Trulieve Reports First Quarter 2025 Results Demonstrating Core Business Strength

• First quarter revenue of $298 million, with 62% gross margin
• Cash flow from operations of $51 million and free cash flow of $34 million*
• 4/20 holiday season units sold and traffic increased 20% and 9%, respectively, year over year

TALLAHASSEE, Fla., May 7, 2025 /PRNewswire/ — Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “the Company”), a leading and top-performing cannabis company in the U.S., today announced 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.

*See “Non-GAAP Financial Measures” below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.

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.”

Financial Highlights*

Original press release

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