Trulieve Restores Profit After Harvest Deconsolidation

The Tip Desk · November 11, 2026 · 2 min read

Adjusted net income was $18 million, or $0.09 a share, as revenue fell to $230 million and gross margin reached 64%.

Trulieve Cannabis Corp. (TRLV) reported positive net income attributable to common shareholders of $1 million for the quarter ended September 30, 2026, after a $406 million net loss in the prior quarter that included a $407 million Harvest deconsolidation charge. Adjusted net income was $18 million, or $0.09 a share.

The medical cannabis operator said third-quarter results include only Trulieve medical operations, while prior periods included consolidated Harvest mixed medical and adult-use results. Revenue was $230 million, down 15% from $271 million in the three months ended June 30, 2026, and down 20% from $288 million a year earlier. Retail sales accounted for 95% of revenue.

Gross margin expanded to 64%, with gross profit of $148 million, from 60% and $162 million in the prior quarter. Adjusted EBITDA was $89 million, or 39% of revenue. Operating expenses were $106 million.

Cash flow from operations was $74 million and free cash flow was $45 million. Cash at quarter end was $327 million. The company repaid $65 million of mortgage notes payable ahead of 2028 maturity that were secured by a cultivation site in Jefferson County, Florida, to reduce leverage and interest expense.

Trulieve said it received final Drug Enforcement Agency registrations for state licensed medical marijuana dispensaries as part of the federal framework for qualified medical marijuana businesses under the Controlled Substances Act. Chief executive Kim Rivers said state licensed medical marijuana rescheduling unlocked DEA registration, removal of 280E tax, and uplisting to the NYSE. The company completed domestication to Delaware from British Columbia and rang the closing bell at the New York Stock Exchange.

The company said it realized a seven-fold increase in traffic in Georgia following the July 1 medical cannabis program expansion and new product launches including Modern Flower and Roll One. It opened two dispensaries in Marco Island, Florida, and Dunwoody, Georgia, and said it currently operates 208 retail dispensaries and 3.5 million square feet of cultivation and processing capacity.

Trulieve closed a perpetual royalty-free license for Alien Labs and Connected branded cannabis products in Florida and Texas that includes genetics, trademarks, and proprietary know-how and a right of first refusal for exclusive licensing rights in additional expansion markets. Rivers said the company is in the early stages of an accelerated growth cycle with meaningful expansion opportunities in Georgia and Texas.

For the nine months ended September 30, 2026, revenue was $788 million, down 11% from $888 million a year earlier. Cash flow from operations was $183 million and free cash flow was $120 million. Net loss attributable to common shareholders was $403 million, including a $403 million loss on the Harvest deconsolidation transaction. Adjusted net income for the nine months was $59 million.