Trulieve Cannabis Corp.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| For the Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities | |||
| Net loss | $(122,248) | $(160,577) | $(533,136) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||
| Depreciation and amortization | 117,633 | 112,806 | 110,820 |
| Depreciation included in cost of goods sold | 55,770 | 53,564 | 59,837 |
| Loss (gain) on debt extinguishments, net | 1,723 | — | (5,937) |
| Impairment and other charges, net of (recoveries) | 4,827 | (5,292) | 6,664 |
| Impairment of goodwill | — | — | 307,590 |
| Share-based compensation | 20,466 | 20,202 | 10,575 |
| Deferred income taxes | (18,552) | (10,374) | (17,173) |
| (Gain) loss from disposal of discontinued operations | (826) | — | 69,481 |
| Other non-cash changes | 20,130 | 18,225 | 19,555 |
| Changes in operating assets and liabilities: | |||
| Inventories | (10,928) | (18,735) | 83,304 |
| Accounts receivable | (3,724) | 741 | (1,712) |
| Other assets | 5,766 | (9,063) | 9,705 |
| Accounts payable and accrued liabilities | (11,263) | 7,209 | 1,635 |
| Income tax receivable / payable | 1,551 | (8,502) | (48,822) |
| Other liabilities | (16,389) | (1,639) | (31,436) |
| Uncertain tax position liabilities | 223,154 | 264,871 | 160,891 |
| Proceeds received from insurance for operating expenses | 5,731 | 8,048 | — |
| Net cash provided by operating activities | 272,821 | 271,484 | 201,841 |
| Cash flows from investing activities | |||
| Purchases of property and equipment | (44,193) | (122,601) | (40,237) |
| Purchases of internal use software | (16,317) | (25,063) | (10,615) |
| Purchases of short-term investments | — | (80,000) | — |
| Maturities of short-term investments | 60,000 | 20,000 | — |
| Other purchase and payments | (117) | (7,647) | (5,390) |
| Other proceeds | 14,128 | 8,696 | 18,772 |
| Net cash provided by (used in) investing activities | 13,501 | (206,615) | (37,470) |
| Cash flows from financing activities | |||
| Proceeds from private placement notes | 140,000 | — | — |
| Payments on long-term borrowings | (393,348) | (8,147) | (191,425) |
| Payments for debt issuance costs | (3,281) | — | — |
| Payments for taxes related to net share settlement of equity awards | (4,845) | (14,751) | (466) |
| Other payments and distributions | (9,023) | (13,751) | (8,412) |
| Other proceeds | — | 3,210 | 24,718 |
| Net cash used in financing activities | (270,497) | (33,439) | (175,585) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 15,825 | 31,430 | (11,214) |
| Cash, cash equivalents, and restricted cash, beginning of period | 239,710 | 207,979 | 213,792 |
| Cash and cash equivalents of discontinued operations, beginning of period | — | 301 | 5,702 |
| Less: cash and cash equivalents of discontinued operations, end of period | — | — | (301) |
| Cash, cash equivalents, and restricted cash, end of period | $255,535 | $239,710 | $207,979 |
The consolidated statements of cash flows include continuing operations and discontinued operations for the periods presented.
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(in thousands)
| For the Years Ended December 31, | |||
|---|---|---|---|
| Supplemental disclosure of cash flow information | 2025 | 2024 | 2023 |
| Cash paid during the period for | |||
| Interest | $70,267 | $65,411 | $81,209 |
| Income taxes paid, net of (refunds) | 1,460 | (48,406) | 52,644 |
| Noncash investing and financing activities | |||
| ASC 842 lease additions - operating and finance leases | $17,345 | $51,517 | $14,323 |
| Purchases of property and equipment in accounts payable and accrued liabilities | 3,718 | 5,337 | 2,778 |
| Reclassification of assets to held for sale | 5,660 | 10,568 | 18,408 |
| Operating license intangible placed into service, transfer from other assets | 6,500 | — | — |
| Redeemed non-controlling interest, former mezzanine equity | — | 2,600 | — |
| Redemptions of non-controlling interest | — | 2,071 | — |
| Noncash partial extinguishment of construction finance liability | — | — | 18,486 |
The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents, and restricted cash reported within the consolidated balance sheets to the totals shown in the consolidated statements of cash flows for the periods presented:
| For the Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Beginning of year: | |||
| Cash and cash equivalents (1) | $238,803 | $201,372 | $207,185 |
| Restricted cash | 907 | 6,607 | 6,607 |
| Cash, cash equivalents and restricted cash | $239,710 | $207,979 | $213,792 |
| End of year: | |||
| Cash and cash equivalents (2) | $255,535 | $238,803 | $201,372 |
| Restricted cash | — | 907 | 6,607 |
| Cash, cash equivalents and restricted cash | $255,535 | $239,710 | $207,979 |
(1)Excludes cash associated with discontinued operations totaling $0, $0.3 million, and $5.7 million as of December 31, 2025, 2024, and 2023, respectively.
(2)Excludes cash associated with discontinued operations totaling $0, $0, and $0.3 million as of December 31, 2025, 2024, and 2023, respectively.
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