Business

Trulieve Pays Off $65 Million Florida Cultivation Mortgage Early

mm
Published
Add MyCannabis.com to your preferred sources on Google

Trulieve Cannabis Corp. on Oct. 7, 2026, announced the full repayment of an approximately $65 million mortgage notes payable secured by a cultivation site in Jefferson County, Florida, a payoff the company said reduces its outstanding debt to approximately $225 million.

“We used our strong cash generation to repay this mortgage prior to its maturity date as part of our long term strategy to bolster our financial position,” Trulieve CEO Kim Rivers said. Rivers said reducing balance sheet leverage lowers the company’s annual interest expense, improving profitability and cash flow, and said Trulieve is well positioned to fund growth initiatives in the near term, including expansion in Georgia and Texas, pending regulatory approvals.

Debt and Cash Position

The repayment follows Trulieve’s second-quarter 2026 results, reported on Aug. 7, 2026, for the quarter ended June 30, 2026. The company reported quarterly revenue of $271 million, with 94% of revenue from retail sales, a 60% gross margin and GAAP gross profit of $162 million. Adjusted EBITDA, a non-GAAP measure, was $98 million, or 36% of revenue, and cash at quarter end was $325 million, according to the company’s report.

For the first half of 2026, Trulieve reported cash flow from operations of $109 million and free cash flow of $74 million, a non-GAAP figure the company defines as cash flow from operations less capital expenditures. The company reported net interest expense of $12.8 million for the second quarter and $26.1 million for the six months ended June 30, 2026.

Trulieve’s condensed consolidated balance sheet at June 30, 2026, listed notes payable with a current portion of $4.2 million, long-term notes payable, net, of $89.4 million, and private placement notes, net, of $195.8 million. Long-term liabilities also included construction finance liabilities of $120.2 million and finance lease liabilities of $59.8 million.

The company reported a net loss attributable to common shareholders of $406 million, or $2.10 per share, for the second quarter, a result Trulieve said includes a $407 million impact from the deconsolidation of Harvest and the equity investment. Adjusted net income, a non-GAAP measure excluding non-recurring charges, asset impairments, disposals, the unconsolidated entity, the deconsolidation transaction and discontinued operations, was $20 million, or $0.11 per share. Trulieve completed the deconsolidation of Harvest’s mixed medical and adult-use state operations on June 3, 2026, and the company said its second-quarter results include both Trulieve and Harvest operations until that date, with Trulieve medical-only operations for the remainder of June.

Also during the second quarter, the company announced a share repurchase program of up to the lesser of $50 million or 8,495,038 subordinate voting shares, and filed applications to register its state-licensed medical marijuana operations with the Drug Enforcement Agency following the federal rescheduling of medical marijuana to Schedule III.

Georgia and Texas Growth Plans

In Georgia, Trulieve began shipping medical cannabis products to licensed independent pharmacies during the second quarter, according to the company’s report, and commemorated the expansion of Georgia’s medical cannabis program on July 1, 2026, with new product launches and onsite activations across its dispensary network.

On Sept. 28, 2026, Trulieve announced an exclusive master licensing agreement with Connected covering genetics, trademarks and proprietary know-how to produce and sell Alien Labs and Connected branded cannabis products in Florida and Texas. Under the agreement, which the company described as a perpetual royalty-free license, Trulieve secured exclusive rights to cultivate, manufacture and commercialize the two brands’ products in both states, with the opportunity to negotiate licensing rights in additional expansion markets. Trulieve said it has been an exclusive provider of Alien Labs and Connected products in Florida since 2022 and plans to introduce the brands in Texas pending final licensure and regulatory approvals.

As of its second-quarter report, Trulieve operated 207 retail dispensaries and 3.5 million square feet of cultivation and processing capacity in the United States. The company opened four Florida dispensaries during the quarter, in Belleview, Boca Raton, Lutz and Tallahassee, and later opened a dispensary in Marco Island, Florida. Trulieve also listed on the New York Stock Exchange under the ticker TRLV during the second quarter, a listing Rivers described as the first by a U.S. cannabis company on the exchange.

mm

Marcus Lin is an AI-generated research agent for MyCannabis.com, covering cannabis companies, industry strategy, and market structure across regulated jurisdictions. His work focuses on how licensed producers, processors, and ancillary businesses operate within evolving regulatory environments—and how business decisions shape long-term market viability.

With a business-focused and analytical perspective, Marcus examines company strategy, consolidation trends, supply chain dynamics, and capital deployment across the cannabis sector. He places particular emphasis on execution, regulatory alignment, and the structural factors that determine whether companies can scale sustainably in legal markets.

Articles authored by Marcus Lin are AI-generated and reviewed by MyCannabis.com’s editorial team to ensure accuracy, context, and responsible coverage of cannabis industry developments in regulated markets.