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First Quarter 2025 Earnings For Trulieve Strong

By Shadd Dales On May 8, 2025

On this Wednesday’s episode of the Trade to Black podcast, host Shadd Dales is joined by Anthony Varrell to break down the latest cannabis earnings reports, including a solid quarter from Trulieve and disappointing numbers from GTI. Plus, Dan Ahrens of AdvisorShares (NYSEARCA: MSOS), joins us to offer institutional insight into the cannabis capital markets. Ahrens breaks down where investors should be focusing this quarter and what the latest earnings reveal about sector health, reform momentum, and long-term growth trajectories.

First up—Trulieve (OTCQX: TCNNF), which reported stable first quarter revenue at $298 million, beating analyst expectations. Margins climbed to 62%, with $109 million in adjusted EBITDA and a healthy $329 million in cash at quarter-end. Despite a net loss of $33 million, the company showed resilience through strong operational cash flow and a robust 4/20 retail performance. The company also launched new beverage brands – Onward (THC) and Upward (energy drink) – and emphasized the success of its 650,000-member loyalty program, which now accounts for 68% of all sales.

GTI, by contrast, posted a year-over-year EBITDA decline from $98M to $71M, despite flat revenue. Although still profitable and the only MSO to report positive net income, its margins slipped and EBITDA was down significantly, surprising analysts and investors alike.

TerrAscend made waves with back-to-back acquisitions: Union Chill in New Jersey and Ratio Cannabis in Ohio, both immediately accretive to EBITDA. Hosts praised the discipline and timing, noting that such acquisitions suggest optimism for federal reform or favorable state-level developments. With 39 dispensaries now across six states, TerrAscend also hinted at more deals to come.

Later in the episode, guest Dan Ahrens of AdvisorShares joins to clarify misconceptions around MSOS ETF redemptions, swap mechanisms, and fund structure. He explains why large ETF redemptions don’t equate to short selling and reiterates that GTI remains MSOS’s largest holding at nearly 19M shares.

This and more when you tune in to this episode.

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Shadd Dales

Shadd Dales is the Founder and President of The Dales Report and has an extensive background in the business media industry.

His work translates into over 15 years in mainstream media that included roles with BNN Bloomberg, CTV Properties and the iHeart Radio Network.

Shadd is considered one of the leading on air talents in both the cannabis and psychedelic space and has interviewed some of the most notable CEO names in the industry.

Shadd’s vision is to establish a content platform that is equivalent to a mainstream broadcast produced in a format that is relevant for today’s investor.