false000175419500017541952025-02-272025-02-27

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________
FORM 8-K
___________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): February 27, 2025
___________________
TRULIEVE CANNABIS CORP.
(Exact Name of Registrant as specified in its charter)
___________________
British Columbia000-5624884-2231905
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
6749 Ben Bostic Road
Quincy, FL 32351
(Address of principal executive offices and zip code)

(850) 298-8866
(Registrant’s telephone number, including area code)
Not Applicable
(Registrant’s name or former address, if change since last report)
___________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange
on which registered
N/AN/AN/A
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act. o


Item 2.02    Results of Operations and Financial Condition.
On February 27, 2025, Trulieve Cannabis Corp. (the “Company”) announced via press release its results for the three months and year ended December 31, 2024. A copy of the Company’s press release is hereby furnished to the Commission and incorporated herein by reference as Exhibit 99.1.
Item 7.01    Regulation FD Disclosure.
The Company from time to time presents at various industry and other conferences and provides summary business information. A copy of the slide presentation that will be used by representatives of the Company in connection with such presentations (the “Corporate Presentation”) is attached to this Current Report on Form 8-K as Exhibit 99.2. The Corporate Presentation is current as of February 27, 2025, and the Company disclaims any obligation to correct or update this material in the future.
Item 9.01.    Financial Statements and Exhibits.
(d)Exhibits
Exhibit
No.
Description
99.1*
99.2*
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
*The information in the press release attached as Exhibit 99.1 and the corporate presentation attached as Exhibit 99.2 is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Trulieve Cannabis Corp.
By:/s/ Eric Powers
Name:Eric Powers
Title:Chief Legal Officer
Date: February 27, 2025


Exhibit 99.1
logoclearjpga.jpg
Trulieve Reports Fourth Quarter and Full Year 2024 Results
Highlighting Margins and Cash Flow

•Fourth quarter revenue of $301 million, up 5% year over year, exceeding guidance
•Gross margin of 62%, compared to 54% during the fourth quarter of 2023
•Record 2024 cash flow from operations of $271 million and free cash flow of $150 million*

Tallahassee, FL – February 27, 2025 – Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “the Company”), a leading and top-performing cannabis company in the U.S., today announced its results for the fourth quarter and full year ended December 31, 2024. Results are reported in U.S. dollars and in accordance with U.S. Generally Accepted Accounting Principles unless otherwise indicated. Numbers may not sum perfectly due to rounding.
2024 Full Year Financial and Operational Highlights*
•Revenue of $1.2 billion increased 5% year over year, with 95% of revenue from retail sales.
•Achieved gross margin of 60%, with GAAP gross profit of $716 million.
•Reported net loss attributable to common shareholders of $155 million. Adjusted net loss of $19 million* excludes non-recurring charges, asset impairments, disposals and discontinued operations.
•Achieved record adjusted EBITDA of $420 million*, or 35% of revenue, up $98 million or 30% from 2023.
•Generated record cash flow from operations of $271 million and free cash flow of $150 million*.
•Cash and short term investments at year end totaled $300 million.
•Launched adult-use sales at three Ohio locations: Beavercreek, Columbus, and Westerville.
•Added 33 dispensaries in 2024, increasing retail footprint to 225 retail locations nationwide at year end.
*See “Non-GAAP Financial Measures” below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.
Q4 2024 Financial and Operational Highlights*
•Revenue of $301 million increased 5% year over year, with 95% of revenue from retail sales.
•Achieved gross margin of 62%, with GAAP gross profit of $187 million.
•Reported net loss attributable to common shareholders of $60 million. Adjusted net income of $3 million* excludes $55 million in campaign support and other non-recurring charges, asset impairments, disposals and discontinued operations.
•Achieved adjusted EBITDA of $111 million*, or 37% of revenue, up 27% year over year.
•Generated cash flow from operations of $31 million and free cash flow of $(12) million*, both of which were impacted by $55 million in campaign support.
•Opened 10 new dispensaries in Florida and Georgia.
*See “Non-GAAP Financial Measures” below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.


Recent Developments
•Appointed Jason Pernell as President of Trulieve. Mr. Pernell has over two decades of experience as an entrepreneur and cannabis operator, co-founding Trulieve alongside Chairman and Chief Executive Officer Kim Rivers in 2015.
•Launched Onward, a premium, non-alcoholic THC beverage available for purchase by consumers 21 years and older at DrinkOnward.com for shipment to 36 states. Carefully crafted with a focus on taste, consistency, and quality, Onward beverages come in a variety of delicious flavors including Blueberry Mojito, Italian Spritz, Passionfruit Martini, Peach Bellini, and Sea Salt Margarita with product doses at 3 mg, 5 mg, and 10 mg.
•Opened five new retail locations in Maricopa, Arizona; Middleburg and Palm Coast, Florida; and Columbus and Zanesville, Ohio. Relocated one store to Lancaster, Pennsylvania.
•Currently operate 229 retail dispensaries and over four million square feet of cultivation and processing capacity in the United States.

Management Commentary

“The team set the bar for operational excellence, delivering industry leading margins and record cash flow,” said Kim Rivers, Trulieve CEO. “With our scaled operations, financial strength, and loyal customer base, Trulieve stands out as an industry leader with a differentiated strategy.”
Financial Highlights*
Results of OperationsFor the Three Months EndedFor the Full Year Ended
(Figures in millions except per share data) December 31, 2024December 31, 2023% Better / (Worse)September 30, 2024% Better / (Worse)December 31, 2024December 31, 2023% Better / (Worse)
Revenue$301$2875%$2846%$1,186$1,1295%
Gross profit$187$15422%$1738%$716$58922%
Gross margin %62%54%61%60%52%
Operating expenses$186$125(49%)$173(8%)$618$81024%
Operating expenses %62%43%61%52%72%
Net loss**$(60)$(33)(79%)$(60)1%$(155)$(527)71%
Net loss continuing operations$(60)$(37)(65%)$(60)(0%)$(155)$(436)64%
Adjusted net income (loss)$3$(23)113%$(12)124%$(19)$(70)73%
Basic and diluted shares outstanding190189190190189
EPS continuing operations$(0.26)$(0.19)(40%)$(0.32)18%$(0.79)$(2.28)66%
Adjusted EPS$0.02$(0.12)113%$(0.06)124%$(0.10)$(0.37)73%
Adjusted EBITDA$111$8827%$9616%$420$32230%
Adjusted EBITDA Margin %37%31%34%35%29%

*See “Non-GAAP Financial Measures” below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.
**Net loss attributable to common shareholders which excludes non-controlling interest.

Conference Call
The Company will host a conference call and live audio webcast on February 27, 2025, at 8:30 A.M. Eastern time, to discuss its fourth quarter and full year 2024 financial results. Interested parties can join the conference call by dialing in as directed below. Please dial in 15 minutes prior to the call.
North American toll free: 1-844-824-3830Passcode: 0313762
International: 1-412-542-4136Passcode: 0313762


A live audio webcast of the conference call will be available at:
Trulieve Cannabis Corp Q4 2024 Earnings
A powerpoint presentation and archived replay of the webcast will be available at:
https://investors.trulieve.com/events
The Company’s Form 10-K for the year ended December 31, 2024, will be available on the SEC’s website or at https://investors.trulieve.com/quarterly-results. The Company’s Management Discussion and Analysis for the period and the accompanying financial statements and notes will be available under the Company’s profile on https://www.sedarplus.ca/landingpage/ and on its website at https://investors.trulieve.com/quarterly-results. This news release is not in any way a substitute for reading those financial statements, including the notes to the financial statements.


Trulieve Cannabis Corp.
Condensed Consolidated Balance Sheets (Unaudited)
(in millions, except for share data)
December 31,
2024		December 31,
2023
ASSETS
Current Assets:
Cash and cash equivalents$238.8 $201.4 
Short-term investments60.4 — 
Restricted cash0.9 6.6 
Accounts receivable, net8.3 6.7 
Inventories231.4 213.1 
Income tax receivable10.0 — 
Prepaid expenses 23.0 17.6 
Other current assets26.2 23.7 
Notes receivable - current portion, net4.8 6.2 
Assets associated with discontinued operations0.9 2.0 
Total current assets604.6 477.3 
Property and equipment, net716.1 676.4 
Right of use assets - operating, net119.5 95.9 
Right of use assets - finance, net64.4 58.5 
Intangible assets, net859.5 917.2 
Goodwill483.9 483.9 
Notes receivable, net0.5 7.4 
Other assets19.8 10.4 
Long-term assets associated with discontinued operations2.0 2.0 
TOTAL ASSETS$2,870.3 $2,729.1 
LIABILITIES
Current Liabilities:
Accounts payable and accrued liabilities$94.0 $83.2 
Deferred revenue8.0 1.3 
Notes payable - current portion3.4 3.8 
Operating lease liabilities - current portion12.1 10.1 
Finance lease liabilities - current portion9.5 7.6 
Construction finance liabilities - current portion1.9 1.5 
Contingencies6.3 4.4 
Liabilities associated with discontinued operations3.1 3.0 
Total current liabilities138.5 114.8 
Long-Term Liabilities:
Private placement notes, net364.8 363.2 
Notes payable, net111.9 115.9 
Operating lease liabilities117.5 92.2 
Finance lease liabilities67.7 61.7 
Construction finance liabilities135.5 136.7 
Deferred tax liabilities196.5 207.0 
Uncertain tax position liabilities445.2 180.4 
Other long-term liabilities5.0 7.1 
Long-term liabilities associated with discontinued operations38.6 41.6 
TOTAL LIABILITIES$1,621.2 $1,320.4 
SHAREHOLDERS’ EQUITY
Common stock, no par value; unlimited shares authorized. 191,005,940 and 186,235,818 shares issued and outstanding as of December 31,
2024 and December 31, 2023, respectively.
$— $— 
Additional paid-in-capital2,057.0 2,055.1 
Accumulated deficit(795.7)(640.6)
Non-controlling interest(12.3)(5.9)
TOTAL SHAREHOLDERS’ EQUITY1,249.0 1,408.6 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$2,870.3 $2,729.1 


Trulieve Cannabis Corp.
Condensed Consolidated Statements of Operations (Unaudited)
(in millions, except for share data)
Three Months Ended
December 31,		Full Year Ended
December 31,
2024202320242023
Revenue$301.1 $287.0 $1,186.5 $1,129.2 
Cost of goods sold114.1 133.1 470.7 540.6 
Gross profit187.0 153.9 715.8 588.6 
Expenses:
Sales and marketing66.7 59.0 257.7 240.2 
General and administrative91.2 37.3 252.7 146.0 
Depreciation and amortization28.6 27.2 112.8 109.8 
Impairment and disposal of long-lived assets, net of (recoveries)(0.9)1.2 (5.3)6.7 
Impairment of goodwill— — — 307.6 
Total expenses185.7 124.7 618.0 810.2 
Income (loss) from operations1.3 29.2 97.8 (221.6)
Other income (expense):
Interest expense, net(14.6)(20.6)(62.2)(81.6)
Interest income3.2 1.8 14.7 6.2 
Debt extinguishments, net— (2.2)— 5.9 
Other (expense) income, net(2.8)0.7 (7.6)6.5 
Total other expense, net(14.2)(20.4)(55.1)(62.9)
(Loss) income before provision for income taxes(12.9)8.8 42.7 (284.5)
Provision for income taxes47.6 45.4 197.6 151.4 
Net loss from continuing operations(60.5)(36.6)(154.9)(435.9)
Net loss from discontinued operations, net of tax benefit of zero, $4.7, zero, and $4.1, respectively
(1.1)1.8 (5.7)(97.2)
Net loss(61.6)(34.8)(160.6)(533.1)
Less: net loss attributable to non-controlling interest from continuing operations(2.7)(1.4)(5.5)(5.1)
Less: net loss attributable to formerly redeemable non-controlling interest from continuing operations0.9 — — — 
Less: net loss attributable to non-controlling interest from discontinued operations— — — (1.2)
Net loss attributable to common shareholders$(59.8)$(33.4)$(155.1)$(526.8)
Earnings Per Share (see numerator reconciliation below)
Net loss per share - Continuing operations:
Basic and diluted$(0.26)$(0.19)$(0.79)$(2.28)
Net loss per share - Discontinued operations:
Basic and diluted$(0.01)$0.01 $(0.03)$(0.51)
Weighted average number of common shares used in computing net loss per share:
Basic and diluted190.0189.0190.0189.0
EPS Numerator Reconciliation
Net loss attributable to common shareholders (from above)$(59.8)$(33.4)$(155.1)$(526.8)
Net loss from discontinued operations, net of tax, attributable to common shareholders1.1 (1.8)5.7 96.0 
Adjustment of formerly redeemable non-controlling interest to maximum redemption value9.0 — — — 
Net loss from continuing operations available to common shareholders$(49.7)$(35.2)$(149.4)$(430.7)


Trulieve Cannabis Corp.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in millions)

Three Months Ended
December 31,		Full Year Ended
December 31,
2024202320242023
Cash flows from operating activities
Net loss$(61.6)$(34.8)$(160.6)$(533.1)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization28.6 27.2 112.8 110.8 
Depreciation included in cost of goods sold13.5 14.4 53.6 59.8 
Debt extinguishments, net— 2.2 — (5.9)
Impairment and disposal of long-lived assets, net of (recoveries)(0.9)1.2 (5.3)6.7 
Impairment of goodwill— — — 307.6 
Amortization of operating lease right of use assets3.2 2.5 11.5 10.3 
Share-based compensation4.6 3.2 20.2 10.6 
Allowance for credit losses0.9 1.9 5.8 2.8 
Deferred income taxes(7.7)1.5 (10.4)(17.2)
Loss from disposal of discontinued operations— (0.4)— 69.5 
Other non-cash changes0.0 1.4 0.9 6.5 
Changes in operating assets and liabilities:
Inventories(10.5)16.8 (18.7)83.3 
Accounts receivable1.5 0.1 0.7 (1.7)
Prepaid expenses and other current assets(5.3)(2.5)(6.1)6.8 
Other assets3.2 0.9 (2.9)3.0 
Accounts payable and accrued liabilities2.6 (2.9)7.2 1.6 
Income tax receivable / payable(4.2)1.0 (8.5)(48.8)
Other liabilities1.7 0.6 1.9 (13.8)
Operating lease liabilities(2.0)(2.2)(8.0)(9.2)
Deferred revenue1.4 (2.2)6.7 (8.2)
Uncertain tax position liabilities61.1 99.1 264.9 160.9 
Other long-term liabilities(1.6)2.4 (2.2)(0.2)
Proceeds received from insurance for operating expenses2.1 — 8.0 — 
Net cash provided by operating activities30.7 131.5 271.5 201.8 
Cash flows from investing activities
Purchases of property and equipment(42.5)(9.4)(121.5)(40.4)
Capitalized interest(0.2)— (1.1)0.1 
Payments made for issuance of note receivable— (0.8)— (0.8)
Purchases of internal use software(6.8)(2.9)(25.1)(10.6)
Purchases of short-term investments— — (80.0)— 
Maturities of short-term investments20.0 — 20.0 — 
Cash paid for licenses— (0.7)(7.0)(4.6)
Payment for initial direct costs on finance leases— — (0.6)— 
Proceeds from notes receivable repayments0.8 0.3 1.7 0.9 
Proceeds from disposal activities5.5 6.1 6.5 17.9 
Proceeds received from insurance recoveries on property and equipment— — 0.5 — 
Net cash used in investing activities(23.2)(7.2)(206.6)(37.5)
Cash flows from financing activities
Payments for taxes related to net share settlement of equity awards(2.5)(0.5)(14.8)(0.5)
Payments on finance lease obligations(2.1)(1.9)(7.6)(7.6)
Payments on notes payable(0.8)(6.3)(4.7)(11.8)
Payments on construction finance liabilities(0.9)(0.8)(3.5)(2.1)
Payments and costs related to consolidated VIE settlement transaction— — (5.1)— 
Distributions to subsidiary non-controlling interest— — (1.1)(0.1)
Payments on private placement notes— (130.0)— (177.6)
Payments for debt issuance costs— (0.3)— (0.8)
Proceeds from non-controlling interest holders' subscription— — 3.0 — 
Proceeds from equity exercises— — 0.2 — 
Proceeds from notes payable, net of discounts— 24.7 — 24.7 
Net cash used in financing activities(6.4)(115.0)(33.4)(175.6)
Net increase (decrease) in cash, cash equivalents, and restricted cash1.1 9.3 31.4 (11.2)
Cash, cash equivalents, and restricted cash, beginning of period238.6 198.9 208.0 213.8 
Cash and cash equivalents of discontinued operations, beginning of period— 0.1 0.3 5.7 
Less: cash and cash equivalents of discontinued operations, end of period— (0.3)— (0.3)
Cash, cash equivalents, and restricted cash, end of period$239.7 $208.0 $239.7 $208.0 

The consolidated statements of cash flows include continuing operations and discontinued operations for the periods presented.


Non-GAAP Financial Measures (Unaudited)
In addition to our results determined in accordance with GAAP, we supplement our results with non-GAAP financial measures, including EBITDA, adjusted EBITDA, EBITDA margin, adjusted EBITDA margin, adjusted net income (loss), adjusted net income (loss) per diluted share, and free cash flow.
The Company calculates EBITDA as net income (loss) before net interest expense, interest income, income tax expense, depreciation and amortization; adjusted EBITDA as net income (loss) before net interest expense, interest income, income tax expense, depreciation and amortization and also excludes certain extraordinary items; EBITDA margin as EBITDA as % of revenue; adjusted EBITDA margin as adjusted EBITDA as % of revenue; adjusted net income (loss) as net income (loss) less certain extraordinary items; adjusted EPS as adjusted net income (loss) divided by basic and diluted shares outstanding; and free cash flow as cash flow from operations less capital expenditures.
Our management uses these non-GAAP financial measures in conjunction with GAAP financial measures to evaluate our operating results and financial performance. We believe these measures are useful to investors as they are widely used measures of performance and can facilitate comparison to other companies. These non-GAAP financial measures are not, and should not be considered as, measures of liquidity. These non-GAAP financial measures have limitations as analytical tools in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. Because of these limitations, these non-GAAP financial measures should be considered along with GAAP financial performance measures. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measures to such GAAP measures can be found below. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP.





Reconciliation of Non-GAAP EBITDA and Adjusted EBITDA (Unaudited)
The following table presents a reconciliation of GAAP net loss attributable to common shareholders to non-GAAP EBITDA and Adjusted EBITDA for each of the periods presented:
(Amounts expressed in millions of United States dollars)
Three Months EndedFor the Full Year Ended
December 31, 2024December 31, 2023September 30, 2024December 31, 2024December 31, 2023
Net loss attributable to common shareholders$(59.8)$(33.4)$(60.2)$(155.1)$(526.8)
Add (deduct) impact of:
Interest expense, net$14.6$20.6$17.5$62.2$81.6
Interest income$(3.2)$(1.8)$(4.2)$(14.7)$(6.2)
Provision for income taxes$47.6$45.4$47.4$197.6$151.4
Depreciation and amortization$28.6$27.2$28.3$112.8$109.8
Depreciation included in cost of goods sold$13.5$14.5$13.3$53.6$57.2
EBITDA (Non-GAAP)$41.3$72.5$42.1$256.4$(133.0)
EBITDA Margin (Non-GAAP)14%25%15%22%(12%)
Impairment of goodwill$—$—$—$—$307.6
Impairment and disposal of long-lived assets, net of (recoveries)$(0.9)$1.2$(4.3)$(5.3)$6.7
Legislative campaign contributions$54.8$0.5$48.4$117.5$20.1
Acquisition, transaction, and other non-recurring costs$7.6$10.7$2.6$18.2$26.9
Share-based compensation$4.6$3.2$5.5$20.2$10.6
Debt extinguishments, net$—$2.2$—$—$(5.9)
Other expense (income), net$2.8$(0.7)$0.2$7.6$(6.5)
Discontinued operations, net of tax, attributable to common shareholders$1.1$(1.8)$1.6$5.7$96.0
Adjusted EBITDA (Non-GAAP)$111.4$87.8$96.1$420.2$322.3
Adjusted EBITDA Margin (Non-GAAP)37%31%34%35%29%














Reconciliation of Non-GAAP Adjusted Net Income (Loss) (Unaudited)
The following table presents a reconciliation of GAAP net loss attributable to common shareholders to non-GAAP adjusted net income (loss), for each of the periods presented:
For the Three Months EndedFor the Full Year Ended
(Amounts expressed in millions of United States dollars) December 31, 2024December 31, 2023September 30, 2024December 31, 2024December 31, 2023
Net loss attributable to common shareholders$(59.8)$(33.4)$(60.2)$(155.1)$(526.8)
Net loss from discontinued operations, net of tax, attributable to common shareholders$1.1$(1.8)$1.6$5.7$96.0
Adjustment of formerly redeemable non-controlling interest to maximum redemption value$9.0$—$(2.1)$—$—
Net loss from continuing operations available to common shareholders$(49.7)$(35.2)$(60.6)$(149.4)$(430.7)
Add (deduct) impact of:
Adjustment of formerly redeemable non-controlling interest to maximum redemption value$(9.0)$—$2.1$—$—
Impairment of goodwill$—$—$—$—$307.6
Impairment and disposal of long-lived assets, net of (recoveries)$(0.9)$1.2$(4.3)$(5.3)$6.7
Legislative campaign contributions$54.8$0.5$48.4$117.5$20.1
Acquisition, transaction, and other non-recurring costs$7.6$10.7$2.6$18.2$26.9
Fair value of derivative liabilities - warrants$—$—$—$—$(0.3)
Adjusted net income (loss) (Non-GAAP)$2.9$(22.8)$(11.9)$(19.0)$(69.8)

Reconciliation of Non-GAAP Adjusted Net Income (Loss) Per Diluted Share (Unaudited)
The following table presents a reconciliation of GAAP net loss attributable to common shareholders per share to non-GAAP adjusted net income (loss) per diluted share, for each of the periods presented:
 For the Three Months EndedFor the Full Year Ended
(Amounts expressed are per share except for shares which are in millions)December 31, 2024December 31, 2023September 30, 2024December 31, 2024December 31, 2023
Net loss attributable to common shareholders$(0.31)$(0.18)$(0.32)$(0.82)$(2.79)
Net loss from discontinued operations, net of tax, attributable to common shareholders$0.01$(0.01)$0.01$0.03$0.51
Adjustment of formerly redeemable non-controlling interest to maximum redemption value$0.05$—$(0.01)$—$—
Net loss from continuing operations available to common shareholders$(0.26)$(0.19)$(0.32)$(0.79)$(2.28)
Add (deduct) impact of:
Adjustment of formerly redeemable non-controlling interest to maximum redemption value$(0.05)$—$0.01$—$—
Impairment of goodwill$—$—$—$—$1.63
Impairment and disposal of long-lived assets, net of (recoveries)$(0.00)$0.01$(0.02)$(0.03)$0.04
Legislative campaign contributions$0.29$0.00$0.25$0.62$0.11
Acquisition, transaction, and other non-recurring costs$0.04$0.06$0.01$0.10$0.14
Fair value of derivative liabilities - warrants$—$—$—$—$(0.00)
Adjusted net income (loss) (Non-GAAP)$0.02$(0.12)$(0.06)$(0.10)$(0.37)
Basic and diluted shares outstanding190.0189.0190.2190.0189.0




Reconciliation of Non-GAAP Free Cash Flow (Unaudited)
The following table presents a reconciliation of GAAP cash flow from operating activities to non-GAAP free cash flow, for each of the periods presented:
For the Three Months EndedFor the Full Year Ended
(Amounts expressed in millions of United States dollars)December 31, 2024December 31, 2023September 30, 2024December 31, 2024December 31, 2023
Cash flow from operating activities$30.7$131.5$30.3$271.5$201.8
Payments for property and equipment$(42.5)$(9.4)$(36.9)$(121.5)$(40.4)
Free cash flow (Non-GAAP)$(11.8)$122.1$(6.6)$150.0$161.5

Forward-Looking Statements
This news release includes forward-looking information and statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation (collectively herein referred to as “forward-looking statements”). These forward-looking statements relate to the Company’s expectations or forecasts of business, operations, financial performance, cash flows, prospects, and other plans, intentions, expectations, estimates, and beliefs and include statements regarding the Company’s 2025 objectives, growth opportunities, and positioning for the future. Words such as “expects”, “continue”, “will”, “anticipates” and “intends” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the Company’s current projections and expectations about future events and financial trends that management believes might affect its financial condition, results of operations, business strategy and financial needs, and on certain assumptions and analysis made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors management believes are appropriate. Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein, including, without limitation, the risks discussed under the heading “Risk Factors” in our most recent Annual Report on Form 10-K and in our periodic reports subsequently filed with the United Sates Securities and Exchange Commission and in the Company’s filings on https://www.sedarplus.ca/landingpage/. Although the Company believes that any forward-looking statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such statements, there can be no assurance that any such forward-looking statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking statements. Any forward-looking statements herein are made as of the date hereof and, except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking statements herein, whether as a result of new information, future events or results, or otherwise.

About Trulieve

Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S., with leading market positions in Arizona, Florida, and Pennsylvania. Trulieve is poised for accelerated growth and expansion, building scale in retail and distribution in new and existing markets through its hub strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers to live without limits. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. For more information, please visit Trulieve.com.

Facebook: @Trulieve
Instagram: @Trulieve_
X: @Trulieve
Investor Contact
Christine Hersey, Vice President of Investor Relations
+1 (424) 202-0210
Christine.Hersey@Trulieve.com
Media Contact
Phil Buck, APR, Corporate Communications Manager
+1 (406) 370-6226
Philip.Buck@Trulieve.com

Fourth Quarter / Full Year 2024 Investor Presentation February 2025 CSE: TRUL OTCQX: TCNNF

 
www.trulieve.com 2 Forward-Looking Statements Unless the context otherwise requires, the terms “Company,” “Trulieve,” “we,” “us” and “our” in this presentation refer to Trulieve Cannabis Corp. and its subsidiaries. This presentation includes forward-looking information and statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation (collectively herein referred to as “forward-looking statements”). These forward-looking statements relate to the Company’s expectations or forecasts of business, operations, financial performance, cash flows, prospects, and other plans, intentions, expectations, estimates, and beliefs and include statements regarding the Company’s 2025 objectives, growth opportunities, and positioning for the future. Words such as “expects”, “continue”, “will”, “anticipates” and “intends” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the Company’s current projections and expectations about future events and financial trends that management believes might affect its financial condition, results of operations, business strategy and financial needs, and on certain assumptions and analysis made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors management believes are appropriate. Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein, including, without limitation, the risks discussed under the heading “Risk Factors” in our most recent Annual Report on Form 10-K and in our periodic reports subsequently filed with the United Sates Securities and Exchange Commission and in the Company’s filings on https://www.sedarplus.ca/landingpage/. Although the Company believes that any forward-looking statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such statements, there can be no assurance that any such forward-looking statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward- looking statements. Any forward-looking statements herein are made as of the date hereof and, except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking statements herein, whether as a result of new information, future events or results, or otherwise. PLEASE NOTE: MARIJUANA IS ILLEGAL UNDER U.S. FEDERAL LAW, INCLUDING ITS CONSUMPTION, POSSESSION, CULTIVATION, DISTRIBUTION, MANUFACTURING, DISPENSING, AND POSSESSION WITH INTENT TO DISTRIBUTE. Forward-looking statements made in this document are made only as of the date of their initial publication, and the Company undertakes no obligation to publicly update any of these forward-looking statements as actual events unfold.

 
www.trulieve.com 3 Management’s Use of Non-GAAP Financial Measures In addition to our results determined in accordance with GAAP, we supplement our results with non-GAAP financial measures, including adjusted gross profit, adjusted gross profit margin, adjusted SG&A, adjusted SG&A as % revenue, adjusted net income (loss), adjusted net income (loss) per diluted share, EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, and free cash flow. The Company calculates adjusted gross profit as gross profit less extraordinary expenses; adjusted gross profit margin as adjusted gross profit as % of revenue; adjusted SG&A as SG&A less extraordinary expenses; adjusted SG&A margin as % of revenue; adjusted net income (loss) as net income (loss) less certain extraordinary items; adjusted net income (loss) per diluted share as adjusted net income (loss) divided by basic and diluted shares outstanding; EBITDA as net income (loss) before net interest expense, interest income, income tax expense, depreciation and amortization; EBITDA margin as EBITDA as % of revenue; adjusted EBITDA as net income (loss) before net interest expense, interest income, income tax expense, depreciation and amortization and also excludes certain extraordinary items; adjusted EBITDA margin as adjusted EBITDA as % of revenue; free cash flow as cash flow from operations less capital expenditures. Our management uses these non-GAAP financial measures in conjunction with GAAP financial measures to evaluate our operating results and financial performance. We believe these measures are useful to investors as they are widely used measures of performance and can facilitate comparison to other companies. These non-GAAP financial measures are not and should not be considered as measures of liquidity. These non-GAAP financial measures have limitations as analytical tools in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. Because of these limitations, these non-GAAP financial measures should be considered along with GAAP financial performance measures. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measures to such GAAP measures can be found at the end of this presentation on the slides captioned “Reconciliation of Non-GAAP Financial Measures”. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP.

 
www.trulieve.com 4 Agenda • Full Year and Fourth Quarter 2024 Financial Highlights • Full Year and Fourth Quarter 2024 Operational Highlights • Fourth Quarter Retail Highlights • Recent Developments • Tax Position • 2025 Objectives • Financial Targets • Financial Highlights

 
www.trulieve.com 5 Full Year 2024 Financial Highlights* • Revenue $1.2 billion, increased 5% year over year, with 95% of revenue from retail sales • GAAP gross profit of $716 million and 60% gross margin • Net loss attributable to common shareholders of $155 million • Adjusted net loss of $19 million excludes campaign support and other non-recurring charges, asset impairments, disposals and discontinued operations • Adjusted EBITDA of $420 million or 35% of revenue, up 30% year over year • Record cash flow from operations of $271 million and free cash flow of $150 million • Cash and short-term investments as of December 31, 2024 totaled $300 million * Adjusted net loss, adjusted EBITDA and free cash flow are non-GAAP financial measures. See slides 17-19 for reconciliation to GAAP for all non-GAAP financial measures. Numbers may not sum perfectly due to rounding.

 
www.trulieve.com 6 Fourth Quarter 2024 Financial Highlights* • Revenue $301 million, increased 5% year over year, with 95% of revenue from retail sales • GAAP gross profit of $187 million and 62% gross margin • Net loss attributable to common shareholders of $60 million • Adjusted net income of $3 million excludes $55 million in campaign support and other non- recurring charges, asset impairments, disposals and discontinued operations • Adjusted EBITDA of $111 million or 37% of revenue, up 27% year over year • Cash flow from operations of $31 million and free cash flow of $(12) million * Adjusted net income, adjusted EBITDA and free cash flow are non-GAAP financial measures. See slides 17-19 for reconciliation to GAAP for all non-GAAP financial measures. Numbers may not sum perfectly due to rounding.

 
www.trulieve.com 7 Full Year and Fourth Quarter 2024 Operational Highlights • Launched adult use sales in Ohio at three locations: Beavercreek, Columbus, and Westerville • Entered partnership with Professional Pickleball Association and Major League Pickleball to sponsor events in Arizona, Florida, and Georgia • Partnered with Black Buddha Cannabis to launch premium products in Arizona and Pennsylvania • Opened 31 new dispensaries in Florida, Georgia, and Pennsylvania • Acquired two dispensaries in Ohio • Exited 2024 with 225 retail locations nationwide, with 29% outside of the state of Florida

 
www.trulieve.com 8 Fourth Quarter Retail Highlights • Retail revenue $285 million, up 4% compared to last year and up 6% sequentially • Traffic up 13% versus last year and 4% sequentially • Sold over 12.5 million branded products • Up 12% year over year and 10% sequentially • Customer retention 68% companywide and 76% medical only • Exited quarter with 29% of retail locations outside of the state of Florida and 88% of dispensaries serving only medical patients

 
www.trulieve.com 9 Recent Developments • Appointed Jason Pernell as President of Trulieve. Mr. Pernell has over two decades of experience as an entrepreneur and cannabis operator, co-founding Trulieve alongside Chairman and Chief Executive Officer Kim Rivers in 2015. • Launched Onward, a premium, non-alcoholic THC beverage available for purchase by consumers 21 years and older at DrinkOnward.com for shipment to 36 states. Carefully crafted with a focus on taste, consistency, and quality, Onward beverages come in a variety of delicious flavors including Blueberry Mojito, Italian Spritz, Passionfruit Martini, Peach Bellini, and Sea Salt Margarita with product doses at 3 mg, 5 mg, and 10 mg • Opened five new retail locations in Maricopa, Arizona; Middleburg and Palm Coast, Florida; and Columbus and Zanesville, Ohio • Closed one dispensary in Clearwater Beach, Florida • Currently operate 229 retail dispensaries and over 4 million square feet of cultivation and processing capacity in the United States

 
www.trulieve.com 10 Tax Position • In Q4 2023, Trulieve filed amended federal tax returns for 2019, 2020, and 2021 claiming $143 million of refunds and corresponding amended state returns claiming $31 million of refunds • Amended returns were supported by legal interpretations that challenge the tax liability under Section 280E of the Internal Revenue Code • Refund checks of approximately $114 million received to date of $174 million claimed • $62 million in Q4:23, $50 million in Q1:24 and $2 million in Q2:24 • Rejection notices for returns seeking $5.2 million of refunds • Trulieve continues to make tax payments as a customary U.S. taxpayer without tax payments associated with 280E of the tax code until final resolution is reached • Tax payments on deposit from 2022 and 2023 were $121 million at December 31, 2024 • While challenge is ongoing, taxes are swept into an uncertain tax position • Balance sheet includes amended return refund checks received, the amount of tax underpaid if 280E applied, and interest accrued • Balance sheet uncertain tax position liability was $445 million at December 31, 2024, with $413 million related to this tax challenge • Without the effect of 280E, 2024 net income would have been positive Numbers may not sum perfectly due to rounding.

 
www.trulieve.com 11 Tax Position • Uncertain Tax Position • $445 million at December 31, 2024 • $32 million unrelated to the challenge of the applicability of 280E to Trulieve • $413 million related to the challenge of the applicability of 280E to Trulieve • Cash refunds total $114 million to date • $62 million in 2023 • $52 million in 2024 • 280E tax liability and interest accruals total $299 million Numbers may not sum perfectly due to rounding.

 
www.trulieve.com 12 2025 Objectives Deliver Exceptional Customer Experiences and Build Brand Loyalty • Provide superb service, expedient transactions, and frictionless returns • Innovate across product and consumer categories Expand Distribution of Branded Products Through Branded Retail Locations • Invest in cornerstone markets: Florida, Pennsylvania, and Arizona • Expand retail and wholesale distribution networks Maintain disciplined approach to cash generation and preservation Invest in infrastructure, technology, and talent to support long term growth • Prepare for potential growth catalysts • Invest for cannabis 2.0 future

 
Financials

 
www.trulieve.com 14 Financial Targets Financial Targets: • Anticipate first quarter revenue will be down low single digits compared to the fourth quarter • 2025 cash flow from operations of at least $250 million expected • 2025 capital expenditures up to $40 million expected Financial Position as of December 31, 2024: • $300 million in cash and short-term investments • $480 million of debt at 7.9% interest

 
www.trulieve.com 15 Financial Highlights* *Adjusted gross profit, adjusted gross profit margin, adjusted SG&A, adjusted SG&A as % revenue, adjusted net income (loss), adjusted net income (loss) per diluted share, adjusted EBITDA and adjusted EBITDA margin are Non-GAAP financial measures. See slides 17-19 for reconciliation to GAAP for all non-GAAP financial measures. **Includes discontinued operations. INCOME STATEMENT HIGHLIGHTS (USD millions, except per share data) Q4:24 Q3:24 Q2:24 Q1:24 Q4:23 Q3:23 Q2:23 Q1:23 2024 2023 Revenue 301.1 284.3 303.4 297.6 287.0 275.2 281.8 285.2 1,186.5 1,129.2 Gross profit 187.0 173.3 181.6 173.8 153.9 142.9 141.6 150.2 715.7 588.6 Gross margin 62.1 % 61.0 % 59.9 % 58.4 % 53.6 % 51.9 % 50.3 % 52.6 % 60.3 % 52.1 % Adjusted gross profit 186.6 173.4 181.6 173.8 153.9 143.1 143.4 150.2 715.4 590.6 Adjusted gross margin 62.0 % 61.0 % 59.9 % 58.4 % 53.6 % 52.0 % 50.9 % 52.7 % 60.3 % 52.3 % SG&A 157.9 148.6 102.6 101.3 96.3 93.9 96.0 100.0 510.5 386.2 SG&A as % revenue 52.4 % 52.3 % 33.8 % 34.0 % 33.6 % 34.1 % 34.1 % 35.1 % 43.0 % 34.2 % Adjusted SG&A 93.3 96.1 93.0 86.6 83.7 84.6 81.1 86.7 368.9 336.1 Adjusted SG&A as % revenue 31.0 % 33.8 % 30.6 % 29.1 % 29.2 % 30.7 % 28.8 % 30.4 % 31.1 % 29.8 % Depreciation and amortization 28.6 28.3 28.1 27.8 27.2 27.0 26.1 29.6 112.8 109.8 Net (loss) income** (59.8) (60.2) (12.0) (23.1) (33.4) (25.4) (403.8) (64.1) (155.1) (526.8) Net (loss) income continuing operations (60.5) (60.2) (10.7) (23.5) (36.6) (22.9) (342.1) (34.3) (154.9) (435.9) Adjusted net income (loss) 2.9 (11.9) 0.2 (10.2) (22.8) (14.7) (14.6) (17.7) (19.0) (69.8) Net (loss) income per diluted share** (0.27) (0.33) (0.05) (0.17) (0.18) (0.13) (2.14) (0.34) (0.82) (2.79) Net (loss) income continuing operations per diluted share** (0.26) (0.32) (0.04) (0.16) (0.19) (0.12) (1.80) (0.18) (0.79) (2.28) Adjusted net income (loss) per diluted share** 0.02 (0.06) 0.00 (0.05) (0.12) (0.08) (0.08) (0.09) (0.10) (0.37) Adjusted EBITDA 111.4 96.1 107.0 105.8 87.8 77.7 78.7 78.1 420.2 322.3 Adjusted EBITDA Margin 37.0 % 33.8 % 35.2 % 35.5 % 30.6 % 28.2 % 27.9 % 27.4 % 35.4 % 28.5 %

 
www.trulieve.com 16 Financial Highlights SHARE COUNT ESTIMATE Subordinate Voting Shares 167.8 Multiple Voting Shares* 0.2 Total Shares Outstanding 191.0 Employee Stock Options/RSUs 3.7 Pro Forma Estimated Shares 194.7 (millions as of December 31, 2024 on as if converted basis) *converted at 100 subordinate shares per 1 multiple voting share excludes 3.18 million nonvested RSUs excludes 1.03 million unexercisable options

 
www.trulieve.com 17 Reconciliation of Non-GAAP Financial Measures EBITDA and Adjusted EBITDA Net loss attributable to common shareholders $ (59.8) $ (33.4) $ (60.2) $ (155.1) $ (526.8) Add (deduct) impact of: Interest expense, net $ 14.6 $ 20.6 $ 17.5 $ 62.2 $ 81.6 Interest income $ (3.2) $ (1.8) $ (4.2) $ (14.7) $ (6.2) Provision for income taxes $ 47.6 $ 45.4 $ 47.4 $ 197.6 $ 151.4 Depreciation and amortization $ 28.6 $ 27.2 $ 28.3 $ 112.8 $ 109.8 Depreciation included in cost of goods sold $ 13.5 $ 14.5 $ 13.3 $ 53.6 $ 57.2 EBITDA (Non-GAAP) $ 41.3 $ 72.5 $ 42.1 $ 256.4 $ (133.0) EBITDA Margin (Non-GAAP) 14 % 25 % 15 % 22 % (12%) Impairment of goodwill $ — $ — $ — $ — $ 307.6 Impairment and disposal of long-lived assets, net of (recoveries) $ (0.9) $ 1.2 $ (4.3) $ (5.3) $ 6.7 Legislative campaign contributions $ 54.8 $ 0.5 $ 48.4 $ 117.5 $ 20.1 Acquisition, transaction, and other non-recurring costs $ 7.6 $ 10.7 $ 2.6 $ 18.2 $ 26.9 Share-based compensation $ 4.6 $ 3.2 $ 5.5 $ 20.2 $ 10.6 Debt extinguishments, net $ — $ 2.2 $ — $ — $ (5.9) Other expense (income), net $ 2.8 $ (0.7) $ 0.2 $ 7.6 $ (6.5) Discontinued operations, net of tax, attributable to common shareholders $ 1.1 $ (1.8) $ 1.6 $ 5.7 $ 96.0 Adjusted EBITDA (Non-GAAP) $ 111.4 $ 87.8 $ 96.1 $ 420.2 $ 322.3 Adjusted EBITDA Margin (Non-GAAP) 37 % 31 % 34 % 35 % 29 % For the Full Year Ended December 31, 2023 December 31, 2024(Amounts expressed in millions of United States dollars; unaudited) December 31, 2024 December 31, 2023 September 30, 2024 For the Three Months Ended

 
www.trulieve.com 18 Reconciliation of Non-GAAP Financial Measures Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Diluted Share Net loss attributable to common shareholders $ (59.8) $ (33.4) $ (60.2) $ (155.1) $ (526.8) Net loss from discontinued operations, net of tax, attributable to common shareholders $ 1.1 $ (1.8) $ 1.6 $ 5.7 $ 96.0 Adjustment of formerly redeemable non-controlling interest to maximum redemption value $ 9.0 $ — $ (2.1) $ — $ — Net loss from continuing operations available to common shareholders $ (49.7) $ (35.2) $ (60.6) $ (149.4) $ (430.7) Add (deduct) impact of: Adjustment of formerly redeemable non-controlling interest to maximum redemption value $ (9.0) $ — $ 2.1 $ — $ — Impairment of goodwill $ — $ — $ — $ — $ 307.6 Impairment and disposal of long-lived assets, net of (recoveries) $ (0.9) $ 1.2 $ (4.3) $ (5.3) $ 6.7 Legislative campaign contributions $ 54.8 $ 0.5 $ 48.4 $ 117.5 $ 20.1 Acquisition, transaction, and other non-recurring costs $ 7.6 $ 10.7 $ 2.6 $ 18.2 $ 26.9 Fair value of derivative liabilities - warrants $ — $ — $ — $ — $ (0.3) Adjusted net income (loss) (Non-GAAP) $ 2.9 $ (22.8) $ (11.9) $ (19.0) $ (69.8) Net loss attributable to common shareholders $ (0.31) $ (0.18) $ (0.32) $ (0.82) $ (2.79) Net loss from discontinued operations, net of tax, attributable to common shareholders $ 0.01 $ (0.01) $ 0.01 $ 0.03 $ 0.51 Adjustment of formerly redeemable non-controlling interest to maximum redemption value $ 0.05 $ — $ (0.01) $ — $ — Net loss from continuing operations available to common shareholders $ (0.26) $ (0.19) $ (0.32) $ (0.79) $ (2.28) Add (deduct) impact of: Adjustment of formerly redeemable non-controlling interest to maximum redemption value $ (0.05) $ — $ 0.01 $ — $ — Impairment of goodwill $ — $ — $ — $ — $ 1.63 Impairment and disposal of long-lived assets, net of (recoveries) $ (0.00) $ 0.01 $ (0.02) $ (0.03) $ 0.04 Legislative campaign contributions $ 0.29 $ 0.00 $ 0.25 $ 0.62 $ 0.11 Acquisition, transaction, and other non-recurring costs $ 0.04 $ 0.06 $ 0.01 $ 0.10 $ 0.14 Fair value of derivative liabilities - warrants $ — $ — $ — $ — $ (0.00) Adjusted net income (loss) per diluted share (Non-GAAP) $ 0.02 $ (0.12) $ (0.06) $ (0.10) $ (0.37) Basic and diluted shares outstanding 190.0 189.0 190.2 190.0 189.0 (Amounts expressed are per share except for shares which are in millions; unaudited) December 31, 2023 December 31, 2024 For the Full Year EndedFor the Three Months Ended September 30, 2024 December 31, 2023 December 31, 2024 (Amounts expressed in millions of United States dollars; unaudited) December 31, 2024 For the Three Months Ended December 31, 2023 September 30, 2024 For the Full Year Ended December 31, 2024 December 31, 2023

 
www.trulieve.com 19 Reconciliation of Non-GAAP Financial Measures Free Cash Flow and Adjusted SG&A Cash flow from operating activities $ 30.7 $ 131.5 $ 30.3 $ 271.5 $ 201.8 Payments for property and equipment $ (42.5) $ (9.4) $ (36.9) $ (121.5) $ (40.4) Free cash flow (Non-GAAP) $ (11.8) $ 122.1 $ (6.6) $ 150.0 $ 161.5 SG&A $ 157.9 $ 96.3 $ 148.6 $ 510.5 $ 386.2 Acquisition, transaction, and other non-recurring costs $ (64.7) $ (12.5) $ (52.5) $ (141.5) $ (50.1) Adjusted SG&A (Non-GAAP) $ 93.3 $ 83.7 $ 96.1 $ 368.9 $ 336.1 For the Full Year EndedFor the Three Months Ended (Amounts expressed in millions of United States dollars; unaudited) December 31, 2024 December 31, 2023 September 30, 2024 (Amounts expressed in millions of United States dollars; unaudited) December 31, 2024 December 31, 2023 For the Three Months Ended September 30, 2024 December 31, 2024 For the Full Year Ended December 31, 2023 December 31, 2024 December 31, 2023

 
www.trulieve.com 20 House of Brands Trulieve Brands V A LU E M ID P R EM IU M Partner Brands

 
THANK YOU CSE: TRUL OTCQX: TCNNF @Trulieve/@Trulieve_IR ir@trulieve.com

 
v3.25.0.1
Document and Entity Information
Feb. 27, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 27, 2025
Entity Registrant Name TRULIEVE CANNABIS CORP.
Entity Incorporation, State or Country Code A1
Entity File Number 000-56248
Entity Tax Identification Number 84-2231905
Entity Address, Address Line One 6749 Ben Bostic Road
Entity Address, City or Town Quincy
Entity Address, State or Province FL
Entity Address, Postal Zip Code 32351
City Area Code 850
Local Phone Number 298-8866
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001754195
Amendment Flag false
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