Trulieve Cannabis Corp., a leading multi-state operator in the cannabis industry, has released its Form 10-Q report for the first quarter of 2025. The report provides a comprehensive overview of the company’s financial performance and operational highlights, reflecting its strategic initiatives and market position in the rapidly evolving cannabis sector.
Financial Highlights
Revenue: Trulieve reported revenue of $297.8 million for Q1 2025, marking a slight increase of $0.1 million from the previous year. This growth was driven by a $3.2 million increase in wholesale and other revenue, which was partially offset by a $3.0 million decrease in retail revenue.
Gross Profit: The company’s gross profit for the quarter was $183.2 million, an increase of $9.4 million or 5.4% from the previous year. Gross profit as a percentage of revenue improved to 61.5% from 58.4%, reflecting cost efficiencies and disciplined promotional activity.
Income from Operations: Trulieve’s income from operations was $33.3 million, a decrease of $12.8 million or 28% from the previous year. This decline was primarily due to increased selling, general, and administrative expenses.
Net Loss: The company reported a net loss of $33.8 million, an increase in loss of $8.9 million or 36% from the previous year. The higher net loss was mainly attributed to higher campaign and political contributions and increased selling, general, and administrative expenses.
Net Loss Per Share – Continuing Operations: The net loss per share from continuing operations was $(0.16), consistent with the previous year, reflecting the impact of increased expenses and strategic investments.
Business Highlights
Revenue Segments: Trulieve experienced a $3.2 million increase in wholesale and other revenue, primarily driven by higher wholesale revenue in Maryland and Pennsylvania. However, retail revenue decreased by $3.0 million due to price compression and loyalty point redemption, despite the opening of additional dispensaries.
Geographical Performance: The company operates in nine states with significant retail operations in Arizona, Florida, Georgia, Pennsylvania, and West Virginia. Trulieve has a strong presence in Florida, with 161 dispensaries and five cultivation and processing facilities, contributing to its market-leading position.
Sales Units: As of March 31, 2025, Trulieve operated 229 dispensaries, an increase from 195 dispensaries as of March 31, 2024, indicating expansion in retail operations.
New Product Launches: In February 2025, Trulieve launched a new line of premium THC beverages called Onward. These Farm Bill compliant non-alcoholic beverages are made in the United States using naturally derived THC and CBD and are available online and in select liquor retail locations in Florida.
New Production Launches: Trulieve has invested in a state-of-the-art 750,000 square foot automated indoor cultivation facility in Florida. This facility supports larger scale production and offers flexibility in pricing and product assortment.
Future Outlook: Trulieve aims to expand access to regulated cannabis products through advocacy, education, and expansion of its distribution network. The company is focused on maintaining its market-leading positions in cornerstone states and leveraging its vertically integrated operations to control product quality and brand experience.
SEC Filing: Trulieve Cannabis Corp. [ TRUL ] – 10-Q – May. 07, 2025
Trulieve Cannabis Corp., a leading multi-state operator in the cannabis industry, has released its Form 10-Q report for the first quarter of 2025. The report provides a comprehensive overview of the company’s financial performance and operational highlights, reflecting its strategic initiatives and… Read More
