Trulieve Q2 2026: A $403M Deconsolidation Loss Obscures Resilient Medical-Only Operations
TRLV sits 84% above its 52-week low of $4.616.
Summary
Trulieve reported a $403.3M non-cash loss from deconsolidating Harvest, yet underlying medical cannabis operations generated $98.0M in Adjusted EBITDA. The company ended Q2 with $325.4M in cash and authorized a $50M buyback.
Key Events · Earnings and Guidance · TRLV
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Harvest Deconsolidation Completed
On June 3, 2026, Trulieve deconsolidated Harvest, its mixed-use cannabis subsidiary, resulting in a $403.3M non-cash loss. The company now focuses exclusively on medical cannabis markets.
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Medical-Only Operations Resilient
Q2 2026 revenue of $271.0M (down 10% YoY) and Adjusted EBITDA of $98.0M reflect the deconsolidation impact, but gross margin held at 59.9% and SG&A remained controlled.
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Strong Liquidity and Buyback Authorization
Cash and equivalents rose to $325.4M. The board authorized a $50M share repurchase program, though no shares were bought back in Q2.
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CEO Terminates 10b5-1 Plan
CEO Kim Rivers terminated her trading plan on June 26, 2026, after selling 1.7M shares under the first tranche. The second tranche was cancelled before any sales.
Analysis · TRLV · Life Sciences
A $403.3 million non-cash loss from deconsolidating its mixed-use cannabis subsidiary Harvest dominates Trulieve's Q2 2026 results. Strip out that charge, and the remaining medical-only business delivered $98.0 million in Adjusted EBITDA on $271.0 million in revenue—margins held firm despite a 10% revenue decline tied to the deconsolidation. The quarter ended with $325.4 million in cash and a newly authorized $50 million share buyback, signaling confidence in the streamlined, federally compliant medical cannabis focus. CEO Kim Rivers terminated her 10b5-1 trading plan after selling 1.7 million shares, a mixed signal alongside the buyback. An ongoing IRS dispute over $38.1 million in proposed penalties adds uncertainty, but the shift to a Schedule III medical-only model removes 280E tax burdens going forward.
At the time of this filing, TRLV was trading at $8.51 on NYSE in the Life Sciences sector, with a market capitalization of approximately $1.7B. The 52-week trading range was $4.62 to $13.28. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.