Trulieve Swings To Profit In Q1, Expands Florida Operations As DEA Cannabis Hearing Nears

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) reported $287 million in first-quarter revenue on Thursday, down 4% year-over-year and 2% sequentially, reflecting slightly softer sales. Despite this, profitability improved significantly, with net income of $2.3 million, compared to a $33.8 million loss in the first quarter of fiscal 2025 and a $43 million loss in the fourth quarter of fiscal 2025, Trulieve said in a press release.

Kim Rivers, the company’s CEO, applauded the Trump Administration’s reclassification of medical marijuana to Schedule III under the Controlled Substances Act, explaining how this regulatory change would affect the Florida-based medical cannabis giant’s operations.

“With 206 dispensaries and over 3.5 million square feet of production serving medical patients, Trulieve is well-positioned to explore new opportunities enabled by rescheduling,” Rivers said.

Act. Attorney General Todd Blanche recently announced an expedited process to review the classification of cannabis more broadly, with a hearing scheduled for late June. Trulieve filed applications to register state-licensed medical marijuana operations, including 206 retail locations, with the Drug Enforcement Administration.

Q1 2026 Financial Highlights

• Gross profit totaled $170 million (59% margin), down from $183 million (62% margin) in the first quarter of fiscal 2025 and $175 million (60% margin) in the same quarter of last year.
• Operating expenses decreased to $134 million, down 10% year-over-year and 16% quarter-over-quarter.
• On an adjusted basis, EBITDA was $100 million (35% margin), compared to $109 million (37% margin) in the corresponding quarter of fiscal 2025 and $105 million (36% margin) in the prior period.
• Cash generation remained solid, with $56 million operating cash flow and $42 million free cash flow for the period, while cash reserves increased to $353 million, up from $255 million at year-end.

For the time being, Trulieve continues to ramp up its retail presence in the Sunshine State, opening several new dispensaries in cities including Belleview, Boca Raton, Lutz, Tallahassee, DeLand, Fort Myers, and Lake Wales during the period.

The company has raised additional capital, closing a $60 million private placement of senior secured notes due 2030 in late January 2026. The move has helped strengthen liquidity as the company expands.

In April, Trulieve reported that it had grown its loyalty/rewards program to 1 million members, according to a Facebook post.

TCNNF Price Action

Trulieve’s shares traded 3.25% lower at $9.54 per share at the time of writing on Thursday morning.