Trulieve Cannabis Corp. · OTC:TCNNF
Trulieve Cannabis — Q3 2026 Earnings Presentation
37 slides from Trulieve Cannabis's earnings presentation, Nov 5, 2026
Slide 1: Third Quarter 2026 Earnings Presentation
Third Quarter 2026 Earnings Presentation November 2026 NYSE: TRLV
Slide 2: Forward-Looking Statements
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 mean
Slide 3: Management's Use of Non-GAAP Financial Measures
www.trulieve.com 3 Management’s Use of Non-GAAP Financial Measures Our management uses financial measures that are not in accordance with GAAP, in addition to financial measures in accordance with GAAP to evaluate our operating results. These non-GAAP financial measures should be considered suppleme
Slide 4: Overview
www.trulieve.com 4 Overview • Third Quarter Highlights • Financial and Operational Highlights • Recent Developments • 2026 Focus Areas • Catalysts • Financial Highlights • Medical Marijuana Markets • Appendix
Slide 5: I. Third Quarter Highlights
: Trulieve J I. Third Quarter Highlights
Slide 6: Third Quarter 2026 Financial and Operational Highlights
www.trulieve.com 6 Third Quarter 2026 Financial and Operational Highlights* • Revenue of $230 million, with 95% of revenue from retail sales • Gross profit of $148 million and 64% gross margin • Net income attributable to common shareholders of $1 million • Adjusted net income of $18 million exclude
Slide 7: Revenue Highlights
www.trulieve.com 7 Revenue Highlights • Reported retail revenue of $219 million • Traffic up 3% and units sold up 6% compared to last year • Sold over 10 million branded products through branded retail • Modern Flower and Roll One accounted for over half of units sold • Grew rewards program to more
Slide 8: Recent Developments
www.trulieve.com 8 Recent Developments • 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 • Repaid $65 million mortgag
Slide 9: 2026 Focus Areas
www.trulieve.com 9 2026 Focus Areas Expand Access to Cannabis • Support federal reform including broader cannabis rescheduling, SAFE Banking • Support state expansion including Florida, Georgia, Pennsylvania, and Texas Invest in Growth Initiatives • Expand Production Capacity and Retail Network in G
Slide 10: Catalysts
www.trulieve.com 10 Catalysts Listing on major U.S. exchange • Listed subordinate voting shares on NYSE June 10, 2026 under ticker TRLV • Added to S&P Total Market Index (TMI), S&P Completion Index (CI) and Morningstar Total Market Index Georgia market expansion and pharmacy distribution • Medical c
Slide 11: II. Financial Highlights
“=: Trulieve II. Financial Highlights
Slide 12: Financial Targets
www.trulieve.com 12 Financial Targets Financial Targets: • Anticipate fourth quarter revenue will be up low single-digits compared to the third quarter • Anticipate fourth quarter net loss due to purchase accounting adjustments for the Harvest deconsolidation • 2026 cash flow from operations of at l
Slide 13: Reported Financial Highlights
www.trulieve.com 13 Reported Financial Highlights* *Q2:26 reported results reflect the deconsolidation of Harvest mixed medical and adult use operations on June 3, 2026. *Adjusted SG&A, adjusted SG&A as % revenue, adjusted net income (loss), adjusted net income (loss) per diluted share, adjusted EBI
Slide 14: Pro Forma Financial Highlights
www.trulieve.com 14 Pro Forma Financial Highlights* *Q2:26 reported results reflect the deconsolidation of Harvest mixed medical and adult use operations on June 3, 2026. Numbers may not sum perfectly due to rounding. PRO FORMA FINANCIAL HIGHLIGHTS (USD millions) Q1:26 Q2:26 Q3:26 Revenue Reported T
Slide 15: Tax Position
www.trulieve.com 15 Tax Position • Rescheduling of state licensed medical marijuana removed the 280E punitive tax burden on medical operations; tax burden disallows ordinary business deductions • Third quarter income tax expense included $9 million ordinary tax expense and $18 million interest on th
Slide 16: Reconciliation of Non-GAAP Financial Measures: EBITDA and Adjusted EBITDA
www.trulieve.com 16 Reconciliation of Non-GAAP Financial Measures EBITDA and Adjusted EBITDA (Amounts expressed in millions of United States dollars; unaudited) For the Three Months Ended For the Nine Months Ended September 30, 2026 September 30, 2025 June 30, 2026 September 30, 2026 September 30, 2
Slide 17: Reconciliation of Non-GAAP Financial Measures: Adjusted Net Income (Loss)
www.trulieve.com 17 Reconciliation of Non-GAAP Financial Measures Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Diluted Share (Amounts expressed in millions of United States dollars; unaudited) For the Three Months Ended For the Nine Months Ended September 30, 2026 September 30, 2025
Slide 18: Reconciliation of Non-GAAP Financial Measures: Free Cash Flow and Adjusted SG&A
www.trulieve.com 18 Reconciliation of Non-GAAP Financial Measures Free Cash Flow and Adjusted SG&A (Amounts expressed in millions of United States dollars; unaudited) For the Three Months Ended For the Nine Months Ended September 30, 2026 September 30, 2025 June 30, 2026 September 30, 2026 September
Slide 19: III. Medical Marijuana Markets
III. Medical Marijuana Markets
Slide 20: Florida Medical Marijuana Market
www.trulieve.com 20 Florida Medical Marijuana Market • Population 23 million • 943,844 patients as of October 30, 2026 • Florida is the largest U.S. medical marijuana market • Trulieve has 170 dispensaries, 22% of retail doors, leading retail position by all measures • Trulieve sold 55% more flower
Slide 21: Jefferson County Cultivation Campus Overview
www.trulieve.com 21 Jefferson County Cultivation Campus Overview • Campus has over 1 million ft2 of buildings • Trulieve has over 300 employees at the campus and 13 buildings • This campus is for agriculture only, no processing, no packaging or finished good manufacturing occurs here • The 750K ft2
Slide 22: Georgia Medical Marijuana Market
www.trulieve.com 22 Georgia Medical Marijuana Market • Population 11 million • 62,935 patients (+91% YTD) • Trulieve has one of two Tier 1 licenses • Allows up to 100K ft2 of production canopy versus Tier 2 limit of 50K ft2 • Cultivation campus in Adel • 7 dispensaries open, 2 additional approved •
Slide 23: Pennsylvania Medical Marijuana Market
www.trulieve.com 23 Pennsylvania Medical Marijuana Market • Population 13 million • 438,727 active patients • Trulieve operates 21 dispensaries and 3 production sites • Market has 201 dispensaries and 30 production sites • Wholesale of branded products permitted and Trulieve sold into 90% of dispens
Slide 24: Texas Medical Marijuana Market
www.trulieve.com 24 Texas Medical Marijuana Market • Population 32 million • 174,777 patients (+29% YTD) • Trulieve was awarded a conditional license in December 2025 • Optimistic final license awarded in 2026 • Market will have 15 licensed operators • No restrictions or limit on retail locations on
Slide 25: IV. Appendix
See = Trulieve J IV. Appendix
Slide 26: U.S. Cannabis Industry
www.trulieve.com 26 U.S. Cannabis Industry • The legal U.S. cannabis market is expected to reach $43 billion by 2030 • The U.S. is global launchpad for cannabis culture, product development, and trends • 46 states have some program with CBD, medical marijuana, and/or adult use • 41 states have adopt
Slide 27: Cannabis Legalization by State
www.trulieve.com 27 Cannabis Legalization by State
Slide 28: Trulieve At A Glance
www.trulieve.com 28 Trulieve At A Glance Trulieve is the largest U.S. medical marijuana operator • First Florida licensed operator with initial sales in 2016 • Listed on Canadian Securities Exchange in September 2018 • Listed on New York Stock Exchange June 10, 2026 under ticker “TRLV” Established s
Slide 29: Geographical Presence
www.trulieve.com 29 Geographical Presence Trulieve Operates 208 Dispensaries and 10 Cultivation Facilities Harvest Operates 34 Dispensaries and 5 Cultivation Facilities Trulieve Markets Harvest Markets Arizona 22 Dispensaries 3 Cultivation Facilities Adult-Use and Medical Ohio 8 Dispensaries 1 Culti
Slide 30: Deconsolidation of Harvest Mixed Use Markets
www.trulieve.com 30 Deconsolidation of Harvest Mixed Use Markets • On June 3, 2026, Trulieve completed a corporate restructuring and investment in Harvest by a third party resulting in the deconsolidation of its mixed medical and adult use market operations “Harvest” • The deconsolidation of Harvest
Slide 31: Illustrative Organizational Structure
www.trulieve.com 31 Illustrative Organizational Structure
Slide 32: Listing Following Medical Marijuana Rescheduling
www.trulieve.com 32 Listing Following Medical Marijuana Rescheduling State licensed medical marijuana was rescheduled to a Schedule III drug in April 2026 • Final order by Department of Justice (DOJ) legalized state licensed medical marijuana operators using the treaty authority under the United Nat
Slide 33: www.trulieve.com 33
www.trulieve.com 33
Slide 34: Board of Directors
www.trulieve.com 34 Board of Directors KIM RIVERS, Founder, Chairman, Chief Executive Officer Experienced entrepreneur with successful track record in multiple sectors including cannabis and real estate. Rivers joined Trulieve at its inception and has been the key driver for the Company’s customer-c
Slide 35: Executive Leadership
www.trulieve.com 35 Executive Leadership KIM RIVERS Founder, Chairman, Chief Executive Officer JAN REESE Chief Financial Officer ELIAS AGUILERA Chief Marketing Officer MICHIEL DE ZWAAN Chief Human Resources Officer CHRISTINE HERSEY Chief Corporate Affairs & Strategy Officer NILYUM JHALA Chief Techno
Slide 36: House of Brands
www.trulieve.com 36 House of Brands Trulieve Brands Partner Brands V A LU E M ID P RE M IU M
Slide 37: Thank You
THANK YOU NYSE: TRLV @Trulieve/@Trulieve_IR [email protected]