Trulieve Cannabis Corp.
For the period ended Jun 30, 2025. Filed Aug 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 6, 2025
TRLV$11.56+6.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-07.
0001754195-25-000037
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-06.
0001754195-25-000053
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 92 previous paragraphs and 114 current paragraphs.
69 unchanged; 17 reworded; 25 added; 6 removed; 0 previous and 3 current paragraphs rearranged.
Tables are not compared: 4 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (25)
Current report
The decrease in retail revenue was driven by price compression partially offset by higher traffic and units sold in the current period. This was further offset by Ohio being a medical-only market in the prior year comparative period, and an adult-use and medical market in the current period.
Current report
The increase in wholesale and other revenue was primarily driven by new and expanded relationships with wholesale partners in Maryland, Ohio, and Pennsylvania.
Current report
Cost of goods sold for the three months ended June 30, 2025 was $119.2 million, a decrease of $2.6 million, or 2.2%, from $121.8 million for the three months ended June 30, 2024. Lower production costs contributed to lower cost of goods sold. Cost of goods sold as a percentage of revenue was 39.4% for the three months ended June 30, 2025 as compared to 40.1% for the three months ended June 30, 2024. Gross profit for the three months ended June 30, 2025 was $182.9 million, an increase of $1.3 million, or 0.7%, from $181.6 million for the three months ended June 30, 2024. Gross profit as a percentage of revenue was 60.6% for the three months ended June 30, 2025 as compared to 59.9% for the three months ended June 30, 2024. Gross margin will continue to fluctuate quarter to quarter depending on product and market mix, inventory sell through, promotional activity and idle capacity costs.
Current report
Selling, general, and administrative expense for the three months ended June 30, 2025 was $101.1 million, a decrease of $1.5 million, or 1.4%, from $102.6 million for the three months ended June 30, 2024. Selling, general, and administrative expense as a percentage of revenues was 33.5% for the three months ended June 30, 2025, compared to 33.8% for the three months ended June 30, 2024. Selling, general, and administrative expenses was relatively consistent period to period as retail labor efficiencies were executed in 2024 and maintained through 2025.
Current report
Depreciation and amortization expense for the three months ended June 30, 2025 was $29.4 million, an increase of $1.4 million, or 4.8%, from $28.1 million for the three months ended June 30, 2024.
Current report
Impairment and Other Charges, Net of (Recoveries)
Current report
Impairment and other charges, net of recoveries was a gain of $0.3 million for the three months ended June 30, 2025 compared to a loss of $1.2 million for the three months ended June 30, 2024.
Current report
Other Expense, Net
Current report
Other expense, net for the three months ended June 30, 2025 was $1.0 million, a decrease of $0.9 million, from other expense, net of $1.8 million for three months ended June 30, 2024.
Current report
Revenue
Current report
Revenue for the six months ended June 30, 2025 was $599.8 million, a decrease of $1.2 million, or 0.2%, from $601.1 million for the six months ended June 30, 2024. The decrease was primarily driven by an $8.5 million decrease in retail revenue which was partially offset by a $7.2 million increase in wholesale and other revenue.
Current report
The decrease in retail revenue was driven by price compression partially offset by higher traffic and units sold in the current period. This was further offset by Ohio being a medical-only market in the prior year comparative period, and an adult-use and medical market in the current period.
Current report
Cost of goods sold for the six months ended June 30, 2025 was $233.7 million, a decrease of $11.9 million, or 4.8%, from $245.6 million for the six months ended June 30, 2024. Lower production costs contributed to lower cost of goods sold. Cost of goods as a percentage of revenues was 39.0% for the six months ended June 30, 2025 compared to 40.9% for the six months ended June 30, 2024. Gross profit for the six months ended June 30, 2025 was $366.1 million, an increase of $10.7 million, or 3.0%, from $355.5 million for the six months ended June 30, 2024. Gross profit as a percentage of revenue was 61.0% for the six months ended June 30, 2025 as compared to 59.1% for the six months ended June 30, 2024. Gross margin will continue to fluctuate quarter to quarter depending on product and market mix, inventory sell through, promotional activity and idle capacity costs.
Current report
Selling, General and Administrative Expense
Current report
Depreciation and Amortization Expense
Current report
Depreciation and amortization expense for the six months ended June 30, 2025 was $58.8 million, an increase of $2.9 million, or 5.2%, from $55.8 million for the six months ended June 30, 2024.
Current report
Impairment and Other Charges, Net of Recoveries
Current report
Impairment and other charges, net of recoveries for the six months ended June 30, 2025 was a loss of $1.5 million compared to a gain of $0.1 million for the six months ended June 30, 2024.
Current report
Interest Expense, Net
Current report
Interest expense, net for the six months ended June 30, 2025 was $32.7 million, an increase of $2.6 million, or 8.5%, from $30.1 million for six months ended June 30, 2024.
Current report
Interest Income
Current report
Interest income for the six months ended June 30, 2025 was $6.7 million, a decrease of $0.6 million, or (8.1)%, from $7.3 million for the six months ended June 30, 2024.
Current report
Other Expense, Net
Current report
Provision for Income Taxes
Current report
Adjusted EBITDA for the six months ended June 30, 2025 was $219.8 million, an increase of $7.1 million, or 3.3%, from $212.8 million for the six months ended June 30, 2024. The increase primarily resulted from improved gross profit and expense control in our core business.
Removed paragraphs (6)
Previous report
The decrease in retail revenue was driven by price compression and loyalty point redemption. This decrease was partially offset by the opening of additional dispensaries; the Company operated 229 dispensaries as of March 31, 2025 as compared to 195 as of March 31, 2024.
Previous report
Cost of goods sold for the three months ended March 31, 2025 was $114.5 million, a decrease of $9.3 million, or 7.5%, from $123.8 million for the three months ended March 31, 2024. Cost of goods sold as a percentage of revenue was 38.5% for the three months ended March 31, 2025 as compared to 41.6% for the three months ended March 31, 2024. Gross profit for the three months ended March 31, 2025 was $183.2 million, an increase of $9.4 million, or 5.4%, from $173.8 million for the three months ended March 31, 2024. Gross profit as a percentage of revenue was 61.5% for the three months ended March 31, 2025 as compared to 58.4% for the three months ended March 31, 2024, which was driven by decreased cost of goods sold reflecting year-over-year improvements in at-scale cost efficiencies from our production facilities as well as a disciplined approach to promotional activity in the current period.
Previous report
Depreciation and amortization expense for the three months ended March 31, 2025 was $29.3 million, an increase of $1.6 million, or 5.7%, from $27.8 million for the three months ended March 31, 2024.
Previous report
Impairment and Disposal of Long-Lived Assets, Net of (Recoveries)
Previous report
Impairment and disposal of long-lived assets, net of recoveries was a loss of $1.8 million for the three months ended March 31, 2025 compared to a gain of $1.4 million for the three months ended March 31, 2024. The change is primarily due to 2025 asset disposal activities associated with underperforming assets, whereas an insurance recovery was received in the first quarter of 2024 associated with property damage in 2023.
Previous report
Other Income (Expense), Net
Reworded paragraphs (17)
Previous wording
In February 2025, we launched a new line of premium THC beverages called Onward. These are Farm bill compliant non-alcoholic beverages made in the United States using naturally derived THC and CBD. These beverages are available online at drinkonward.com and in select liquor retail locations in Florida.
Current wording
This year, we entered the THC beverage category with the launch of premium Onward cocktail alternative beverages in February and Upward energy drinks in July. Onward and Upward are Farm bill compliant non-alcoholic beverages made in the United States using naturally derived THC and CBD. These beverages are available online at drinkonward.com and in retail locations in Florida and Illinois.
Previous wording
The U.S. government recently announced tariffs on goods imported from various countries, which have led to reciprocal tariffs and other trade measures. The effects from these new tariffs and trade measures did not have a material impact on our profitability in the first quarter. Although we are actively monitoring the tariff developments and analyzing the potential impacts, we currently do not expect them to have a material impact on our business, cost structure, or supply chain.
Current wording
The U.S. government recently announced tariffs on goods imported from various countries, which have led to reciprocal tariffs and other trade measures. The effects from these new tariffs and trade measures did not have a material impact on our profitability in 2025. Although we are actively monitoring the tariff developments and analyzing the potential impacts, we currently do not expect them to have a material impact on our business, cost structure, or supply chain.
Previous wording
The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company’s accounting policies that we believe are the most critical to aid in fully understanding and evaluating our reported financial results are described in our 2024 Form 10-K under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies and Estimates.” During the three months ended March 31, 2025, there were no significant changes to our critical accounting policies and estimates.
Current wording
The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company’s accounting policies that we believe are the most critical to aid in fully understanding and evaluating our reported financial results are described in our 2024 Form 10-K under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies and Estimates.” During the six months ended June 30, 2025, there were no significant changes to our critical accounting policies and estimates.
Previous wording
This section of this Form 10-Q generally describes and compares our results of continuing operations for the three months ended March 31, 2025 and 2024.
Current wording
This section of this Form 10-Q generally describes and compares our results of continuing operations for the three and six months ended June 30, 2025 and 2024.
Previous wording
Revenue for the three months ended March 31, 2025 was $297.8 million, an increase of $0.1 million, from $297.6 million for the three months ended March 31, 2024. The increase was primarily driven by a $3.2 million increase in wholesale and other revenue which was partially offset by a $3.0 million decrease in retail revenue.
Current wording
Revenue for the three months ended June 30, 2025 was $302.1 million, a decrease of $1.4 million, from $303.4 million for the three months ended June 30, 2024. The decrease was primarily driven by a $5.4 million decrease in retail revenue which was partially offset by a $4.1 million increase in wholesale and other revenue.
Previous wording
Interest expense, net for the three months ended March 31, 2025 was $16.3 million, an increase of $1.6 million, or 11.1%, from $14.7 million for three months ended March 31, 2024.
Current wording
Interest expense, net for the three months ended June 30, 2025 was $16.4 million, an increase of $0.9 million, or 6.1%, from $15.4 million for three months ended June 30, 2024.
Previous wording
Interest income for the three months ended March 31, 2025 was $3.1 million, a decrease of $0.2 million, or 5.8%, from $3.3 million for the three months ended March 31, 2024.
Current wording
Interest income for the three months ended June 30, 2025 was $3.6 million, a decrease of $0.4 million, or 9.9%, from $4.0 million for the three months ended June 30, 2024.
Previous wording
The increase in wholesale and other revenue was primarily driven by higher wholesale revenue in Maryland and Pennsylvania.
Current wording
The increase in wholesale and other revenue was primarily driven by new and expanded relationships with wholesale partners driving higher wholesale revenue in Maryland, Ohio, and Pennsylvania.
Previous wording
Selling, general, and administrative expense for the three months ended March 31, 2025 was $118.8 million, an increase of $17.5 million, or 17.2%, from $101.3 million for the three months ended March 31, 2024. Selling, general, and administrative expense as a percentage of revenues was 39.9% for the three months ended March 31, 2025, compared to 34.0% for the three months ended March 31, 2024. The increase in selling, general, and administrative expenses was due to higher campaign and political contributions of $13.7 million and the addition of new dispensaries, which was partly offset by lower retail labor expense in the current period.
Current wording
Selling, general, and administrative expense for the six months ended June 30, 2025 was $219.9 million, an increase of $16.0 million, or 7.8%, from $203.9 million for the six months ended June 30, 2024. Selling, general, and administrative expense as a percentage of revenue was 36.7% for the six months ended June 30, 2025, compared to 33.9% for the six months ended June 30, 2024. The increase was due to higher campaign and political contributions of $13.1 million.
Previous wording
Other income, net for the three months ended March 31, 2025 was $0.2 million, a change of $3.0 million, from other expense, net of $2.7 million for three months ended March 31, 2024. The change is primarily related to expense from credit loss reserves on non-operating notes receivable in the prior year.
Current wording
Other expense, net for the six months ended June 30, 2025 was $0.7 million, a change of $3.8 million, from other expense, net of $4.6 million for the six months ended June 30, 2024. The change is primarily a result of the provision for credit losses recorded on non-operating notes receivable in the prior year being greater than in the current year.
Previous wording
The provision for income taxes for the three months ended March 31, 2025 was $52.5 million, a decrease of $3.0 million, or 5.4%, from $55.4 million for the three months ended March 31, 2024. The provision for income taxes as a percentage of gross profit was 28.6% for the three months ended March 31, 2025, compared to 31.9% for the three months ended March 31, 2024. The decrease in tax expense in the first quarter of 2025, as compared to the first quarter of 2024, was driven by the first quarter of 2024 having a one-time impact of changing certain state tax filings which required us to revalue deferred taxes in those states, which was partially offset by an increase in gross profit in the first quarter of 2025, as well as an increase in interest expense on uncertain tax positions.
Current wording
The provision for income taxes for the six months ended June 30, 2025 was $107.2 million, an increase of $4.5 million, or 4.4%, from $102.6 million for the six months ended June 30, 2024. The provision for income taxes as a percentage of gross profit was 29.3% for the six months ended June 30, 2025, compared to 28.9% for the six months ended June 30, 2024. The increase in tax expense for 2025 was driven by an increase in gross profit for the period, as well as an increase in interest expense on uncertain tax positions, partially offset by the first quarter of 2024 having a one-time impact of changing certain state tax filings which required us to revalue deferred taxes in those states.
Previous wording
Adjusted EBITDA for the three months ended March 31, 2025 was $109.2 million, an increase of $3.4 million, or 3.2%, from $105.8 million for the three months ended March 31, 2024. The increase primarily resulted from improved gross profit.
Current wording
Adjusted EBITDA for the three months ended June 30, 2025 was $110.6 million, an increase of $3.7 million, or 3.4%, from $107.0 million for the three months ended June 30, 2024. The increase primarily resulted from improved gross profit and expense control in our core business.
Previous wording
As of March 31, 2025, cash and cash equivalents were $328.5 million. We believe our existing cash balances will be sufficient to meet our anticipated cash requirements from the date of this Quarterly Report on Form 10-Q through at least the next 12 months. Any additional future requirements would likely be funded through the following sources of capital:
Current wording
As of June 30, 2025, cash and cash equivalents were $392.6 million. We believe our existing cash balances will be sufficient to meet our anticipated cash requirements from the date of this Quarterly Report on Form 10-Q through at least the next 12 months. Any additional future requirements would likely be funded through the following sources of capital:
Previous wording
Net cash provided by operating activities was $50.7 million for the three months ended March 31, 2025, a decrease of $88.4 million as compared to $139.2 million net cash provided by operating activities for the three months ended March 31, 2024. This decrease was primarily due to $50.0 million of tax refunds, from amended returns, related to the Company's position that it does not owe taxes attributable to the application of Section 280E of the Internal Revenue Code, received in the first quarter of 2024, and higher campaign and political contributions of $13.7 million made in the first quarter of 2025. This decrease in the first quarter of 2025 was also driven by the comparative change in inventories of $11.4 million where the first quarter of 2024 benefited from the $3.5 million decrease in inventories versus the $7.9 million increase for the current period in addition to the increase in the first quarter of 2025 in trade and other receivables of $12.3 million. This was partially offset by a $9.4 million improvement in gross profit driven by improved cost of goods sold.
Current wording
Net cash provided by operating activities was $136.8 million for the six months ended June 30, 2025, a decrease of $73.6 million compared to $210.5 million net cash provided by operating activities for the six months ended June 30, 2024. This decrease was primarily due to $59.3 million of tax refunds, from amended returns, related to the Company's position that it does not owe taxes attributable to the application of Section 280E of the Internal Revenue Code, received in the first quarter of 2024, higher campaign and political contributions of $13.1 million made in the six months ended June 30, 2025 and an increase in working capital for inventory. This was partially offset by a $10.7 million improvement in gross profit driven by improved cost of goods sold.
Previous wording
Net cash provided by investing activities was $43.4 million for the three months ended March 31, 2025, an increase of $62.4 million, compared to the $19.0 million net cash used in investing activities for the three months ended March 31, 2024. The increase is primarily driven by certificates of deposit that matured in the first quarter of 2025 which were entered into in the third quarter of 2024.
Current wording
Net cash provided by investing activities was $34.8 million for the six months ended June 30, 2025, a change of $86.7 million, compared to the $51.9 million net cash used in investing activities for the six months ended June 30, 2024. The increase is primarily driven by certificates of deposit that matured in the first quarter of 2025 which were entered into in the third quarter of 2024. An increase in proceeds from held for sale assets sold this year compared to the same prior year period and a decrease in current year purchases of property and equipment also contributed to the increase in net cash provided by investing activities.
Previous wording
Net cash used in financing activities was $4.5 million for the three months ended March 31, 2025, an increase of $2.9 million, compared to $1.6 million net cash used in financing activities for the three months ended March 31, 2024.
Current wording
Net cash used in financing activities was $10.3 million for the six months ended June 30, 2025, a decrease of $0.4 million, compared to $10.7 million net cash used in financing activities for the six months ended June 30, 2024.
Previous wording
For information on our commitments for financing arrangements, operating leases, claims and litigation, contingencies, and other obligations, see Note 3. Supplementary Financial Information, Note 4. Long-Term Borrowings, and Note 6. Income Taxes in Part I. Item 1 of this Quarterly Report on Form 10-Q. Other than the $55.7 million increase in our uncertain tax position liabilities, there were no other material changes to our contractual obligations as set forth in Part II Item 7 of our 2024 Form 10-K.
Current wording
For information on our commitments for financing arrangements, claims and litigation, contingencies, and other obligations, see Note 3. Supplementary Financial Information, Note 4. Long-Term Borrowings, and Note 6. Income Taxes in Part I. Item 1 of this Quarterly Report on Form 10-Q. Other than the $114.4 million increase in our uncertain tax position liabilities, there were no other material changes to our contractual obligations as set forth in Part II Item 7 of our 2024 Form 10-K.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
The provision for income taxes for the three months ended June 30, 2025 was $54.7 million, an increase of $7.5 million, or 15.9%, from $47.2 million for the three months ended June 30, 2024. The provision for income taxes as a percentage of gross profit was 29.9% for the three months ended June 30, 2025, compared to 26.0% for the three months ended June 30, 2024. The increase in tax expense in the second quarter of 2025 was driven by an increase in gross profit for the period, as well as an increase in interest expense on uncertain tax positions.
Current report — wording carried from elsewhere
The following table and discussion compares condensed consolidated statements of operations data for the year-to-date periods presented:
Current report — wording carried from elsewhere
Cost of Goods Sold and Gross Profit