Trulieve Cannabis Corp. (NYSE: TRLV) reported its third-quarter 2026 results on November 5, posting revenue of $230 million with a gross margin of 64% and gross profit of $148 million, according to the company's release. Net income attributable to common shareholders was $1 million, compared with a net loss of $27 million in the same quarter a year earlier, and adjusted net income was $18 million. Adjusted EBITDA was $89 million, or 39% of revenue. The company ended the quarter with $327 million in cash. All figures are company-reported.
A Smaller, Medical-Only Company
The headline numbers come with a comparability caveat the company states plainly: third-quarter 2026 results include only Trulieve's medical operations. Prior periods include the consolidated results of Harvest's mixed medical and adult-use operations, which were deconsolidated on June 3, 2026. That is why revenue is down 20% from $288 million a year ago and 15% from the second quarter's $271 million — the base changed, not just the business — while gross margin improved to 64% from 59% a year earlier. The nine-month figures carry the cost of that split: a $403.3 million loss on the deconsolidation transaction recorded earlier this year. On a comparable medical-only basis, the trend is growth of about 4%: $221 million in the third quarter of 2025 and $222 million in the second quarter of 2026, rising to $230 million. Trulieve also retained an equity investment in Harvest after the deconsolidation.
Cash generation stayed strong on the new base. Trulieve generated $74 million in cash flow from operations and $45 million in free cash flow in the quarter, and $183 million and $120 million respectively over the first nine months of 2026. The company also repaid $65 million in mortgage notes on October 7, ahead of their 2028 maturity; it operates 208 retail dispensaries and 3.5 million square feet of cultivation and processing capacity.
The growth story management emphasized is Georgia. The company said it realized a seven-fold increase in traffic in Georgia following the state's medical cannabis program expansion on July 1, alongside new product launches including Modern Flower and Roll One. "With meaningful growth expansion opportunities in Georgia and Texas, we are in the early stages of an accelerated growth cycle," said Chief Executive Officer Kim Rivers. Trulieve opened two dispensaries in the quarter, in Marco Island, Florida, and Dunwoody, Georgia.
"Final" DEA Registrations — With the Same Missing Details
The release's headline bullets include a regulatory milestone: "Received final DEA registrations pursuant to final order rescheduling state licensed medical marijuana to Schedule III under the Controlled Substances Act." Under Recent Developments, the company adds that it "received final registrations from the Drug Enforcement Agency for state licensed medical marijuana dispensaries as part of federal regulatory framework for qualified medical marijuana businesses under the Controlled Substances Act."
Trulieve was the first operator nuggnotes identified as publicly naming itself a DEA registrant, on November 2. What has changed is the wording — the release now calls the registrations final; the company has not said the registrations themselves changed status between November 2 and November 5. The earnings release still does not say how many registrations it received or which states they cover, but the Form 10-Q filed the same morning goes further: Trulieve says it applied in Florida, Pennsylvania, Georgia and West Virginia, that DEA inspections are substantially complete, and that it has received registrations for substantially all of its dispensary locations. An exact count and a facility list remain undisclosed. Rivers grouped the milestone with the other consequences of rescheduling, saying it "unlocked major milestones including DEA registration, removal of 280E tax, and uplisting to the NYSE."
What Comes Next
The open questions are the ones nuggnotes has tracked since the first registrations were announced: the exact count of registrations Trulieve holds, and whether the Georgia and Texas expansion shows up in revenue on the new medical-only base. The full financial statements are in the company's Form 10-Q, filed earlier on November 5.
Sources
Trulieve Cannabis Corp. — "Trulieve Reports Third Quarter 2026 Results," PR Newswire, November 5, 2026.
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