Trulieve Cannabis (OTC) (TSE:TRUL)
OTHER OTC:TRUL
Want to see TSE:TRUL full AI Analyst Report?
Top Page
Trulieve Cannabis
(OTC:TRUL)
Select Model
Select Model
Rating:61Neutral
Price Target:
C$17.50
▲(112.64% Upside)
Action:Reiterated
Date:06/06/26
The score is driven primarily by improving financial quality—especially strong operating/free cash flow and healthier operating margins—alongside strong technical momentum with price well above key moving averages. These positives are tempered by ongoing net losses, negative recent revenue growth, and limited valuation support due to a negative P/E and no dividend yield.
Positive Factors
Cash generation / Free Cash Flow
Strong operating and free cash flow, with operating cash exceeding reported net losses by over 2x and growing FCF, provides durable liquidity. This supports capex, working capital, debt service or selective M&A without frequent equity raises and enhances financial flexibility over months.
Negative Factors
GAAP net losses
Despite operating profitability, persistent GAAP net losses (net margin around -7%) limit retained earnings and shareholder returns. Continued bottom-line losses can constrain equity value creation and require sustained operational improvement to convert margins into net income.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation / Free Cash Flow
Strong operating and free cash flow, with operating cash exceeding reported net losses by over 2x and growing FCF, provides durable liquidity. This supports capex, working capital, debt service or selective M&A without frequent equity raises and enhances financial flexibility over months.
Read all positive factors
Trulieve Cannabis (TRUL) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$3.16B
Dividend YieldN/A
Average Volume (3M)308.77K
Price to Earnings (P/E)―
Beta (1Y)1.36
Revenue Growth-2.05%
EPS Growth52.34%
CountryCA
Employees6,000
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-0.43
Shares Outstanding169,900,760
10 Day Avg. Volume347,631
30 Day Avg. Volume308,771
Financial Highlights & Ratios
PEG Ratio0.57
Price to Book (P/B)1.43
Price to Sales (P/S)1.37
P/FCF Ratio7.10
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$26.37Price Target Upside220.47% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.11
Revenue Forecast (FY)C$1.17B
Trulieve Cannabis Business Overview & Revenue Model
Company Description
Trulieve Cannabis Corp., together with its subsidiaries, operates as a medical cannabis company. It cultivates and produces products in-house and distributes its products to Trulieve branded stores (dispensaries) in Florida, as well as through hom...
How the Company Makes Money
Trulieve primarily makes money by selling cannabis products directly to consumers through its owned dispensary network (vertical retail). Revenue is generated at the point of sale from a mix of product categories—such as flower, inhalation product...
Trulieve Cannabis Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call presented multiple strong operational and financial accomplishments — record adjusted EBITDA, industry-leading gross margins (60%), robust operating cash flow ($273M), significant wholesale growth (+23%), branded product momentum (50M units sold) and meaningful customer engagement and loyalty gains. These positives were balanced against near-term headwinds: retail pricing compression, softer consumer behavior that produced a Q4 revenue decline (-3% YoY) and a full-year net loss ($160M), plus tax and regulatory uncertainties (Florida ballot, pending Texas license, 280E UTP). Management emphasized cash generation, balance sheet actions and strategic investments (Project Hyper, store refreshes, Texas build-out) to sustain momentum. Overall, the highlights — strong margins, cash flow, debt reduction, and scale — substantially outweigh the lowlights tied mainly to near-term top-line pressure and regulatory timing risks.Positive Updates
Full-Year Revenue and Units Sold
Full year revenue of $1.2 billion (comparable to 2024) with traffic and units sold up 5% each; record units sold for the year.
Negative Updates
Retail Revenue Pressure and YoY Q4 Decline
Fourth quarter revenue of $293 million declined 3% year-over-year (up 2% sequentially); ongoing pricing compression and softer consumer wallet trends pressured retail revenue.
Read all updates
Q4-2025 Updates
Positive
Negative
Full-Year Revenue and Units Sold
Full year revenue of $1.2 billion (comparable to 2024) with traffic and units sold up 5% each; record units sold for the year.
Read all positive updates
Company Guidance
Guidance for 2026 calls for first‑quarter revenue to decline sequentially by a low‑ to mid‑single‑digit percentage (seasonal), quarterly gross margin to fluctuate but remain broadly in line with recent ~60% performance, and full‑year targets of at least $250 million in operating cash flow and up to $85 million in capital expenditures (CapEx); the company plans to open at least 5 new stores, complete 5 relocations and refresh at least 45 stores, may accelerate investments in Texas pending regulatory approvals, and cautions that consumer trends, product/market mix, inventory sell‑through, promotions and idle capacity costs will influence results and that the outlook may be updated as regulatory and market catalysts evolve.Trulieve Cannabis Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
58
Neutral
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.17B | 1.20B | 1.19B | 1.13B | 1.24B | 938.38M |
| Gross Profit | 638.80M | 603.92M | 715.75M | 588.63M | 682.00M | 566.13M |
| EBITDA | 324.55M | 338.01M | 282.80M | -21.98M | 239.75M | 283.59M |
| Net Income | -81.80M | -118.42M | -155.10M | -526.80M | -205.10M | 18.03M |
Balance Sheet | ||||||
| Total Assets | 2.78B | 2.75B | 2.87B | 2.73B | 3.40B | 3.41B |
| Cash, Cash Equivalents and Short-Term Investments | 353.13M | 255.07M | 299.20M | 201.37M | 212.30M | 230.65M |
| Total Debt | 629.14M | 670.28M | 824.46M | 792.57M | 1.03B | 859.02M |
| Total Liabilities | 1.63B | 1.61B | 1.62B | 1.32B | 1.47B | 1.26B |
| Stockholders Equity | 1.17B | 1.16B | 1.26B | 1.41B | 1.93B | 2.15B |
Cash Flow | ||||||
| Free Cash Flow | 237.16M | 232.63M | 116.82M | 146.35M | -161.49M | -293.22M |
| Operating Cash Flow | 277.76M | 277.60M | 271.48M | 201.84M | 23.10M | 12.90M |
| Investing Cash Flow | -43.00M | 13.74M | -206.62M | -37.47M | -215.06M | -215.18M |
| Financing Cash Flow | -216.53M | -275.23M | -33.44M | -175.59M | 177.80M | 289.23M |
Trulieve Cannabis Technical Analysis
Positive
8.23
Price Trends
10.87
Positive
10.13
Positive
10.24
Positive
Market Momentum
0.83
Negative
70.89
Negative
77.84
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:TRUL, the sentiment is Positive. The current price of 8.23 is below the 20-day moving average (MA) of 11.92, below the 50-day MA of 10.87, and below the 200-day MA of 10.24, indicating a bullish trend. The MACD of 0.83 indicates Negative momentum. The RSI at 70.89 is Negative, neither overbought nor oversold. The STOCH value of 77.84 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:TRUL.
Trulieve Cannabis Risk Analysis
Trulieve Cannabis disclosed 5 risk factors in its most recent earnings report. Trulieve Cannabis reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
We may not be able to adequately protect our intellectual property. Q1, 2026
2.
Adult use cannabis is illegal under United States federal law. Q1, 2026
3.
Our property may be subject to risk of civil asset forfeiture. Q1, 2026
Trulieve Cannabis Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | C$2.52B | 15.55 | 6.59% | ― | 4.14% | 146.77% | |
61 Neutral | C$3.16B | ― | -6.88% | ― | -2.05% | 52.34% | |
56 Neutral | C$4.28B | -27.41 | -12.61% | ― | -2.25% | 55.22% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | C$139.79M | -1.40 | 66.16% | ― | 3.04% | -47.28% | |
47 Neutral | C$2.17B | -1.60 | -33.23% | ― | -6.05% | 25.65% | |
46 Neutral | C$572.76M | -2.41 | -35.26% | ― | -9.65% | -55.41% |
* Healthcare Sector Average
TSE:TRUL
Trulieve Cannabis
16.45
11.26
216.96%
TSE:JUSH
Jushi Holdings
0.70
0.28
66.67%
TSE:CURA
Curaleaf Holdings
16.21
12.55
342.90%
TSE:GTII
Green Thumb Industries
11.50
4.53
64.99%
TSE:CL
Cresco Labs
1.24
0.51
69.86%
TSE:VRNO
Verano Holdings
6.32
0.00
0.00%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.