennsylvania, LLC Pennsylvania5
- Harvest DCP of Nevada, LLC Nevada5
- Harvest DCP of Ohio, LLC Ohio5
- Harvest Dispensaries, Cultivations & Production Facilities LLC Arizona5
- Harvest Enterprises, Inc. Delaware5
- Harvest Grows Properties, LLC Ohio5
- Harvest HAH WA, Inc. Delaware5
- Harvest Health & Recreation Inc. British Columbia, Canada5
- Harvest Ip Holdings, LLC Arizona5
- Harvest Maryland Holding, LLC Maryland5
- Harvest Mass Holding I, LLC Arizona5
- Harvest Of California LLC California5
- Harvest Of Chula Vista, LLC California5
- Harvest Of Towson, LLC Delaware5
- Harvest RE Holdings Of AZ, LLC Arizona5
- Harvest RE Holdings Of PA, LLC Pennsylvania5
- Harvest of Colorado, LLC Colorado5
- Harvest of Northeast PA, LLC Pennsylvania5
- Harvest of Ohio, LLC Ohio5
- Harvest of South Central Pa, LLC Pennsylvania5
- Harvest of Southeast Pa, LLC Pennsylvania5
- Harvest of Southwest Pa, LLC Pennsylvania5
- High Desert Healing, L.L.C. Arizona5
- Jessco White Consulting LLC Arizona5
- Keystone Relief Centers, LLC Pennsylvania5
- Kwerles, Inc. Arizona5
- Leaf Holdings, LLC Arizona5
- Life Essence, Inc. Massachusetts5
- MMXVI Allocation, LLC Arizona5
- Magnolia Farms, LLC Arizona5
- Maryland Licensing, LLC Delaware5
- Medical Marijuana Research Institute, LLC Arizona5
- Medical Pain Relief, Inc. Arizona5
- Mohave Valley Consulting, LLC Arizona5
- Mountaineer Holding LLC West Virginia5
- Nature Med, Inc. Arizona5
- Pahana, Inc. Arizona5
- Patient Care Center 301, Inc. Arizona5
- Pioneer Leasing & Consulting LLC Pennsylvania5
- Purepenn LLC Pennsylvania5
- Purple Harvest, LLC Arizona5
- Purplemed, Inc. Arizona5
- Randy Taylor Consulting LLC Arizona5
- SMPB Retail LLC Pennsylvania5
- San Felasco Nurseries, Inc. Florida5
- Sherri Dunn, L.L.C. Arizona5
- Solevo Wellness West Virginia, LLC West Virginia5
- Svaccha LLC Arizona5
- Sweet 5, LLC Arizona5
- TBC Big Bend, Inc. Delaware5
- TLHBC Holdings, Inc. Delaware5
- TLHBC Properties, LLC Florida5
- Telogia Creek 1, LLC Florida5
- Telogia Creek 2, LLC Florida5
- The Giving Tree Wellness Center Of Mesa, Inc. Arizona5
- Trulieve AL, Inc. Alabama5
- Trulieve Bristol, Inc. Connecticut5
- Trulieve CT, Inc. Connecticut5
- Trulieve Capps Highway LLC Florida5
- Trulieve Centaury Way, LLC Florida5
- Trulieve East Main LLC Connecticut5
- Trulieve GA, Inc. Georgia5
- Trulieve Henry Avenue, LLC Florida5
- Trulieve Holdings, Inc. Delaware5
- Trulieve Holyoke Holdings LLC Massachusetts5
- Trulieve Huntington LLC West Virginia5
- Trulieve IP Holdings, Inc. Delaware5
- Trulieve KY, Inc. Kentucky5
- Trulieve MD Cultivation, LLC Maryland5
- Trulieve MD Dispensary 1, LLC Maryland5
- Trulieve MD Dispensary 2, LLC Maryland5
- Trulieve MD Dispensary 3, LLC Maryland5
- Trulieve MD Processing, LLC Maryland5
- Trulieve MD, Inc. Maryland5
- Trulieve MS, Inc. Mississippi5
- Trulieve NC, Inc. North Carolina5
- Trulieve OH, Inc. Ohio5
- Trulieve PA LLC Pennsylvania5
- Trulieve PA Merger Sub 3, LLC Pennsylvania5
- Trulieve SC, Inc. South Carolina5
- Trulieve Suwannee, LLC Florida5
- Trulieve TX, Inc. Texas5
- Trulieve VA, Inc. Virginia5
- Trulieve WV, Inc. West Virginia5
- Trulieve, Inc. Florida5
- Warehouse 13, LLC Arizona5
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Timeline
- Aug 11, 20268-K Entered a material agreement; Unregistered sale of shares; Change to shareholders' rights44
- Aug 7, 20268-K Completed an acquisition or sale; Regulation FD disclosure45
- Aug 5, 20268-K Shareholder vote46
- Jul 2, 20268-K Executive or director change47
- Jun 12, 20268-K Executive or director change48
- Jun 11, 20268-K Shareholder vote49
- Jun 9, 20268-K Other events50
- Jun 4, 20268-K Entered a material agreement; Completed an acquisition or sale51
- May 7, 20268-K Results of operations; Regulation FD disclosure52
- Apr 21, 20268-K Executive or director change53
- Mar 5, 20268-K Executive or director change54
- Feb 26, 20268-K Results of operations; Regulation FD disclosure55
- Feb 4, 2021New chief executive Kim A. Rivers becomes CEO15
- Sep 19, 2018Founded Trulieve Cannabis Corp. is founded2
Calendar
Coming up
- Nov 5, 2026 · Before the openReports results for the quarter ending Sep/202656
When it reported results
- May 7, 2026Reported quarterly or annual results52
- Feb 26, 2026Reported quarterly or annual results55
- Nov 5, 2025Reported quarterly or annual results57
- Aug 6, 2025Reported quarterly or annual results58
- May 7, 2025Reported quarterly or annual results59
- Feb 27, 2025Reported quarterly or annual results60
- Nov 5, 2024Reported quarterly or annual results61
- Aug 6, 2024Reported quarterly or annual results62
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
341 filings to the SEC since October 2021: 7 annual reports, 15 quarterly reports, 62 major events, 191 insider forms, 16 large holders, 3 private raises, 47 other. The latest 20:
- Aug 24, 2026S-8 POS EDGAR
- Aug 24, 2026POSASR EDGAR
- Aug 11, 20268-K EDGAR
- Aug 7, 202610-Q EDGAR
- Aug 7, 20268-K EDGAR
- Aug 5, 20268-K EDGAR
- Jul 8, 2026SCHEDULE 13G EDGAR
- Jul 2, 20268-K EDGAR
- Jun 26, 20264 EDGAR
- Jun 25, 2026DEFA14A EDGAR
- Jun 25, 2026DEF 14A EDGAR
- Jun 25, 20264 EDGAR
- Jun 22, 20264 EDGAR
- Jun 17, 2026144 EDGAR
- Jun 12, 2026PRE 14A EDGAR
- Jun 12, 20268-K EDGAR
- Jun 11, 20268-K EDGAR
- Jun 9, 20268-K EDGAR
- Jun 9, 20268-A12B EDGAR
- Jun 9, 2026CERT NYSE CERTIFICATION EDGAR
The 341 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
32 open-market trades by officers, directors and large owners since October 2021: 24 buys and 8 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jun 26, 2026 | Rivers Kim A.Chairman and CEO | Sale | 136,811 | $8.76 | $1.2M | Form 4 |
| Jun 25, 2026 | Rivers Kim A.Chairman and CEO | Sale | 300,000 | $8.17 | $2.5M | Form 4 |
| Jun 24, 2026 | Rivers Kim A.Chairman and CEO | Sale | 400,000 | $8.17 | $3.3M | Form 4 |
| Jun 23, 2026 | Rivers Kim A.Chairman and CEO | Sale | 380,000 | $8.47 | $3.2M | Form 4 |
| Jun 22, 2026 | Rivers Kim A.Chairman and CEO | Sale | 204,815 | $9.35 | $1.9M | Form 4 |
| Jun 18, 2026 | Rivers Kim A.Chairman and CEO | Sale | 139,846 | $9.46 | $1.3M | Form 4 |
| Jun 17, 2026 | Rivers Kim A.Chairman and CEO | Sale | 137,535 | $9.36 | $1.3M | Form 4 |
| Dec 11, 2024 | Getman WesChief Financial Officer | Buy | 9,500 | $4.91 | $46.6K | Form 4 |
| Nov 21, 2024 | May Richard S.Director | Buy | 1,610 | $6.05 | $9.7K | Form 4 |
| Nov 21, 2024 | Healy PeterDirector | Buy | 8,130 | $6.05 | $49.2K | Form 4 |
| Nov 21, 2024 | MORREAU JANE CDirector | Buy | 1,235 | $6.06 | $7.5K | Form 4 |
| Nov 21, 2024 | May Richard S.Director | Buy | 1,160 | $6.05 | $7.0K | Form 4 |
| Nov 20, 2024 | Thronson SusanDirector | Buy | 3,968 | $6.30 | $25.0K | Form 4 |
| Nov 20, 2024 | Thronson SusanDirector | Buy | 3,968 | $6.30 | $25.0K | Form 4 |
| Nov 19, 2024 | MILLNER THOMAS LDirector | Buy | 8,000 | $6.12 | $49.0K | Form 4 |
| Nov 15, 2024 | Beshears ThadDirector | Buy | 7,500 | $6.65 | $49.9K | Form 4 |
| Nov 15, 2024 | Rivers Kim A.Chairman and CEO | Buy | 7,400 | $6.65 | $49.2K | Form 4 |
| Nov 13, 2024 | Powers EricChief Legal Officer | Buy | 1,000 | $6.10 | $6.1K | Form 4 |
| Nov 12, 2024 | Collins GinaChief Marketing Officer | Buy | 1,250 | $6.37 | $8.0K | Form 4 |
| Nov 12, 2024 | Jhala NilyumChief Technology Officer | Buy | 2,500 | $6.32 | $15.8K | Form 4 |
All 32 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- AdvisorShares TrustSCHEDULE 13G, 1 filing Jul 8, 202663
- Marex Securities Products Inc.SCHEDULE 13G, 1 filing Dec 18, 202564
- Nomura HoldingsSC 13G/A, 2 filings Feb 14, 2024 to Nov 14, 202465
- Kim A. RiversSC 13G/A, 4 filings Feb 14, 2022 to Sep 18, 202466
- Thad BeshearsSC 13G/A, 3 filings Feb 14, 2022 to Feb 14, 202467
- Cowen Financial Products LLCSC 13G/A, 3 filings Jan 20, 2022 to Feb 2, 202468
- Shade Leaf Holding, LLCSC 13G, 1 filing Feb 14, 202269
- Telogia Pharm, LLCSC 13G, 1 filing Feb 14, 202270
Money raised
Private offerings the company reported to the SEC on Form D.
SEC filer profile
How Trulieve Cannabis Corp. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARTrulieve Cannabis Corp.1
- CIK0001754195
- Employer ID (EIN)84-22319056
- Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company6
- Incorporated inBritish Columbia6
- Fiscal year endsDecember 311
- Industry code (SIC)2833 Medicinal Chemicals & Botanical Products1
- SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
- Business address3494 Martin Hurst Road, Tallahassee, FL 323121
- Phone85029888661
- Shares outstanding169,080,759 Subordinate Voting Shares shares; 23,226,386 Multiple Voting Shares shares as of Feb 19, 20266
- Public float$600.0M as of Jun 30, 20256
- AuditorWithumSmith+Brown, PC, New York, New York PCAOB ID 100; it also attests to the company’s internal control over financial reporting6
- On EDGAR sinceOct 2, 20181
- Filings414 in all: 4 (160), 8-K (71), 3 (32), 4/A (26), 10-Q (17), SC 13G/A (9), EFFECT (8), CORRESP (7)1
All 40 form types
DEF 14A (7), DEFA14A (7), UPLOAD (7), 10-K (6), POS AM (6), SC 13G (6), D (5), S-8 (5), ARS (4), S-1 (3), 10-K/A (2), 424B3 (2), 5 (2), 8-K/A (2), S-3ASR (2), SCHEDULE 13G (2), 144 (1), 424B4 (1), 8-A12B (1), 8-A12G (1), AW (1), CERT (1), DEFR14A (1), DRS (1), DRS/A (1), FWP (1), NT 10-K (1), POS EX (1), POSASR (1), PRE 14A (1), S-1/A (1), S-8 POS (1)
- Latest filingsAnnual report (10-K) Feb 26, 2026
Quarterly report (10-Q) Aug 7, 2026
Proxy statement (DEF 14A) Jun 25, 2026
Latest 8-K (8-K) Aug 11, 2026
Risk factors and legal proceedings
The risks Trulieve Cannabis Corp. names in Item 1A of its 10-K filed Feb 26, 2026: 41 risks under these headings, as written.6
- Risks Related to Our Business and Industry
- Risks Related to Owning Subordinate Voting Shares
- Risks Related to Being a Public Company
- Cannabis is illegal under United States federal law.
- The regulation of cannabis in the United States is uncertain.
- We may be subject to constraints on and differences in marketing our products under varying state laws.
- Our ability to grow our medical and adult-use cannabis product offerings and dispensary services may be limited.
- We may acquire other companies or technologies.
- If we cannot manage our growth, it could have a material adverse effect on our business, financial condition and results of operations.
- Anti-Money Laundering Laws in the United States may limit access to funds from banks and other financial institutions.
- We maintain cash deposits in excess of federally insured limits. Adverse developments affecting financial institutions, including bank failures, could adversely affect our liquidity and financial performance.
- We could be materially adversely impacted due to restrictions under U.S. border entry laws.
The other 32 risks
- We expect to incur significant ongoing costs and obligations related to our investment in infrastructure, growth, regulatory compliance and operations.
- The market for the Subordinate Voting Shares may be limited for holders of our securities who live in the United States.
- We may not be able to locate and obtain the rights to operate at preferred locations.
- We expect to be subject to taxation in both Canada and the United States, which could have a material adverse effect on our financial condition and results of operations.
- We may be at a higher risk of IRS audit.
- We may not have access to United States bankruptcy protections available to non-cannabis businesses.
- We are a holding company and our ability to pay dividends or make other distributions to shareholders may be limited.
- There is doubt regarding our ability to enforce contracts.
- We face increasing competition that may materially and adversely affect our business, financial condition and results of operations.
- We are subject to limits on our ability to own the licenses necessary to operate our business, which will adversely affect our ability to grow our business and market share in certain states.
- Our subsidiaries may not be able to obtain or maintain necessary permits and authorizations.
- We may not be able to accurately forecast our operating results and plan our operations due to uncertainties in the cannabis industry.
- We are subject to risks related to growing an agricultural product.
- We may encounter unknown environmental risks.
- We may not be able to adequately protect our intellectual property.
- Our property is subject to risk of civil asset forfeiture.
- We are highly dependent on certain key personnel.
- We face inherent risks of liability claims related to the use of our products.
- We face risks related to our products.
- Our medical marijuana business may be impacted by consumer perception of the cannabis industry, which we cannot control or predict.
- Product recalls could result in a material and adverse impact on our business, financial condition and results of operations.
- We are subject to security risks related to our products as well as our information and technology systems.
- We face exposure to fraudulent or illegal activity by employees, contractors, consultants and agents, which may subject us to investigations and actions.
- We could be subject to criminal prosecution or civil liabilities under RICO.
- Our indebtedness may adversely affect our business, financial condition and financial results.
- We rely on key utility services.
- A return on our securities is not guaranteed.
- Additional issuances of Multiple Voting Shares or Subordinate Voting Shares may result in further dilution and could have anti-takeover effects.
- Sales of substantial amounts of Subordinate Voting Shares by our existing shareholders in the public market may have an adverse effect on the market price of the Subordinate Voting Shares.
- The market price for the Subordinate Voting Shares has been and is likely to continue to be volatile.
- There may not be sufficient liquidity in the markets for our Subordinate Voting Shares.
- We are subject to increased costs as a result of being a U.S. reporting company.
Legal proceedings
There are no actual or, to our knowledge, contemplated legal proceedings material to Trulieve or in which any of our property is the subject matter.
In September 2025, the IRS issued Revenue Agent Reports proposing assessment of taxes, interest, and penalties for some of the Company's subsidiaries that were under audit. Trulieve has submitted protests to dispute those proposed liabilities before the IRS Independent Office of Appeals. Based on an analysis of the facts, information and circumstances available as of December 31, 2025, Trulieve believes that it is more likely than not that the Company will prevail in its position. However, management has concluded that the position does not yet meet the recognition threshold required by ASC 740. As a result, no reduction or elimination of the related uncertain tax position liability has been recognized as of December 31, 2025. The proposed tax and interest amounts were previously included in the Company's uncertain tax position liabilities; however, the total penalty amount proposed, approximately $38.1 million, is not included in the Company's uncertain tax position. The Company believes the proposed penalties are without merit and will contest them vigorously.
The opening of Item 3, Legal Proceedings.6
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- 13
- 14
- 15
- 16SEC EDGARKim A. Rivers, Chair
- 17SEC EDGARJason Pernell, President
- 18SEC EDGARSteven Matthew White, President
- 19SEC EDGARJan Reese, Chief financial officer
- 20SEC EDGARWes Getman, Chief financial officer
- 21SEC EDGARRyan Blust, Chief financial officer
- 22
- 23
- 24SEC EDGARMarie Zhang, Chief operating officer
- 25
- 26
- 27
- 28
- 29
- 30
- 31
- 32SEC EDGARTimothy Morey, Chief Sales Officer
- 33
- 34SEC EDGARMatthew J. Foulston, Board member
- 35SEC EDGARGeorge Hackney, Board member
- 36SEC EDGARPeter Healy, Board member
- 37SEC EDGARSusan Thronson, Board member
- 38SEC EDGARThad Beshears, Board member
- 39SEC EDGARThomas L. Millner, Board member
- 40SEC EDGARGiannella Alvarez, Board member
- 41SEC EDGARJane C. Morreau, Board member
- 42SEC EDGAREric Powers, General counsel
- 43
- 44
- 45
- 46SEC EDGARShareholder vote
- 47SEC EDGARExecutive or director change
- 48SEC EDGARExecutive or director change
- 49SEC EDGARShareholder vote
- 50SEC EDGAROther events
- 51
- 52
- 53SEC EDGARExecutive or director change
- 54SEC EDGARExecutive or director change
- 55
- 56NasdaqNasdaq calendar
- 57
- 58
- 59
- 60
- 61
- 62
- 63
- 64
- 65
- 66
- 67
- 68
- 69
- 70