Trulieve stock reports USD 230 million Q3 revenue

Published on 11/05/2026 at 13:37 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Trulieve stock now reflects a medical-only reporting base. Management highlights Georgia and Texas as expansion markets.

Results reshape Trulieve's earnings picture

Revenue comparisons reflect the deconsolidation of Harvest's mixed medical and adult-use operations.
Higher gross margin and positive adjusted EBITDA point to stronger profitability in the remaining medical business.
Georgia, Texas and federal cannabis rescheduling remain important operating catalysts.

TRUL, US89790E1064, Illustration mit AI erstellt.

Trulieve reported its third-quarter 2026 results on Thursday, November 5, for the period ended September 30. The release, carried by Yahoo Finance, showed USD 230 million in revenue. That was 20 percent below the year-earlier quarter, although the comparison now covers only Trulieve's medical operations after the Harvest deconsolidation.

Margin improvement offsets revenue decline

Gross profit reached USD 148 million and the gross margin expanded to 64 percent from 59 percent a year earlier. Adjusted EBITDA was USD 89 million, or 39 percent of revenue, compared with USD 103 million and a 36 percent margin in the prior-year quarter.

Trulieve reported USD 1 million in net income attributable to common shareholders, versus a USD 27 million loss a year earlier. Adjusted net income was USD 18 million; the company says this measure excludes non-recurring charges, asset impairments, disposals and the equity loss from Harvest.

Expansion and regulatory milestones

Management reported a seven-fold increase in Georgia traffic after the state's medical cannabis program expanded on July 1. Trulieve also opened dispensaries in Marco Island, Florida, and Dunwoody, Georgia, while highlighting Georgia and Texas as expansion markets.

The company said it received final Drug Enforcement Administration registrations for its state-licensed medical marijuana dispensaries following the federal move toward Schedule III treatment. It also repaid USD 65 million of mortgage notes ahead of maturity and ended the quarter with USD 327 million in cash.

Medical-only results change the baseline

The quarter's figures are not directly comparable with earlier consolidated periods because prior results included Harvest's mixed medical and adult-use operations. For investors, the key question is whether improved margins and cash generation can offset the smaller reported revenue base as Trulieve expands its medical platform.

Trulieve stock traded at EUR 10.19 on Lang & Schwarz at 13:33 CET on Thursday, November 5, 2026. Investors can follow the real-time quote of Trulieve stock.