Trulieve Reports Q2 2025 Revenue of $302.1 Million, Net Loss Widens to $15.8 Million

Trulieve Cannabis Corp. reported its financial results for the second quarter of 2025, revealing a revenue of $302.1 million, a slight decrease of $1.4 million from $303.4 million in the same period last year. The company's gross profit for the quarter was $182.9 million, reflecting a marginal increase of 0.7% compared to $181.6 million in Q2 2024. However, the net loss from continuing operations widened to $15.8 million, up from a loss of $10.7 million in the prior year, primarily due to increased tax provisions and interest expenses.

In terms of operational metrics, Trulieve's retail revenue experienced a decline of $5.4 million, attributed to price compression, although this was partially offset by a $4.1 million increase in wholesale and other revenue. The company noted that the shift of Ohio to an adult-use market contributed positively to its revenue mix. The cost of goods sold decreased by 2.2% to $119.2 million, resulting in a gross margin of 60.6%, up from 59.9% in the previous year.

Strategically, Trulieve has continued to expand its product offerings, recently entering the THC beverage market with the launch of its Onward and Upward brands. The company operates 231 dispensaries across nine states, maintaining its position as the largest cannabis retailer in the U.S. The filing also highlighted a focus on enhancing customer experience and operational efficiencies, which have been key components of its growth strategy.

As of June 30, 2025, Trulieve's total assets stood at $2.92 billion, with cash and cash equivalents increasing to $392.6 million from $238.8 million at the end of 2024. The company reported a total of 191.1 million shares outstanding, reflecting a slight increase in share count. The total liabilities also rose to $1.71 billion, primarily due to increased uncertain tax position liabilities.

Looking ahead, Trulieve anticipates continued growth driven by its strategic initiatives and market expansion efforts. The company remains focused on optimizing its operations and enhancing its product portfolio to meet evolving consumer demands. However, it also acknowledges the ongoing challenges posed by regulatory uncertainties and competitive pressures in the cannabis industry.