TALLAHASSEE — Trulieve Cannabis Corp., a leading cannabis company in the U.S., reported its results for the quarter ended March 31, 2025. Results are reported in U.S. dollars and in accordance with U.S. Generally Accepted Accounting Principles unless otherwise indicated. Numbers may not sum perfectly due to rounding.
Q1 2025 Financial and Operational Highlights
- Revenue of $298 million increased slightly year over year, with 95% of revenue from retail sales.
- Achieved gross margin of 62% versus 58% last year, with GAAP gross profit of $183 million.
- Reported net loss attributable to common shareholders of $33 million. Adjusted net loss of $3 million excludes non-recurring charges, asset impairments, disposals and discontinued operations.
- Achieved adjusted EBITDA of $109 million, or 37% of revenue, up 3% year over year.
- Generated cash flow from operations of $51 million and free cash flow of $34 million.
- Cash at quarter end was $329 million.
- Rewards program members reached over 625,000 members as of March 31, 2025. Loyalty members accounted for 68% of transactions during the first quarter.
- Launched Onward, a premium, non-alcoholic THC beverage available for purchase by consumers 21 years and older at select retail locations in Florida or ordered via DrinkOnward.com for direct shipment to 36 states.
- Opened six dispensaries in Maricopa, Arizona; Middleburg, North Miami Beach, and Palm Coast, Florida; and Columbus and Zanesville, Ohio. Relocated one dispensary to Lancaster, Pennsylvania.
Recent Developments
- 4/20 holiday season units sold and traffic increased 20% and 9%, respectively versus last year.
- Opened one new retail location in St. Petersburg, Florida.
- Currently operate 229 retail dispensaries and over four million square feet of cultivation and processing capacity in the United States.
Management Commentary
“Strong margins and cash flow achieved in the first quarter clearly demonstrate our commitment to operational excellence,” said Kim Rivers, Trulieve CEO. “With our loyal customer base, branded products, and efforts to drive cannabis reform, Trulieve stands out as an industry leader.”
About Trulieve
Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S., with leading market positions in Arizona, Florida, and Pennsylvania. Trulieve is poised for accelerated growth and expansion, building scale in retail and distribution in new and existing markets through its hub strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers to live without limits. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF.
