Trulieve Reports Strong Q4 and Full Year 2024 Performance

TALLAHASSEE, Fla., Feb. 27, 2025 – Trulieve Cannabis Corp (CSE: TRUL) (OTCQX: TCNNF), a leading US cannabis company, has announced its fourth-quarter and full-year 2024 financial results, reporting steady revenue growth, improved margins, and strong cash flow.

Key Financial Highlights

• Q4 2024 revenue: $301 million, up 5% year-over-year.
• Full-year revenue: $1.2 billion, marking a 5% annual increase.
• Gross margin improvement: 62% in Q4, up from 54% in the previous year.
• Record cash flow: $271 million from operations in 2024, with free cash flow of $150 million.
• Adjusted EBITDA: $111 million in Q4 and $420 million for the full year, a 30% increase from 2023.
• Retail growth: Added 33 new dispensaries in 2024, expanding to 225 locations nationwide by year-end.

Despite strong revenue and operational gains, Trulieve reported a net loss of $155 million for the year, with an adjusted net loss of $19 million. This was primarily driven by non-recurring charges, asset impairments, and strategic investments, including $55 million in campaign support.

Operational Expansion & Innovations

• Trulieve launched adult-use sales in Ohio at three locations (Beavercreek, Columbus, and Westerville) in 2024.
• Opened 10 new dispensaries in Florida and Georgia during Q4, with further expansion into key markets.
• Expanded its retail footprint to 229 locations across the U.S. in early 2025.
• Launched Onward, a premium, non-alcoholic THC beverage, available for online purchase in 36 states. The beverage line features flavors like Blueberry Mojito, Italian Spritz, and Peach Bellini, with THC doses ranging from 3 mg to 10 mg.

Leadership & Strategic Outlook

Trulieve appointed Jason Pernell as President, reinforcing its leadership team. Pernell, who co-founded the company alongside CEO Kim Rivers, brings over two decades of experience in cannabis operations and entrepreneurship.

CEO Kim Rivers emphasized Trulieve’s operational excellence, leading margins, and financial strength, positioning the company as an industry leader with a differentiated strategy.

With continued expansion, a growing customer base, and strategic investments in innovation and retail footprint, Trulieve is well-positioned for long-term success in the evolving cannabis market.

For full financial results and investor updates, visit Trulieve’s press release pages.