Trulieve reports US$230M revenue and US$74M operating cash flow

Operating cash flow reached US$74 million in the third quarter as Trulieve Cannabis Corp. NYSETRLV reported US$230 million in revenue on Thursday. Net income attributable to common shareholders was US$1 million, compared with a US$27 million loss a year earlier.

The Nov. 5 results cover only medical operations, while earlier periods included Harvest's mixed medical and adult-use operations. That change limits comparisons with the larger consolidated business, which recorded US$288 million in revenue in the September 2025 quarter.

Trulieve is a large U.S. medical cannabis grower and retailer whose business centres on dispensary sales.

Cash stood at US$327 million on Sept. 30, 2026. Trulieve also reported the subsequent repayment of US$65 million in mortgage notes secured by its Jefferson County, Florida, cultivation site, ahead of their maturity in 2028.

Shares NYSETRLV closed at US$11.60 in New York on Nov. 4 at 4 p.m. EST, before the earnings release. That price provides a pre-results reference rather than a measure of investors' response to the quarter.

Cash Generation Accompanies A Smaller Revenue Base

For the first nine months of 2026, operating cash flow totalled US$183 million and company-defined free cash flow reached US$120 million. Third-quarter free cash flow was US$45 million. These cash-generation measures precede financing movements such as debt repayments.

Trulieve's November earnings presentation defines free cash flow as operating cash flow less capital expenditures. It cautions that its non-GAAP measures supplement the financial statements and may differ from similarly named measures used by competitors.

The September 2026 quarter's gross margin reached 64 per cent, compared with 59 per cent a year earlier. Gross profit nevertheless declined to US$148 million from US$170 million as reported revenue fell on the changed consolidation basis.

Adjusted EBITDA for the September 2026 quarter was US$89 million, compared with US$103 million a year earlier. The adjusted margin increased to 39 per cent from 36 per cent, distinguishing the improved percentage profitability from the lower dollar earnings measure.

"With meaningful growth expansion opportunities in Georgia and Texas, we are in the early stages of an accelerated growth cycle," Trulieve chief executive Kim Rivers said in the release.

Trulieve reported seven-fold growth in Georgia traffic following the medical programme's July 1 expansion. Traffic growth does not establish an equivalent increase in revenue.

Green Thumb Reports Growth Amid Pricing Pressure

Green Thumb Industries Inc. CNSXGTII OTCMKTSGTBIF reported on Nov. 4 quarterly revenue of US$324.4 million and operating cash flow of US$58.3 million. Its September-end cash balance was US$316 million against total debt of US$277.3 million.

Green Thumb reported continued pricing pressure and competition in some markets, although comparable-store sales returned to growth in the September quarter. Its business includes adult-use markets, limiting a direct comparison with Trulieve's medical-only results.

Trulieve's earnings are a separate development from its Nov. 2 announcement of DEA registrations for medical dispensaries. The quarterly release repeats that registration account without identifying the number of registered locations or their states.

Read more: Trulieve receives DEA registrations for medical marijuana dispensaries

Read more: Planet 13 receives DEA registrations for all 34 Florida dispensaries

Trulieve's next scheduled event is its Nov. 5 earnings call at 8:30 a.m. EST to discuss the quarter.