Trulieve reports $298 million in Q1 cannabis revenue

Trulieve Cannabis Corp., a prominent player in the U.S. cannabis industry, announced its financial results for the first quarter ending March 31, 2025. The company reported revenue of $298 million, marking a slight increase compared to the previous year, with 95% of this revenue stemming from retail sales. Trulieve achieved a gross margin of 62%, up from 58% in the same quarter last year, resulting in a gross profit of $183 million.

Despite the revenue growth, Trulieve reported a net loss attributable to common shareholders of $33 million. The adjusted net loss, which excludes nonrecurring charges and asset impairments, stood at $3 million. The company also reported an adjusted EBITDA of $109 million, which represents 37% of its total revenue, an increase of 3% year over year.

During the first quarter, Trulieve generated $51 million in cash flow from operations and recorded a free cash flow of $34 million. The company ended the quarter with $329 million in cash. Trulieve’s rewards program has gained traction, reaching over 625,000 members as of March 31, 2025, with loyalty members accounting for 68% of transactions.

In terms of product offerings, Trulieve launched ‘Onward,’ a premium nonalcoholic THC beverage, available for purchase at select retail locations in Florida and for shipping to 36 states through DrinkOnward.com. The company also expanded its physical presence, opening six new dispensaries in Arizona, Florida, and Ohio, and relocating one dispensary to Pennsylvania.

Notably, Trulieve reported a 20% increase in units sold and a 9% rise in customer traffic during the 4/20 holiday compared to the previous year. Currently, Trulieve operates 229 retail dispensaries and has over 4 million square feet of cultivation and processing capacity across the United States.

CEO Kim Rivers commented on the company’s performance, emphasizing the strong margins and cash flow as evidence of Trulieve’s operational effectiveness. The company aims to leverage its loyal customer base and branded products while continuing to advocate for cannabis reform in the industry.