Trulieve Cannabis Corp.
TRLV, TCNNF · Medicinal Chemicals & Botanical Products · 191.0M shares · +13%/yr ↑ shares · EDGAR filings ↗
Reference price $8.76 · est. market cap ~$1.7B — last insider sale, 2026-06-26 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B70Cannabis multi-state operator — operationally profitable with the strongest free cash flow in the cannabis cohort.
Strengths
- Operating profit and strong FCF — operating margin 12% (89th), FCF $229M (100th), FCF margin 19%
- Cash-rich, high gross margin — current ratio 4.4 (89th), gross margin 60% (79th)
Risks
- Cannabis 280E tax burden on net income — per 10-K
- Federal-legalization/regulatory uncertainty — per 10-K
- Price-compression risk — per 10-K
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -10.3%)
- Customer concentration~24% of revenue from one customer/distributor — 6 % Net loss $ (122,248) $ (160,577) $ 38,329 23
- Chronic dilutionShare count +13%/yr over 4y (dilution)
- Strong balance sheetStrong balance sheet — $256M cash & investments
- Insider sellingInsider selling — 7 open-market sale(s) by 1 insider(s) (~$15M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
60.2%
Operating margin
12.1%
Net margin
-10.3%
Return on assets
-4.5%
Revenue growth (QoQ)
-2.2%
Net debt / EBITDA
-0.5×
Current ratio
4.4×
Free cash flow
$229M
EBITDA
$261M
Cash & investments
$256M
Stock comp / revenue
1.7%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-26 | Rivers Kim A. | Sell | 137K | $8.76 |
| 2026-06-25 | Rivers Kim A. | Sell | 300K | $8.17 |
| 2026-06-24 | Rivers Kim A. | Sell | 400K | $8.17 |
| 2026-06-23 | Rivers Kim A. | Sell | 380K | $8.47 |
| 2026-06-22 | Rivers Kim A. | Sell | 205K | $9.35 |
| 2026-06-18 | Rivers Kim A. | Sell | 140K | $9.46 |
| 2026-06-17 | Rivers Kim A. | Sell | 138K | $9.36 |
| 2026-03-13 | Walsh Brett R. | Grant | 29K | — |
| 2026-03-13 | Reese Jan | Grant | 59K | — |
| 2026-03-13 | Jhala Nilyum | Grant | 59K | — |
| 2026-03-13 | May Richard S. | Grant | 23K | — |
| 2026-03-13 | Hersey Christine Ann | Grant | 59K | — |
| 2026-03-13 | Rivers Kim A. | Grant | 219K | — |
| 2026-03-13 | Healy Peter | Grant | 23K | — |
| 2026-03-13 | Beshears Thad | Grant | 23K | — |
| 2026-03-13 | Landrum Kyle | Grant | 59K | — |
| 2026-03-13 | Powers Eric | Grant | 59K | — |
| 2026-03-13 | Pernell Jason | Grant | 59K | — |
| 2026-03-13 | Foulston Matthew J. | Grant | 23K | — |
| 2026-03-13 | Thronson Susan | Grant | 23K | — |
| 2026-03-13 | Morreau Jane Cecil | Grant | 23K | — |
| 2026-03-13 | MILLNER THOMAS L | Grant | 23K | — |
| 2026-03-03 | Rivers Kim A. | Conversion | 820K | — |
| 2025-12-01 | Pernell Jason | Tax withheld | 7.0K | $5.39 |
| 2025-12-01 | Jhala Nilyum | Tax withheld | 18K | $5.39 |
| 2025-12-01 | Malivuk Joy | Tax withheld | 7.8K | $5.39 |
| 2025-12-01 | Rivers Kim A. | Tax withheld | 63K | $5.39 |
| 2025-12-01 | Landrum Kyle | Tax withheld | 18K | $5.39 |
| 2025-12-01 | Morey Timothy | Tax withheld | 17K | $5.39 |
| 2025-12-01 | Powers Eric | Tax withheld | 18K | $5.39 |
| 2025-11-04 | Foulston Matthew J. | Grant | 11K | — |
| 2025-08-12 | Thronson Susan | Grant | 19K | — |
| 2025-08-12 | Healy Peter | Grant | 19K | — |
| 2025-08-12 | MILLNER THOMAS L | Grant | 19K | — |
| 2025-08-12 | May Richard S. | Grant | 19K | — |
| 2025-08-12 | Beshears Thad | Grant | 19K | — |
| 2025-08-12 | Rivers Kim A. | Grant | 285K | — |
| 2025-08-12 | Pernell Jason | Grant | 93K | — |
| 2025-08-12 | Morreau Jane Cecil | Grant | 19K | — |
| 2025-08-12 | Blust Ryan | Grant | 47K | — |
| 2025-08-12 | Malivuk Joy | Grant | 43K | — |
| 2025-08-12 | Collins Gina | Grant | 93K | — |
| 2025-08-12 | Landrum Kyle | Grant | 93K | — |
| 2025-08-12 | Jhala Nilyum | Grant | 93K | — |
| 2025-08-12 | Morey Timothy | Grant | 87K | — |
| 2025-08-12 | Powers Eric | Grant | 93K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-12 | Exec/director changeExhibits | filing ↗ |
| 2026-06-11 | Shareholder voteExhibits | filing ↗ |
| 2026-06-09 | OtherExhibits | filing ↗ |
| 2026-06-04 | Material agreementAcquisition/dispositionExhibits | filing ↗ |
| 2026-05-07 | ResultsReg FDExhibits | filing ↗ |
| 2026-04-21 | Exec/director change | filing ↗ |
| 2026-03-05 | Exec/director changeExhibits | filing ↗ |
| 2026-02-26 | ResultsReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-12 | 2026-06-11 | 0001754195-26-000046 ↗ |
| 8-K | 2026-06-11 | 2026-06-09 | 0001754195-26-000043 ↗ |
| 8-K | 2026-06-09 | 2026-06-09 | 0001754195-26-000039 ↗ |
| 8-K | 2026-06-04 | 2026-06-03 | 0001754195-26-000033 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001754195-26-000032 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001754195-26-000030 ↗ |
| 8-K | 2026-04-21 | 2026-04-15 | 0001754195-26-000023 ↗ |
| 8-K | 2026-03-05 | 2026-02-27 | 0001754195-26-000021 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001754195-26-000017 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001754195-26-000019 ↗ |
| 8-K | 2026-02-18 | 2026-02-12 | 0001754195-26-000014 ↗ |
| 8-K | 2026-01-29 | 2026-01-29 | 0001754195-26-000005 ↗ |