Trulieve Cannabis Corp.

Investing in our Subordinate Voting Shares involves a high degree of risk. Our 2025 Form 10-K includes detailed discussions of our risk factors under the heading “Part I, Item 1A—Risk Factors". In addition to the risk factors previously disclosed in Part I, Item 1A, "Risk Factors" of the 2025 Form 10-K, the additional risk factor set forth below should be carefully considered. You should consider carefully the risk factors discussed herein, in our 2025 Form 10-K and all other information contained or incorporated by reference in this Quarterly Report before making an investment decision. If any of the risks discussed herein and in the 2025 Form 10-K actually occur, they may materially harm our business, financial condition, operating results, cash flows or growth prospects. As a result, the market price of our Subordinate Voting Shares could decline, and you could lose all or part of your investment. Additional risks and uncertainties that are not yet identified or that we think are immaterial may also materially harm our business, financial condition, operating results, cash flows or growth prospects and could result in a complete loss of your investment.

The fair value of our equity method investment in Harvest is potentially volatile and a significant reduction in the value of Harvest could have a material adverse effect on our financial condition and future prospects.

Through our ownership in the Non-Voting Units, we own a non-participating and non-voting interest in Harvest, and we classify such interest in Harvest as an equity method investment. The fair value of our equity investment in Harvest is subject to certain assumptions and, accordingly, such valuation is uncertain and potentially volatile. A significant reduction in the value of Harvest could have a material adverse effect on our financial condition and future prospects as a result of our interest in Harvest.