Trulieve Cannabis Corp. released its third-quarter 2026 financial results on November 5, 2026, reporting $230 million in revenue, a 64% gross margin, and confirmation of final Drug Enforcement Agency registrations following federal rescheduling of state-licensed medical marijuana to Schedule III.

Key Highlights

  • Revenue of $230 million for Q3 2026, with 95% derived from retail sales, according to the filing.
  • Gross margin of 64% and gross profit of $148 million in the third quarter.
  • Adjusted EBITDA of $89 million, or 39% of revenue, on a non-GAAP basis as reconciled in the filing.
  • Cash at quarter end was $327 million, with operating cash flow of $74 million and free cash flow of $45 million for the quarter.
  • Final DEA registrations received for state-licensed medical marijuana dispensaries under the federal rescheduling framework.
  • $65 million in mortgage notes repaid ahead of their 2028 maturity, secured by a cultivation site in Jefferson County, Florida.
  • Completed corporate domestication from British Columbia to Delaware and listed on the New York Stock Exchange.

Trulieve Reports Q3 2026 Results Amid Federal Rescheduling Milestones

Trulieve Cannabis Corp. (NYSE:TRLV), based in Tallahassee, Florida, disclosed its unaudited results for the three and nine months ended September 30, 2026 in a press release filed November 5, 2026. The company reported Q3 2026 revenue of $230.2 million, down from $288.2 million in Q3 2025, with the filing noting that prior-period results included consolidated results from Harvest mixed medical and adult-use operations, while Q3 2026 reflects only Trulieve medical operations following the deconsolidation of Harvest on June 3, 2026.

Gross profit for the quarter was $148.0 million, representing a 64% gross margin, compared with $169.9 million and a 59% margin in the same period a year earlier. Net income attributable to common shareholders was $1 million for Q3 2026, compared with a net loss of $27 million in Q3 2025. On a non-GAAP basis, adjusted net income was $18 million for the quarter. For the nine months ended September 30, 2026, the company reported a net loss of $403 million, which included a $403.3 million loss on the deconsolidation transaction recorded in Q2 2026. Diluted shares outstanding were 201 million for Q3 2026.

The filing disclosed several operational developments during and after the quarter. Trulieve said it received final registrations from the Drug Enforcement Agency for state-licensed medical marijuana dispensaries as part of the federal regulatory framework under the Controlled Substances Act following final rescheduling to Schedule III. The company also reported a seven-fold increase in traffic at its Georgia dispensaries following a medical cannabis program expansion on July 1, 2026. Additionally, Trulieve closed a perpetual royalty-free license for Alien Labs and Connected branded cannabis products in Florida and Texas. As of the filing date, the company reported operating 208 retail dispensaries and 3.5 million square feet of cultivation and processing capacity in the United States. Total assets stood at $2,118.2 million as of September 30, 2026, down from $2,696.1 million at December 31, 2025.

What Was Disclosed

Trulieve filed its Q3 2026 earnings press release on November 5, 2026, covering the quarter ended September 30, 2026. The filing detailed revenue, margins, cash flow, balance sheet data, receipt of final DEA registrations, early debt repayment, and corporate restructuring updates.