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
TRLV$11.01-4.8%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Changes in Shareholders’ Equity
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
(in thousands, except for share data)
| Three Months Ended | |||||||
|---|---|---|---|---|---|---|---|
| Multiple Voting Shares | Subordinate Voting Shares | Total Common Shares | Additional Paid-in-Capital | Accumulated Deficit | Non-Controlling Interest | Total Shareholders' Equity | |
| Balance, June 30, 2025 | 23,226,386 | 167,874,269 | 191,100,655 | $2,067,442 | $(842,394) | $(15,577) | $1,209,471 |
| Share-based compensation | — | — | — | 5,785 | — | — | 5,785 |
| Subordinate Voting Shares issued under share compensation plans | — | 71,743 | 71,743 | — | — | — | — |
| Tax withholding related to net share settlements of equity awards | — | (27,815) | (27,815) | (196) | — | — | (196) |
| Net loss | — | — | — | — | (26,835) | (1,949) | (28,784) |
| Balance, September 30, 2025 | 23,226,386 | 167,918,197 | 191,144,583 | $2,073,031 | $(869,229) | $(17,526) | $1,186,276 |
| Balance, June 30, 2024 | 23,226,386 | 164,098,272 | 187,324,658 | $2,056,072 | $(675,746) | $(9,933) | $1,370,393 |
| Share-based compensation | — | — | — | 5,469 | — | — | 5,469 |
| Subordinate Voting Shares issued under share compensation plans | — | 2,904,079 | 2,904,079 | — | — | — | — |
| Tax withholding related to net share settlements of equity awards | — | (1,074,509) | (1,074,509) | (12,164) | — | — | (12,164) |
| Adjustment of redeemable non-controlling interest to maximum redemption value | — | — | — | (2,065) | — | — | (2,065) |
| Consolidated VIE settlement transaction | — | — | — | 651 | — | — | 651 |
| Net loss | — | — | — | — | (60,213) | (1,643) | (61,856) |
| Balance, September 30, 2024 | 23,226,386 | 165,927,842 | 189,154,228 | $2,047,963 | $(735,959) | $(11,576) | $1,300,428 |
| Nine Months Ended | |||||||
|---|---|---|---|---|---|---|---|
| Multiple Voting Shares | Subordinate Voting Shares | Total Common Shares | Additional Paid-in-Capital | Accumulated Deficit | Non-Controlling Interest | Total Shareholders' Equity | |
| Balance, December 31, 2024 | 23,226,386 | 167,779,554 | 191,005,940 | $2,057,032 | $(795,744) | $(12,257) | $1,249,031 |
| Share-based compensation | — | — | — | 16,490 | — | — | 16,490 |
| Subordinate Voting Shares issued under share compensation plans | — | 234,049 | 234,049 | — | — | — | — |
| Tax withholding related to net share settlements of equity awards | — | (95,406) | (95,406) | (491) | — | — | (491) |
| Distributions to subsidiary non-controlling interest | — | — | — | — | — | (100) | (100) |
| Net loss | — | — | — | — | (73,485) | (5,169) | (78,654) |
| Balance, September 30, 2025 | 23,226,386 | 167,918,197 | 191,144,583 | $2,073,031 | $(869,229) | $(17,526) | $1,186,276 |
| Balance, December 31, 2023 | 26,226,386 | 160,009,432 | 186,235,818 | $2,055,112 | $(640,639) | $(5,860) | $1,408,613 |
| Share-based compensation | — | — | — | 15,579 | — | — | 15,579 |
| Subordinate Voting Shares issued under share compensation plans | — | 3,030,218 | 3,030,218 | 210 | — | — | 210 |
| Tax withholding related to net share settlements of equity awards | — | (1,086,738) | (1,086,738) | (12,258) | — | — | (12,258) |
| Distributions to subsidiary non-controlling interest | — | — | — | — | — | (1,081) | (1,081) |
| Conversion of Multiple Voting to Subordinate Voting Shares | (3,000,000) | 3,000,000 | — | — | — | — | — |
| Redeemable non-controlling interest mezzanine equity | — | — | — | — | — | 1,504 | 1,504 |
| Adjustment of redeemable non-controlling interest to maximum redemption value | — | — | — | (9,010) | — | — | (9,010) |
| Subordinate Voting Shares issued pursuant to redemption of non-controlling interest | — | 974,930 | 974,930 | 2,471 | — | — | 2,471 |
| Consolidated VIE settlement transaction | — | — | — | (4,141) | — | (2,444) | (6,585) |
| Net loss | — | — | — | — | (95,320) | (3,695) | (99,015) |
| Balance, September 30, 2024 | 23,226,386 | 165,927,842 | 189,154,228 | $2,047,963 | $(735,959) | $(11,576) | $1,300,428 |
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