# EDGAR Filing Document

**Accession Number:** 0001754195
**File Stem:** 0001754195-26-000030
**Filing Date:** 2026-5
**Character Count:** 49934
**Document Hash:** 461ecddba232679dab03bb4f544617c4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001754195-26-000030.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001754195-26-000030

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20260507

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Trulieve Cannabis Corp.
- **CENTRAL INDEX KEY:** 0001754195
- **STANDARD INDUSTRIAL CLASSIFICATION:** MEDICINAL CHEMICALS & BOTANICAL PRODUCTS [2833]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 581882476
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56248
- **FILM NUMBER:** 26950653

**BUSINESS ADDRESS:**
- **STREET 1:** 3494 MARTIN HURST ROAD
- **CITY:** TALLAHASSEE
- **STATE:** FL
- **ZIP:** 32312
- **BUSINESS PHONE:** 8502988866

**MAIL ADDRESS:**
- **STREET 1:** 3494 MARTIN HURST ROAD
- **CITY:** TALLAHASSEE
- **STATE:** FL
- **ZIP:** 32312

?xml version='1.0' encoding='ASCII'? tcnnf-20260507

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

____________________

**FORM 8-K**

___________________

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (Date of Earliest Event Reported): May 7, 2026**

___________________

**TRULIEVE CANNABIS CORP.**

**(Exact Name of Registrant as specified in its charter)**

___________________

---

| | | |
|:---|:---|:---|
| **British Columbia** | **000-56248** | **84-2231905** |
| **(State or Other Jurisdiction**<br>**of Incorporation)** | **(Commission**<br>**File Number)** | **(IRS Employer**<br>**Identification No.)** |

---

**3494 Martin Hurst Road Tallahassee, FL 32312 (Address of principal executive offices and zip code) (850) 298-8866**

**(Registrant's telephone number, including area code)**

**Not Applicable**

**(Registrant's name or former address, if change since last report)** 

___________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

□ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

□ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange**<br>**on which registered** |
| N/A | N/A | N/A |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act. □

------

**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On May 7, 2026, Trulieve Cannabis Corp. (the "Company") announced via press release its results for the first quarter ended March 31, 2026. A copy of the Company's press release is hereby furnished to the Commission and incorporated herein by reference as Exhibit 99.1.

**Item 7.01&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure.**

The Company from time to time presents at various industry and other conferences and provides summary business information. A copy of the slide presentation that will be used by representatives of the Company in connection with such presentations (the "Corporate Presentation") is attached to this Current Report on Form 8-K as Exhibit 99.2. The Corporate Presentation is current as of May 7, 2026, and the Company disclaims any obligation to correct or update this material in the future.

**Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

**(d)Exhibits**

---

| | |
|:---|:---|
| **Exhibit**<br>**No.** | **Description** |
| 99.1\* | <u>[Press release dated May 7, 2026](exhibit991tcnnfearningsrel.htm)</u> |
| 99.2\* | <u>[Corporate Presentation dated May 7, 2026](exhibit992tcnnfpresentat.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

\*The information in the press release attached as Exhibit 99.1 and the corporate presentation attached as Exhibit 99.2 is intended to be furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| Trulieve Cannabis Corp. | Trulieve Cannabis Corp. |
| By: | /s/ Eric Powers |
| Name: | Eric Powers |
| Title: | Chief Legal Officer |

---

Date: May 7, 2026

## Exhibit 99.1

 **Exhibit 99.1**

![logoclearjpg.jpg](logoclearjpg.jpg)

**Trulieve Reports Profitable First Quarter 2026 Results** 

**Bolstered by Margins and Cash Flow Generation**

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• First quarter revenue of $287 million, with 59% gross margin*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Positive net income of $2 million and Adjusted EBITDA of $100 million\** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Rescheduling of medical marijuana to Schedule III enabled applications for DEA registration*  |

---

**Tallahassee, FL – May 7, 2026** – Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the U.S., today announced its results for the quarter ended March 31, 2026. Results are reported in U.S. dollars and in accordance with U.S. Generally Accepted Accounting Principles (GAAP), unless otherwise indicated. Numbers may not sum perfectly due to rounding.

**Q1 2026 Financial and Operational Highlights\***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue of $287 million, with 92% of revenue from retail sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Achieved gross margin of 59%, with GAAP gross profit of $170 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported positive net income attributable to common shareholders of $2 million. Adjusted net income of $20 million\* excludes non-recurring charges, asset impairments, disposals and discontinued operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Achieved adjusted EBITDA of $100 million\*, or 35% of revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generated cash flow from operations of $56 million and free cash flow of $42 million\*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash at quarter end was $353 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Closed $60 million private placement of senior secured notes due 2030.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Grew rewards program to 1 million members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Opened three dispensaries in DeLand, Fort Myers, and Lake Wales, Florida.

\*See "Non-GAAP Financial Measures" below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.

**Recent Developments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Trump Administration reclassified medical marijuana to Schedule III under the Controlled Substances Act. Attorney General Blanche announced an expedited process to review the classification of marijuana more broadly with a hearing beginning on June 29, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Filed applications to register state licensed medical marijuana operations including 206 retail locations with the Drug Enforcement Agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Opened four dispensaries in Belleview, Boca Raton, Lutz, and Tallahassee, Florida.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Currently operate 240 retail dispensaries and over four million square feet of cultivation and processing capacity in the United States.

------

**Management Commentary** 

"We applaud President Trump and AG Blanche for taking bold, decisive action to reclassify medical marijuana to Schedule III," said Kim Rivers, Trulieve CEO. "With 206 dispensaries and over 3.5 million square feet of production serving medical patients, Trulieve is well positioned to explore new opportunities enabled by rescheduling."

**Financial Highlights\*** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Results of Operations** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
| **(Figures in millions except per share data)** | **March 31, 2026** | **March 31, 2025** | **% Better / (Worse)** | **December 31, 2025** | **% Better / (Worse)** |
| Revenue | $287 | $298 | (4%) | $293 | (2%) |
| Gross profit | $170 | $183 | (7%) | $175 | (3%) |
| Gross margin % | 59% | 62% |  | 60% |  |
| Operating expenses | $134 | $150 | 10% | $160 | 16% |
| Operating expenses % | 47% | 50% |  | 55% |  |
| Net income (loss)\*\* | $2 | $(33) | NMF | $(43) | NMF |
| Net income (loss) continuing operations | $3 | $(32) | NMF | $(45) | NMF |
| Adjusted net income (loss) | $20 | $(3) | NMF | $(3) | NMF |
| Diluted shares outstanding | 198 | 191 |  | 192 |  |
| Diluted EPS continuing operations | $0.02 | $(0.16) | NMF | $(0.23) | NMF |
| Adjusted Diluted EPS | $0.10 | $(0.02) | NMF | $(0.02) | NMF |
| Adjusted EBITDA | $100 | $109 | (8%) | $105 | (4%) |
| Adjusted EBITDA Margin % | 35% | 37% |  | 36% |  |

---

<br>NMF - No Meaningful Figure

\*See "Non-GAAP Financial Measures" below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.

\*\*Net income (loss) attributable to common shareholders which excludes non-controlling interest.

**Conference Call** 

The Company will host a conference call and live audio webcast on May 7, 2026, at 8:30 A.M. Eastern time, to discuss its first quarter 2026 financial results. Interested parties can join the conference call by dialing in as directed below. Please dial in 15 minutes prior to the call.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;North American toll free: 1-844-824-3830 | Passcode: 0642610 |
| &nbsp;&nbsp;&nbsp;International: 1-412-542-4136 | Passcode: 0642610 |

---

A live audio webcast of the conference call will be available at:

Trulieve First Quarter 2026 Results Call

A powerpoint presentation and archived replay of the webcast will be available at:

https://investors.trulieve.com/events

The Company's Form 10-Q for the quarter ended March 31, 2026 will be available on the SEC's website or at https://investors.trulieve.com/quarterly-results. The Company's Management's Discussion and Analysis for the period and the accompanying financial statements and notes will be available under the Company's profile on https://www.sedarplus.ca and on its website at https://investors.trulieve.com/quarterly-results. This news release is not in any way a substitute for reading those financial statements, including the notes to the financial statements. <br>

------

**Trulieve Cannabis Corp.** 

**Condensed Consolidated Balance Sheets (Unaudited)**

*(in millions, except for share data)* 

---

| | | |
|:---|:---|:---|
| | **March 31,<br>2026** | **December 31,<br>2025** |
| **ASSETS** | | |
| Current Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $352.9 | $255.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 14.1 | 10.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 242.3 | 242.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax receivable | 6.8 | 8.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes receivable - current portion, net | 1.3 | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 21.1 | 18.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 13.7 | 25.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets associated with discontinued operations | 0.8 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 653.0 | 562.7 |
| Property and equipment, net | 676.9 | 670.4 |
| Right of use assets - operating, net | 104.7 | 108.3 |
| Right of use assets - finance, net | 70.4 | 60.0 |
| Intangible assets, net | 780.8 | 798.4 |
| Goodwill | 483.9 | 483.9 |
| Notes receivable, net | 0.5 | 0.5 |
| Other assets | 10.0 | 10.0 |
| Long-term assets associated with discontinued operations | 1.9 | 1.9 |
| **TOTAL ASSETS** | $2781.9 | $2696.1 |
| **LIABILITIES** |  |  |
| Current Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | $78.9 | $82.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 10.0 | 9.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes payable - current portion | 4.1 | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities - current portion | 13.1 | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance lease liabilities - current portion | 11.4 | 10.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction finance liabilities - current portion | 2.6 | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contingencies | 0.3 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities associated with discontinued operations | 3.8 | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 124.2 | 126.9 |
| Long-Term Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes payable, net | 90.1 | 90.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Private placement notes, net | 195.6 | 136.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 104.1 | 107.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance lease liabilities | 74.4 | 64.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction finance liabilities | 133.2 | 133.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities | 169.8 | 178.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Uncertain tax position liabilities | 696.4 | 668.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities | 10.8 | 11.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term liabilities associated with discontinued operations | 33.9 | 34.9 |
| **TOTAL LIABILITIES** | $1632.6 | $1553.1 |
| **EQUITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, no par value; unlimited shares authorized. 192,307,145 and 192,307,145 shares issued and outstanding as of March 31,<br>2026 and December 31, 2025, respectively. | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in-capital | 2077.5 | 2073.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (909.7) | (912.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest | (18.4) | (18.2) |
| **TOTAL EQUITY** | 1149.3 | 1143.0 |
| **TOTAL LIABILITIES AND EQUITY** | $2781.9 | $2696.1 |

---

------

**Trulieve Cannabis Corp.** 

**Condensed Consolidated Statements of Operations (Unaudited)**

*(in millions, except for share data)*

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| Revenue | $286.8 | $297.8 |
| Cost of goods sold | 116.7 | 114.5 |
| &nbsp;&nbsp;Gross profit | 170.1 | 183.2 |
| Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general, and administrative | 104.9 | 118.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 29.7 | 29.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on disposal or impairment of assets | (0.3) | 1.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 134.4 | 149.9 |
| Income from operations | 35.7 | 33.3 |
| Other income (expense): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (13.3) | (16.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 2.7 | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 0.1 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense, net | (10.5) | (13.0) |
| Income before provision for income taxes | 25.2 | 20.3 |
| Provision for income taxes | 21.9 | 52.5 |
| &nbsp;&nbsp;Net income (loss) from continuing operations | 3.4 | (32.1) |
| Net loss from discontinued operations, net of tax benefit $360 and $0, respectively | (1.1) | (1.6) |
| Net income (loss) | 2.3 | (33.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: net loss attributable to non-controlling interest from continuing operations | (0.1) | (0.9) |
| Net income (loss) attributable to common shareholders | $2.4 | $(32.9) |
| **Earnings Per Share** |  |  |
| Net income (loss) per share - Continuing operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.02 | $(0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.02 | $(0.16) |
| Net loss per share - Discontinued operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted | $(0.01) | $(0.01) |
| Weighted average number of common shares used in computing net income (loss) per share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 192.5 | 191.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 197.8 | 191.1 |

---

------

**Trulieve Cannabis Corp.** 

**Condensed Consolidated Statements of Cash Flows (Unaudited)**

*(in millions)*

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $2.3 | $(33.8) |
| &nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 29.7 | 29.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation included in cost of goods sold | 14.0 | 13.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on disposal or impairment of assets | (0.3) | 1.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain from disposal of discontinued operations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 4.1 | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (8.2) | (4.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-cash changes | 3.2 | 5.0 |
| &nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories |  | (7.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (3.9) | (2.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | (2.4) | (8.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | (8.7) | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax receivable / payable | 1.7 | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Uncertain tax position liabilities | 28.0 | 55.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | (3.9) | (2.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | 55.7 | 51.1 |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;Capital expenditures | (13.5) | (20.8) |
| &nbsp;&nbsp;Maturities of short-term investments |  | 60.0 |
| &nbsp;&nbsp;Other proceeds | 0.3 | 4.0 |
| &nbsp;&nbsp;Other purchases and payments |  | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash (used in) provided by investing activities** | (13.2) | 43.0 |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;Proceeds from long-term borrowings | 60.7 |  |
| &nbsp;&nbsp;Payments on long-term borrowings | (2.0) | (1.9) |
| &nbsp;&nbsp;Payments for debt issuance costs | (1.3) |  |
| &nbsp;&nbsp;Other payments and distributions | (2.6) | (2.4) |
| &nbsp;&nbsp;Payments for taxes related to net share settlement of equity awards |  | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by (used in) financing activities** | 54.8 | (4.5) |
| **Net increase in cash and cash equivalents** | 97.3 | 89.6 |
| **Cash, cash equivalents, and restricted cash, beginning of period** | 255.5 | 239.7 |
| **Cash, cash equivalents, and restricted cash, end of period** | $352.9 | $329.4 |

---

The condensed consolidated statements of cash flows include continuing operations and discontinued operations for the periods presented.

------

**Non-GAAP Financial Measures (Unaudited)**

In addition to our results determined in accordance with GAAP, we supplement our results with non-GAAP financial measures, including EBITDA, adjusted EBITDA, EBITDA margin, adjusted EBITDA margin, adjusted net income (loss), adjusted net income (loss) per diluted share, and free cash flow.

The Company calculates EBITDA as net income (loss) before net interest expense, interest income, income tax expense, depreciation and amortization; adjusted EBITDA as net income (loss) before net interest expense, interest income, income tax expense, depreciation and amortization and also excludes certain extraordinary items; EBITDA margin as EBITDA as % of revenue; adjusted EBITDA margin as adjusted EBITDA as % of revenue; adjusted net income (loss) as net income (loss) less certain extraordinary items; adjusted EPS as adjusted net income (loss) divided by diluted shares outstanding; and free cash flow as cash flow from operations less capital expenditures.

Our management uses these non-GAAP financial measures in conjunction with GAAP financial measures to evaluate our operating results and financial performance. We believe these measures are useful to investors as they are widely used measures of performance and can facilitate comparison to other companies. These non-GAAP financial measures are not, and should not be considered as, measures of liquidity. These non-GAAP financial measures have limitations as analytical tools in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. Because of these limitations, these non-GAAP financial measures should be considered along with GAAP financial performance measures. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measures to such GAAP measures can be found below. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP.

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**Reconciliation of Non-GAAP EBITDA and Adjusted EBITDA (Unaudited)**

The following table presents a reconciliation of GAAP net income (loss) attributable to common shareholders to non-GAAP EBITDA and Adjusted EBITDA for each of the periods presented:

---

| | | | |
|:---|:---|:---|:---|
| (Amounts expressed in millions of United States dollars)  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| (Amounts expressed in millions of United States dollars)  | **March 31, 2026** | **March 31, 2025** | **December 31, 2025** |
| Net income (loss) attributable to common shareholders | $2.4 | $(32.9) | $(42.9) |
| Add (deduct) impact of: |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense, net | $13.3 | $16.3 | $14.7 |
| &nbsp;&nbsp;Interest income | $(2.7) | $(3.1) | $(3.4) |
| &nbsp;&nbsp;Provision for income taxes | $21.9 | $52.5 | $47.9 |
| &nbsp;&nbsp;Depreciation and amortization | $29.7 | $29.3 | $29.4 |
| &nbsp;&nbsp;Depreciation included in cost of goods sold | $14.0 | $13.9 | $14.2 |
| EBITDA (Non-GAAP) | $78.6 | $76.0 | $59.9 |
| EBITDA Margin (Non-GAAP) | 27% | 26% | 20% |
| &nbsp;&nbsp;(Gain) loss on disposal or impairment of assets | $(0.3) | $1.8 | $4.1 |
| &nbsp;&nbsp;Campaign and political contributions | $9.5 | $23.0 | $32.4 |
| &nbsp;&nbsp;Acquisition, transaction, and other non-recurring costs | $7.4 | $3.1 | $4.7 |
| &nbsp;&nbsp;Share-based compensation | $4.1 | $3.9 | $4.0 |
| &nbsp;&nbsp;Loss on debt extinguishments, net | $— | $— | $1.7 |
| &nbsp;&nbsp;Other income, net | $(0.1) | $(0.2) | $(0.6) |
| &nbsp;&nbsp;Discontinued operations, net of tax, attributable to common shareholders | $1.1 | $1.6 | $(1.4) |
| Adjusted EBITDA (Non-GAAP) | $100.4 | $109.2 | $104.8 |
| Adjusted EBITDA Margin (Non-GAAP) | 35% | 37% | 36% |

---

------

**Reconciliation of Non-GAAP Adjusted Net Income (Loss) (Unaudited)**

The following table presents a reconciliation of GAAP net income (loss) attributable to common shareholders to non-GAAP adjusted net income (loss), for each of the periods presented:

---

| | | | |
|:---|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
|<br>(Amounts expressed in millions of United States dollars) | **March 31, 2026** | **March 31, 2025** | **December 31, 2025** |
| Net income (loss) attributable to common shareholders | $2.4 | $(32.9) | $(42.9) |
| &nbsp;&nbsp;&nbsp;Net loss (income) from discontinued operations, net of tax, attributable to common shareholders | $1.1 | $1.6 | $(1.4) |
| Net income (loss) from continuing operations available to common shareholders | $3.5 | $(31.2) | $(44.3) |
| Add (deduct) impact of: |  |  |  |
| &nbsp;&nbsp;&nbsp;(Gain) loss on disposal or impairment of assets | $(0.3) | $1.8 | $4.1 |
| &nbsp;&nbsp;&nbsp;Campaign and political contributions | $9.5 | $23.0 | $32.4 |
| &nbsp;&nbsp;&nbsp;Acquisition, transaction, and other non-recurring costs | $7.4 | $3.1 | $4.7 |
| Adjusted net income (loss) (Non-GAAP) | $20.2 | $(3.4) | $(3.1) |

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**Reconciliation of Non-GAAP Adjusted Net Income (Loss) Per Diluted Share (Unaudited)**

The following table presents a reconciliation of GAAP net income (loss) attributable to common shareholders per share to non-GAAP adjusted net income (loss) per diluted share, for each of the periods presented:

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| | | | |
|:---|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
|<br>(Amounts expressed are per share except for shares which are in millions) | **March 31, 2026** | **March 31, 2025** | **December 31, 2025** |
| Net income (loss) attributable to common shareholders | $0.01 | $(0.17) | $(0.22) |
| &nbsp;&nbsp;&nbsp;Net loss (income) from discontinued operations, net of tax, attributable to common shareholders | $0.01 | $0.01 | $(0.01) |
| Net income (loss) from continuing operations available to common shareholders | $0.02 | $(0.16) | $(0.23) |
| Add (deduct) impact of: |  |  |  |
| &nbsp;&nbsp;&nbsp;(Gain) loss on disposal or impairment of assets | $(0.00) | $0.01 | $0.02 |
| &nbsp;&nbsp;&nbsp;Campaign and political contributions | $0.05 | $0.12 | $0.17 |
| &nbsp;&nbsp;&nbsp;Acquisition, transaction, and other non-recurring costs | $0.04 | $0.02 | $0.02 |
| Adjusted net income (loss) (Non-GAAP) | $0.10 | $(0.02) | $(0.02) |
| Diluted shares outstanding | 197.8 | 191.1 | 191.7 |

---

**Reconciliation of Non-GAAP Free Cash Flow (Unaudited)**

The following table presents a reconciliation of GAAP cash flow from operating activities to non-GAAP free cash flow, for each of the periods presented:

---

| | | | |
|:---|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
| (Amounts expressed in millions of United States dollars) | **March 31, 2026** | **March 31, 2025** | **December 31, 2025** |
| Cash flow from operating activities | $55.7 | $51.1 | $59.2 |
| &nbsp;&nbsp;&nbsp;Capital expenditures | $(13.5) | $(20.8) | $(7.1) |
| Free cash flow (Non-GAAP) | $42.2 | $30.3 | $52.1 |

---

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**Forward-Looking Statements**

This news release includes forward-looking information and statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation (collectively herein referred to as "forward-looking statements"). These forward-looking statements relate to the Company's expectations or forecasts of business, operations, financial performance, cash flows, prospects, and other plans, intentions, expectations, estimates, and beliefs and include statements regarding the Company's 2026 objectives, growth opportunities, and positioning for the future. Words such as "expects", "continue", "will", "anticipates" and "intends" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the Company's current projections and expectations about future events and financial trends that management believes might affect its financial condition, results of operations, business strategy and financial needs, and on certain assumptions and analysis made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors management believes are appropriate. Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein, including, without limitation, the risks discussed under the heading "Risk Factors" in our most recent Annual Report on Form 10-K and in our periodic reports subsequently filed with the United States Securities and Exchange Commission and in the Company's filings on https://www.sedarplus.ca. Although the Company believes that any forward-looking statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such statements, there can be no assurance that any such forward-looking statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking statements. Any forward-looking statements herein are made as of the date hereof and, except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking statements herein, whether as a result of new information, future events or results, or otherwise.

**About Trulieve** 

Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S., with established hubs in the Northeast, Southeast, and Southwest, anchored by cornerstone markets in Arizona, Florida, Ohio, and Pennsylvania. Driven by a core mission to expand access to cannabis, Trulieve serves customers with innovative, high-quality branded products and exceptional experiences. With scaled operations in attractive markets and targeted expansion through its hub strategy, Trulieve is poised for accelerated growth. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. For more information, please visit Trulieve.com.

Facebook: @Trulieve

Instagram: @Trulieve

X: @Trulieve

**Investor and Media Contact** 

Christine Hersey, Chief Corporate Affairs & Strategy Officer

+1 (424) 202-0210

Christine.Hersey@Trulieve.com

## Exhibit 99.2

![](exhibit992tcnnfpresentat001.jpg)

First Quarter 2026 Earnings Presentation May 2026 CSE: TRUL OTCQX: TCNNF

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![](exhibit992tcnnfpresentat002.jpg)

www.trulieve.com 2 Forward-Looking Statements Unless the context otherwise requires, the terms "Company," "Trulieve," "we," "us" and "our" in this presentation refer to Trulieve Cannabis Corp. and its subsidiaries. This presentation includes forward-looking information and statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation (collectively herein referred to as "forward-looking statements"). These forward-looking statements relate to the Company's expectations or forecasts of business, operations, financial performance, cash flows, prospects, and other plans, intentions, expectations, estimates, and beliefs and include statements regarding the Company's 2026 objectives, growth opportunities, and positioning for the future. Words such as "expects", "continue", "will", "anticipates" and "intends" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the Company's current projections and expectations about future events and financial trends that management believes might affect its financial condition, results of operations, business strategy and financial needs, and on certain assumptions and analysis made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors management believes are appropriate. Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein, including, without limitation, the risks discussed under the heading "Risk Factors" in our most recent Annual Report on Form 10-K and in our periodic reports subsequently filed with the United States Securities and Exchange Commission and in the Company's filings on https://www.sedarplus.ca/landingpage/. Although the Company believes that any forward-looking statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such statements, there can be no assurance that any such forward-looking statements will prove to be accurate, and accordingly, readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward- looking statements. Any forward-looking statements herein are made as of the date hereof and, except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking statements herein, whether as a result of new information, future events or results, or otherwise. PLEASE NOTE: MARIJUANA IS ILLEGAL UNDER U.S. FEDERAL LAW, INCLUDING ITS CONSUMPTION, POSSESSION, CULTIVATION, DISTRIBUTION, MANUFACTURING, DISPENSING, AND POSSESSION WITH INTENT TO DISTRIBUTE. Forward-looking statements made in this document are made only as of the date of their initial publication, and the Company undertakes no obligation to publicly update any of these forward-looking statements as actual events unfold.

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![](exhibit992tcnnfpresentat003.jpg)

www.trulieve.com 3 Management's Use of Non-GAAP Financial Measures In addition to our results determined in accordance with GAAP, we supplement our results with non-GAAP financial measures, including adjusted SG&A, adjusted SG&A as % revenue, adjusted net income (loss), adjusted net income (loss) per diluted share, EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, and free cash flow. The Company calculates adjusted SG&A as SG&A less extraordinary expenses; adjusted SG&A margin as % of revenue; adjusted net income (loss) as net income (loss) less certain extraordinary items; adjusted net income (loss) per diluted share as adjusted net income (loss) divided by basic and diluted shares outstanding; EBITDA as net income (loss) before net interest expense, interest income, income tax expense, depreciation and amortization; EBITDA margin as EBITDA as % of revenue; adjusted EBITDA as net income (loss) before net interest expense, interest income, income tax expense, depreciation and amortization and also excludes certain extraordinary items; adjusted EBITDA margin as adjusted EBITDA as % of revenue; free cash flow as cash flow from operations less capital expenditures. Our management uses these non-GAAP financial measures in conjunction with GAAP financial measures to evaluate our operating results and financial performance. We believe these measures are useful to investors as they are widely used measures of performance and can facilitate comparison to other companies. These non-GAAP financial measures are not and should not be considered as measures of liquidity. These non-GAAP financial measures have limitations as analytical tools in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. Because of these limitations, these non-GAAP financial measures should be considered along with GAAP financial performance measures. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measures to such GAAP measures can be found at the end of this presentation on the slides captioned "Reconciliation of Non-GAAP Financial Measures". These non-GAAP financial measures should be considered supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP.

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![](exhibit992tcnnfpresentat004.jpg)

www.trulieve.com 4 Agenda • First Quarter 2026 Financial and Operational Highlights • Revenue Highlights • Recent Developments • 2026 Focus Areas • Financial Targets • Financial Highlights • Tax Position • Reconciliation of Non-GAAP Financial Measures • Brands

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![](exhibit992tcnnfpresentat005.jpg)

www.trulieve.com 5 First Quarter 2026 Financial and Operational Highlights\* • Revenue $287 million, with 92% of revenue from retail sales • GAAP gross profit of $170 million and 59% gross margin • Net income attributable to common shareholders of $2 million • Adjusted net income of $20 million excludes non-recurring charges, asset impairments, disposals and discontinued operations • Adjusted EBITDA of $100 million, or 35% of revenue • Cash flow from operations of $56 million and free cash flow of $42 million • Closed $60 million private placement of senior secured notes due 2030 at 10.5% interest rate • Grew rewards program members to 1 million members as of March 31, 2026 • Opened three new dispensaries in DeLand, Fort Myers, and Lake Wales, Florida \* Adjusted net income, adjusted EBITDA and free cash flow are non-GAAP financial measures. See slides 13-15 for reconciliation to GAAP for all non-GAAP financial measures. Numbers may not sum perfectly due to rounding.

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![](exhibit992tcnnfpresentat006.jpg)

www.trulieve.com 6 Revenue Highlights • Retail revenue $265 million • Traffic and units sold were comparable to last year • Sold over 12 million branded products • Modern Flower and Roll One accounted for 45% • Customer retention 69% companywide and 78% medical only in the first quarter • Grew rewards program to 1 million members as of March 31, 2026 • Exited quarter with 30% of retail locations outside of the state of Florida and 86% of dispensaries serving only medical patients

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![](exhibit992tcnnfpresentat007.jpg)

www.trulieve.com 7 Recent Developments • The Trump Administration reclassified medical marijuana to Schedule III under the Controlled Substances Act and Attorney General Blanche announced an expedited process to review the classification of marijuana more broadly with a hearing beginning on June 29, 2026 • Filed applications to register state licensed medical marijuana operations including 206 retail locations with the Drug Enforcement Agency • Opened four dispensaries in Belleview, Boca Raton, Lutz, and Tallahassee, Florida • Currently operate 240 retail dispensaries and over 4 million square feet of cultivation and processing capacity in the United States

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![](exhibit992tcnnfpresentat008.jpg)

www.trulieve.com 8 2026 Focus Areas Expand Access to Cannabis • Support federal reform including Rescheduling, SAFER Banking, and uplisting • Support state expansion including Florida, Georgia, Pennsylvania, and Texas Grow Loyal Customer Base • Attract and Retain Customers • Deliver Exceptional Customer Experiences • Build and Reinforce Brand Loyalty Elevate Branded Product Portfolio • Manage Portfolio of Internal and Partner Brands • Launch New and Innovative Products Invest in Growth Initiatives • Expand Retail, Production, and Distribution Network • Invest in Technology and Infrastructure

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![](exhibit992tcnnfpresentat009.jpg)

www.trulieve.com 9 Financial Targets Financial Targets: • Anticipate second quarter revenue will be up low single-digits compared to the first quarter • 2026 cash flow from operations of at least $250 million expected • 2026 capital expenditures up to $85 million expected Financial Position as of March 31, 2026: • $353 million in cash • $290 million of debt at 9.6% interest

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![](exhibit992tcnnfpresentat010.jpg)

www.trulieve.com 10 Financial Highlights\* \*Adjusted SG&A, adjusted SG&A as % revenue, adjusted net income (loss), adjusted net income (loss) per diluted share, adjusted EBITDA, and adjusted EBITDA margin are Non-GAAP financial measures. See slides 13-15 for reconciliation to GAAP for all non-GAAP financial measures. \*\*Includes discontinued operations. INCOME STATEMENT HIGHLIGHTS (USD millions, except per share data) Q1:26 Q4:25 Q3:25 Q2:25 Q1:25 Q4.24 Q3:24 Q2:24 Q1:24 2025 2024 2023 Revenue 286.8 293.1 288.2 302.1 297.8 301.1 284.3 303.4 297.6 1,181.2 1,186.5 1,129.2 Gross profit 170.1 175.2 169.9 182.9 183.2 187.0 173.3 181.6 173.8 711.2 715.7 588.6 Gross margin 59.3 % 59.8 % 58.9 % 60.6 % 61.5 % 62.1 % 61.0 % 59.9 % 58.4 % 60.2 % 60.3 % 52.1 % SG&A 104.9 126.3 99.0 101.1 118.8 157.9 148.6 102.6 101.3 445.2 510.5 386.2 SG&A as % revenue 36.6 % 43.1 % 34.4 % 33.5 % 39.9 % 52.4 % 52.3 % 33.8 % 34.0 % 37.7 % 43.0 % 34.2 % Adjusted SG&A 87.8 88.6 86.9 91.2 91.4 93.3 96.1 93.0 86.6 358.1 368.9 336.1 Adjusted SG&A as % revenue 30.6 % 30.2 % 30.2 % 30.2 % 30.7 % 31.0 % 33.8 % 30.6 % 29.1 % 30.3 % 31.1 % 29.8 % Depreciation and amortization 29.7 29.4 29.5 29.4 29.3 28.6 28.3 28.1 27.8 117.6 112.8 109.8 Net income (loss)\*\* 2.4 (42.9) (26.8) (13.8) (32.9) (59.8) (60.2) (12.0) (23.1) (116.4) (155.1) (526.8) Net income (loss) continuing operations 3.4 (44.9) (23.7) (15.8) (32.1) (60.5) (60.2) (10.7) (23.5) (116.6) (154.9) (435.9) Adjusted net income (loss) 20.2 (3.1) (12.5) (7.7) (3.4) 2.9 (11.9) 0.2 (10.2) (26.7) (19.0) (69.8) Net income (loss) per diluted share\*\* 0.01 (0.22) (0.14) (0.07) (0.17) (0.27) (0.33) (0.05) (0.17) (0.61) (0.82) (2.79) Net income (loss) continuing operations per diluted share\*\* 0.02 (0.23) (0.11) (0.07) (0.16) (0.26) (0.32) (0.04) (0.16) (0.58) (0.79) (2.28) Adjusted net income (loss) per diluted share\*\* 0.10 (0.02) (0.07) (0.04) (0.02) 0.02 (0.06) 0.00 (0.05) (0.14) (0.10) (0.37) Adjusted EBITDA 100.4 104.8 102.7 110.6 109.2 111.4 96.1 107.0 105.8 427.3 420.2 322.3 Adjusted EBITDA Margin 35.0 % 35.8 % 35.6 % 36.6 % 36.7 % 37.0 % 33.8 % 35.2 % 35.5 % 36.2 % 35.4 % 28.5 %

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![](exhibit992tcnnfpresentat011.jpg)

www.trulieve.com 11 Financial Highlights SHARE COUNT ESTIMATE (millions as of March 31, 2026 on as if converted basis) Subordinate Voting Shares 169.1 Multiple Voting Shares\* 0.2 Total Shares Outstanding 192.3 \*converted at 100 subordinate shares per 1 multiple voting share Employee Stock Options/RSUs 3.9 excludes 5.4 million unexercisable options excludes 8.2 million nonvested RSUs excludes 0.4 million nonvested PSUs Pro Forma Estimated Shares 196.2

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![](exhibit992tcnnfpresentat012.jpg)

www.trulieve.com 12 Tax Position • First quarter income tax expense includes ordinary tax expense and interest on the uncertain tax position but does not include 280E tax liability • In Q4 2023, Trulieve filed amended federal tax returns for 2019, 2020, and 2021 claiming $143 million of refunds and corresponding amended state returns claiming $31 million of refunds • Amended returns were supported by legal interpretations that challenge the tax liability under Section 280E of the Internal Revenue Code • While challenge is ongoing, taxes are swept into an uncertain tax position • Balance sheet includes $114 million from amended return refund checks received, the amount of tax underpaid if 280E applied, and interest accrued • Balance sheet uncertain tax position liability was $696 million at March 31, 2026, with $656 million related to this tax challenge • Trulieve continues to make tax payments as a customary U.S. taxpayer without tax payments associated with 280E of the tax code until final resolution is reached • Tax payments on deposit from 2022 and 2023 were $83 million at March 31, 2026

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![](exhibit992tcnnfpresentat013.jpg)

www.trulieve.com 13 Reconciliation of Non-GAAP Financial Measures EBITDA and Adjusted EBITDA Net income (loss) attributable to common shareholders $2.4 $(32.9) $(42.9) Add (deduct) impact of: Interest expense, net $13.3 $16.3 $14.7 Interest income $(2.7) $(3.1) $(3.4) Provision for income taxes $21.9 $52.5 $47.9 Depreciation and amortization $29.7 $29.3 $29.4 Depreciation included in cost of goods sold $14.0 $13.9 $14.2 EBITDA (Non-GAAP) $78.6 $76.0 $59.9 EBITDA Margin (Non-GAAP) 27 % 26 % 20 % (Gain) loss on disposal or impairment of assets $(0.3) $1.8 $4.1 Campaign and political contributions $9.5 $23.0 $32.4 Acquisition, transaction, and other non-recurring costs $7.4 $3.1 $4.7 Share-based compensation $4.1 $3.9 $4.0 Loss on debt extinguishments, net $— $— $1.7 Other income, net $(0.1) $(0.2) $(0.6) Discontinued operations, net of tax, attributable to common shareholders $1.1 $1.6 $(1.4) Adjusted EBITDA (Non-GAAP) $100.4 $109.2 $104.8 Adjusted EBITDA Margin (Non-GAAP) 35 % 37 % 36 % (Amounts expressed in millions of United States dollars; unaudited) March 31, 2026 March 31, 2025 December 31, 2025 For the Three Months Ended

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![](exhibit992tcnnfpresentat014.jpg)

www.trulieve.com 14 Reconciliation of Non-GAAP Financial Measures Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Diluted Share Net income (loss) attributable to common shareholders $2.4 $(32.9) $(42.9) Net loss (income) from discontinued operations, net of tax, attributable to common shareholders $1.1 $1.6 $(1.4) Net income (loss) from continuing operations available to common shareholders $3.5 $(31.2) $(44.3) Add (deduct) impact of: (Gain) loss on disposal or impairment of assets $(0.3) $1.8 $4.1 Campaign and political contributions $9.5 $23.0 $32.4 Acquisition, transaction, and other non-recurring costs $7.4 $3.1 $4.7 Adjusted net income (loss) (Non-GAAP) $20.2 $(3.4) $(3.1) Net income (loss) attributable to common shareholders $0.01 $(0.17) $(0.22) Net loss (income) from discontinued operations, net of tax, attributable to common shareholders $0.01 $0.01 $(0.01) Net income (loss) from continuing operations available to common shareholders $0.02 $(0.16) $(0.23) Add (deduct) impact of: (Gain) loss on disposal or impairment of assets $(0.00) $0.01 $0.02 Campaign and political contributions $0.05 $0.12 $0.17 Acquisition, transaction, and other non-recurring costs $0.04 $0.02 $0.02 Adjusted net income (loss) per diluted share (Non-GAAP) $0.10 $(0.02) $(0.02) Diluted shares outstanding 197.8 191.1 191.7 (Amounts expressed are per share except for shares which are in millions; unaudited) March 31, 2026 December 31, 2025 For the Three Months Ended March 31, 2025 (Amounts expressed in millions of United States dollars; unaudited) March 31, 2026 March 31, 2025 December 31, 2025 For the Three Months Ended

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![](exhibit992tcnnfpresentat015.jpg)

www.trulieve.com 15 Reconciliation of Non-GAAP Financial Measures Free Cash Flow and Adjusted SG&A Cash flow from operating activities $55.7 $51.1 $59.2 Capital expenditures $(13.5) $(20.8) $(7.1) Free cash flow (Non-GAAP) $42.2 $30.3 $52.1 SG&A $104.9 $118.8 $126.3 Acquisition, transaction, and other non-recurring costs $(17.1) $(27.4) $(37.7) Adjusted SG&A (Non-GAAP) $87.8 $91.4 $88.6 (Amounts expressed in millions of United States dollars; unaudited) (Amounts expressed in millions of United States dollars; unaudited) For the Three Months Ended March 31, 2025 December 31, 2025 March 31, 2026 December 31, 2025 For the Three Months Ended March 31, 2025 March 31, 2026

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![](exhibit992tcnnfpresentat016.jpg)

www.trulieve.com 16 Brands Trulieve Brands V A LU E M ID P R EM IU M Partner Brands

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![](exhibit992tcnnfpresentat017.jpg)

THANK YOU @Trulieve/@Trulieve_IR ir@trulieve.com CSE: TRUL OTCQX: TCNNF

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