Trulieve Q2 Revenue Slips in First Report After NYSE Listing

Trulieve Cannabis Corp. (TRLV ) reported second-quarter revenue of $271 million on August 7, 2026, down 10% from the same period a year earlier, in the company’s first earnings release since it became the first U.S. cannabis company listed on the New York Stock Exchange. The quarter ended June 30, 2026 captured a company mid-transformation: the results fold in operations from Harvest, the mixed medical and adult-use business Trulieve deconsolidated on June 3, 2026, for all but the final weeks of the period.

The second-quarter release shows gross profit of $162 million, a 60% gross margin, and adjusted EBITDA of $98 million, or 36% of revenue. Cash flow from operations came in at $53 million for the quarter and $109 million for the first half of 2026, with free cash flow of $32 million in the quarter and $74 million in the half. Trulieve ended June with $325 million in cash.

The headline loss is the number that needs unpacking. Trulieve reported a net loss attributable to common shareholders of $406 million, or $2.10 per share, against a $14 million loss in the year-ago quarter. Nearly all of it is a single accounting entry: a $403 million loss on the Harvest deconsolidation transaction, a non-cash charge that moved through the income statement when Harvest’s adult-use operations left the consolidated books. Excluding that and other non-recurring items, adjusted net income was $20 million, or $0.11 per share, compared with an adjusted loss of $8 million a year earlier.

What the Harvest Deconsolidation Did to Trulieve’s Books

The deconsolidation was the structural precondition for the NYSE listing. Trulieve’s June 5, 2026 uplist announcement credited the April 2026 rescheduling of state-licensed medical marijuana to Schedule III with paving the way for the listing, and said the company restructured so its remaining consolidated operations consist only of state-licensed medical marijuana facilities. Trulieve’s June 5, 2026 uplist announcement described a restructuring and third-party investment that split the company along exactly that line: the remaining consolidated business consists only of state-licensed medical marijuana operations, while Harvest holds the mixed medical and adult-use markets as an unconsolidated entity. Trulieve’s balance sheet now carries a $152 million line item for its investment in Harvest, alongside a $23 million receivable under a related-party management services agreement.

The restructuring redrew the company in one stroke. Goodwill fell from $484 million at the end of December 2025 to $326 million, intangible assets from $798 million to $300 million, and total assets from $2.7 billion to $2.1 billion. On the other side of the ledger, deferred tax liabilities dropped from $178 million to $57 million, and the reserve for uncertain tax positions declined from $668 million to $598 million.

The restructuring also scrambles year-over-year comparisons. A footnote to the results table warns that reported figures reflect the June 3, 2026 deconsolidation, meaning the $271 million revenue line blends both Trulieve and Harvest operations through that date and Trulieve’s medical-only operations for the remainder of June. The 10% year-over-year revenue decline and the 6% sequential revenue decline therefore measure two different companies, not a like-for-like trading deterioration.

A Balance Sheet Built for the Schedule III Era

The quarter closed out the strategic repositioning the uplist announcement previewed. Subordinate voting shares began trading on the NYSE under the ticker TRLV on June 10, 2026, and Trulieve said it has filed applications to register its state-licensed medical marijuana operations with the Drug Enforcement Administration under the new Schedule III framework. The company also announced a share repurchase program of up to the lesser of $50 million or 8,495,038 subordinate voting shares, obtained shareholder and board approval to domesticate the company to Delaware and continue out of British Columbia, and opened four Florida dispensaries during the quarter, in Belleview, Boca Raton, Lutz, and Tallahassee.

“We made history this quarter as the first U.S. cannabis company to list on the New York Stock Exchange following rescheduling of medical marijuana,” said CEO Kim Rivers in the release. “With broader cannabis rescheduling and state program expansion in markets like Georgia and Texas on the horizon, Trulieve is well positioned to leverage its scale, financial strength, and branded products to drive future growth.”

The retail network now stands at 207 dispensaries supported by 3.5 million square feet of cultivation and processing capacity, concentrated in Florida, Georgia, Pennsylvania, and West Virginia. The company began shipping medical cannabis products to licensed independent pharmacies in Georgia during the quarter and marked the state’s July 1, 2026 program expansion with new product launches across its dispensary network. Georgia’s medical cannabis patient registry has been growing under the new law that widened product access.

The Federal Backdrop the Quarter Was Built On

Trulieve’s restructuring only makes sense against what changed in Washington. On April 23, 2026, the Justice Department placed FDA-approved marijuana products and state-licensed medical marijuana products into Schedule III of the Controlled Substances Act, acting under President Trump’s December 18, 2025 executive order and the treaty authority of the Single Convention on Narcotic Drugs. The same announcement launched an expedited administrative hearing process, which began June 29, 2026, to consider moving all marijuana from Schedule I to Schedule III. The DEA has since opened a dedicated registration portal for state-licensed medical marijuana dispensaries, the channel through which Trulieve says it filed.

Schedule III status carries material consequences for medical operators, starting with relief from the federal tax rule that bars cannabis businesses from deducting ordinary expenses. Cresco Labs’ second-quarter results, reported August 6, 2026, showed the tax benefit already flowing through a peer’s income statement.

• Revenue: $271 million, down 10% year over year; first-half revenue of $558 million, down 7%
• Gross profit: $162 million, a 60% margin
• Net loss attributable to common shareholders: $406 million ($2.10 per share), including the $403 million Harvest deconsolidation charge
• Adjusted net income: $20 million ($0.11 per diluted share); adjusted EBITDA of $98 million, 36% of revenue
• Cash flow from operations: $53 million in the quarter; $109 million in the first half, with $74 million in first-half free cash flow
• Cash at quarter end: $325 million
• Retail footprint: 207 dispensaries; 3.5 million square feet of cultivation and processing capacity
• Buyback authorization: up to the lesser of $50 million or 8,495,038 subordinate voting shares

Management was scheduled to discuss the results on a conference call at 8:30 a.m. Eastern on August 7, 2026, with the quarterly report to follow on the SEC’s website and SEDAR+.