Trulieve Cannabis Corp repays US$65M Florida mortgage before maturity
Trulieve's Oct. 7 release says notes secured by its Jefferson County cultivation site were repaid, leaving about US$225M of debt.
Theo Marchetti
In Florida, approximately US$65 million of mortgage notes secured by a Jefferson County cannabis cultivation site were repaid before maturity, according to Trulieve's Oct. 7 announcement. Trulieve Cannabis Corp. NYSETRLV said the payment reduced its outstanding debt to approximately US$225 million.
The Oct. 7 release identifies the cultivation site as security for the mortgage. It does not give the original maturity date, the notes' interest rate or a dollar estimate of annual interest savings. The same release gives no post-repayment cash balance.
Chief executive Kim Rivers said Trulieve used its strong cash generation to repay the notes. The company's third-quarter reporting period ended Sept. 30, before the October mortgage payment.
Cash Was US$325 Million at June 30
Trulieve reported US$325 million of cash at June 30 in its Aug. 7 second-quarter results. It generated US$53 million of operating cash flow during that quarter and US$109 million over the first half of 2026. Those historical figures do not show how much cash Trulieve held after the October mortgage payment. The cash and remaining debt amounts are measured on different dates, so they cannot establish Trulieve's net debt following the repayment.
The second-quarter release reported US$271 million of revenue and US$98 million of adjusted EBITDA, a non-GAAP measure. Trulieve also reported a US$406 million net loss attributable to common shareholders, including a US$407 million impact from the deconsolidation of Harvest and its equity investment. Those figures describe the quarter before the debt repayment, rather than the balance sheet after it.
"Reducing balance sheet leverage lowers our annual interest expense, improving profitability and cash flow," chief executive Kim Rivers said in the Oct. 7 release.
The Oct. 7 release does not quantify the annual interest saving Rivers described. It also does not say whether early repayment involved a fee. The release says the mortgage notes were repaid in full and puts remaining outstanding debt at approximately US$225 million.
Expansion Plans Await State Approvals
Rivers said Trulieve intends to fund near-term growth in Georgia and Texas, subject to regulatory approvals. The company attached no spending amount or approval date to either plan in its Oct. 7 announcement.
As of its Aug. 7 results, Trulieve said it operated 207 dispensaries and had 3.5 million square feet of cultivation and processing capacity in the United States. The same release said it had begun shipping medical cannabis products to licensed independent pharmacies in Georgia and had filed applications with the Drug Enforcement Administration for its state-licensed medical operations.
Read more: DEA opens Form 225 registration choices for medical cannabis firms
Trulieve scheduled third-quarter results for Nov. 5, followed by a call at 8:30 a.m. EST. The results cover a quarter that ended Sept. 30, so the period-end balance sheet will reflect the debt position before the Oct. 7 repayment.
