Trulieve Cannabis Corp.
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
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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.
Sep 30, 2025 · Filed Nov 5, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities | ||
| Net loss | $(78,654) | $(99,015) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| Depreciation and amortization | 88,211 | 84,163 |
| Depreciation included in cost of goods sold | 41,526 | 40,098 |
| Impairment and other charges, net of (recoveries) | 2,472 | (4,423) |
| Share-based compensation | 16,490 | 15,579 |
| Deferred income taxes | (14,666) | (2,676) |
| Other non-cash changes | 15,953 | 14,147 |
| Changes in operating assets and liabilities: | ||
| Inventories | (11,920) | (8,281) |
| Accounts receivable | (3,396) | (712) |
| Other assets | 3,349 | (6,957) |
| Accounts payable and accrued liabilities | (11,557) | 4,632 |
| Income tax receivable / payable | 2,637 | (4,337) |
| Other liabilities | (13,665) | (1,092) |
| Uncertain tax position liabilities | 171,094 | 203,780 |
| Proceeds received from insurance for operating expenses | 5,731 | 5,903 |
| Net cash provided by operating activities | 213,605 | 240,809 |
| Cash flows from investing activities | ||
| Purchases of property and equipment | (40,782) | (79,902) |
| Purchases of internal use software | (12,626) | (18,287) |
| Purchases of short-term investments | — | (80,000) |
| Maturities of short-term investments | 60,000 | — |
| Other purchases and payments | (117) | (7,647) |
| Other proceeds | 12,920 | 2,402 |
| Net cash provided by (used in) investing activities | 19,395 | (183,434) |
| Cash flows from financing activities | ||
| Payments on long-term borrowings | (7,468) | (6,363) |
| Payments for taxes related to net share settlement of equity awards | (491) | (12,258) |
| Other payments and distributions | (7,146) | (11,671) |
| Proceeds from equity exercises | — | 210 |
| Other proceeds | — | 3,000 |
| Net cash used in financing activities | (15,105) | (27,082) |
| Net increase in cash and cash equivalents | 217,895 | 30,293 |
| Cash, cash equivalents, and restricted cash, beginning of period | 239,710 | 207,979 |
| Cash and cash equivalents of discontinued operations, beginning of period | — | 301 |
| Less: cash and cash equivalents of discontinued operations, end of period | — | — |
| Cash, cash equivalents, and restricted cash, end of period | $457,605 | $238,573 |
| Supplemental disclosure of cash flow information | ||
| Cash paid during the period for | ||
| Interest | $41,591 | $41,608 |
| Income taxes paid, net of (refunds) | 1,597 | (46,748) |
| Noncash investing and financing activities | ||
| ASC 842 lease additions - operating and finance leases | $14,595 | $42,881 |
| Purchases of property and equipment in accounts payable and accrued liabilities | 3,718 | 10,462 |
| Operating license intangible placed into service, transfer from other assets | 6,500 | — |
| Reclassification of assets to held for sale | — | 7,044 |
| Adjustment of redeemable non-controlling interest to maximum redemption value | — | 9,010 |
The condensed consolidated statements of cash flows include continuing operations and discontinued operations for the periods presented.
| September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Beginning of period: | ||
| Cash and cash equivalents (1) | $238,803 | $201,372 |
| Restricted cash - current | 907 | 6,607 |
| Cash, cash equivalents and restricted cash | $239,710 | $207,979 |
| End of period: | ||
| Cash and cash equivalents (2) | $449,198 | $237,666 |
| Restricted cash - current | 907 | 907 |
| Restricted cash | 7,500 | — |
| Cash, cash equivalents and restricted cash | $457,605 | $238,573 |
(1) Excludes cash associated with discontinued operations totaling $0 and $0.3 million as of December 31, 2024 and 2023, respectively.
(2) Excludes cash associated with discontinued operations totaling $0 and $0 as of September 30, 2025 and 2024, respectively.
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