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Trulieve Cannabis (CNSX:TRUL) just released full year 2025 results, with sales at US$1,181.18 million compared with US$1,186.49 million in 2024, and a net loss of US$116.38 million versus US$155.11 million.

Loss per share from continuing operations came in at US$0.58, compared with US$0.79 a year earlier. This provides investors with updated figures to reassess the company’s progress and current share performance.

See our latest analysis for Trulieve Cannabis.

The earnings release comes after a sharp 9.51% 1 day share price return and a 10.84% 7 day share price return. However, the 30 day share price return of a 4.01% decline and the year to date share price return of a 23.59% decline show that recent momentum has been fading, even as the 1 year total shareholder return of 53.98% contrasts with a 5 year total shareholder return of an 85.74% decline.

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With Trulieve’s sales holding near US$1,181.18 million and its net loss narrowing to US$116.38 million, the key question now is whether the current share price reflects an undervalued turnaround story or whether the market is already pricing in future growth.

With Trulieve Cannabis last closing at CA$9.10 and the most followed narrative pointing to a fair value near CA$19.53, some investors are treating this as a wide valuation gap worth understanding in detail.

Pending federal policy changes, specifically cannabis rescheduling to Schedule III and progress on SAFER Banking legislation, are expected to substantially lower Trulieve’s tax burden (eliminating the punitive 280E provision) and unlock improved access to financing, which would directly increase net margins and cash flow.

Read the complete narrative.

Want to see what kind of revenue path and margin shift would need to sit behind that fair value and future earnings multiple story? The full narrative walks through how modest revenue growth, a different margin profile and a higher earnings multiple are combined using a 6.438% discount rate to reach CA$19.53, and how that contrasts with today’s loss making status.

Result: Fair Value of CA$19.53 (UNDERVALUED)

Have a read of the narrative in full and understand what’s behind the forecasts.