Trulieve Lands $100M Investor Commitments As It Retires $368M In Senior Debt

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) has secured investor commitments for a private placement of its 10.5% senior secured notes due 2030, totaling $100 million in gross proceeds.

According to the company’s Monday announcement, the notes, designated as senior secured obligations, will be issued at 100% of face value.

The notes, which will mature on or about Dec. 17, 2030, will carry an interest rate of 10.5% annually, payable in equal semi-annual installments through maturity, unless an earlier redemption or repurchase occurs.

The offering is being carried out on a “best-efforts” basis under an agency agreement between the company and Canaccord Genuity Corp., serving as sole agent and sole bookrunner, and is expected to close on Dec. 17, 2025, subject to customary closing conditions, including approval from the Canadian Securities Exchange.

The Florida-based cannabis giant said it will utilize the net proceeds for capital expenditures and other general corporate purposes.

Trulieve has completed its previously announced redemption of all $368 million principal amount of its outstanding 8.0% senior secured notes due 2026, as announced separately on Monday. It used roughly $373 million of cash, including the aggregate principal amount of the notes being redeemed, plus accrued and unpaid interest to, but excluding, the redemption date of Dec. 5, 2025.

In the third quarter, Trulieve reported $288 million in revenue, up 1% year-over-year, with retail accounting for 94%, alongside a 2% decline in gross profit to $170 million and a 55% improvement in net loss to $27 million.

TCNNF Price Action

Trulieve’s shares traded 3.51% lower at $5.77 per share at the time of writing on Wednesday.