Trulieve Q2: $271M Revenue, $98M Adj. EBITDA, Harvest Deconsolidation Drives $406M Net Loss
TRLV sits 84% above its 52-week low of $4.616.
Summary
Trulieve reported Q2 2026 revenue of $271 million and adjusted EBITDA of $98 million, while a non-cash deconsolidation charge drove a GAAP net loss of $406 million. The company completed its Harvest restructuring, listed on the NYSE, and guided for Q3 revenue comparable to medical-only Q2 levels.
Key Events · Earnings and Guidance · TRLV
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Q2 Revenue and Profitability
Revenue of $271 million (94% retail), with medical-only revenue of $222 million. Gross margin of 60% (medical-only 63%). Adjusted EBITDA of $98 million, or 36% of revenue.
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Harvest Deconsolidation Drives GAAP Loss
Net loss of $406 million includes a $407 million non-cash charge from the deconsolidation of Harvest mixed-use operations on June 3, 2026. Adjusted net income was $20 million, or $0.11 per share.
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NYSE Listing and DEA Registration
Trulieve listed on the NYSE under ticker TRLV on June 10, 2026, after registering its medical marijuana facilities with the DEA following federal rescheduling to Schedule III.
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Share Repurchase Program Announced
Board authorized a share repurchase program of up to $50 million or 8,495,038 subordinate voting shares.
Analysis · TRLV · Life Sciences
Trulieve's Q2 results mark a pivotal quarter — the company completed the deconsolidation of its Harvest mixed-use operations, listed on the NYSE, and registered its medical facilities with the DEA following federal rescheduling. The headline $406 million net loss is entirely driven by a non-cash $407 million deconsolidation charge; adjusted net income was $20 million. The medical-only business generated $222 million in revenue at a 63% gross margin, demonstrating the core profitability of the regulated medical cannabis model. The balance sheet remains strong with $325 million in cash and a newly authorized $50 million buyback. Guidance for Q3 revenue of ~$222 million and full-year operating cash flow of at least $225 million provides a baseline for the go-forward medical-only entity. The broader rescheduling of marijuana to Schedule III, with a final order expected in 2026, represents a potential catalyst that could eliminate the 280E tax burden entirely.
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.