Trulieve Cannabis Corp. · OTC:TCNNF
Trulieve Cannabis — Q2 2026 Earnings Presentation
37 slides from Trulieve Cannabis's earnings presentation, Aug 7, 2026
Slide 1: Second Quarter 2026 Earnings Presentation
Second Quarter 2026 Earnings Presentation August 2026 NYSE: TRLV
Slide 2: Forward-Looking Statements
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. Pri
Slide 3: Management's Use of Non-GAAP Financial Measures
Management’s Use of Non-GAAP Financial Measures In addition to our results determined in accordance with Generally Accepted Accounting Principles (GAAP), we supplement our results with non-GAAP financial measures, including adjusted Selling, General, and Administrative (SG&A) expense, adjusted SG&A
Slide 4: Overview
Overview • Second Quarter Highlights • Harvest Deconsolidation • NYSE Listing • Financial and Operational Highlights • Recent Developments • 2026 Focus Areas • Catalysts • Financial Highlights • Medical Marijuana Markets • Appendix www.trulieve.com 4
Slide 5: I. Second Quarter Highlights
I. Second Quarter Highlights
Slide 6: Deconsolidation of Harvest Mixed Use Markets
Deconsolidation of Harvest Mixed Use Markets • On June 3, 2026, Trulieve completed a corporate restructuring and investment by a third party resulting in the deconsolidation of its mixed medical and adult use market operations “Harvest” • The deconsolidation of Harvest was completed to facilitate li
Slide 7: Illustrative Organizational Structure
Illustrative Organizational Structure www.trulieve.com 7
Slide 8: Listing Following Medical Marijuana Rescheduling
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 Nations Single Conventi
Slide 9: Second Quarter 2026 Financial and Operational Highlights
Second Quarter 2026 Financial and Operational Highlights* • GAAP revenue of $271 million, with 94% of revenue from retail sales • Medical only revenue $222 million • GAAP gross profit of $162 million and 60% gross margin • Medical only gross margin 63% • Net loss attributable to common shareholders
Slide 10: Revenue Highlights
Revenue Highlights • Reported retail revenue of $255 million • Traffic comparable to last year and units sold up 1% • Medical only traffic up 6% and units up 8% compared to the first quarter • Branded retail network of 240 dispensaries as of June 30, 2026 • Sold over 12.9 million branded products th
Slide 11: Recent Developments
Recent Developments • Obtained shareholder and Board approval for the concurrent domestication of the Company to Delaware and continuance out of British Columbia • Commemorated Georgia medical cannabis program expansion on July 1 with new product launches and onsite activations across our dispensary
Slide 12: 2026 Focus Areas
2026 Focus Areas Expand Access to Cannabis • Support federal reform including rescheduling, SAFE Banking • Support state expansion including Florida, Georgia, Pennsylvania, and Texas Invest in Growth Initiatives • Expand Production Capacity and Retail Network in Georgia • Ramp Production and Retail
Slide 13: Catalysts
Catalysts Listing on major U.S. exchange • Listed subordinate voting shares on NYSE June 10, 2026 under ticker TRLV Georgia market expansion and pharmacy distribution • Medical cannabis program expansion launched on July 1, 2026 • Removal of THC cap, added qualifying conditions, new form factors • D
Slide 14: II. Financial Highlights
ee = Trulieve | II. Financial Highlights
Slide 15: Financial Targets
Financial Targets Financial Targets: • Anticipate third quarter reported revenue will be comparable to Q2 medical revenue of $222 million • 2026 cash flow from operations of at least $225 million expected, reduced from $250 million due to the deconsolidation transaction • 2026 capital expenditures u
Slide 16: Reported Financial Highlights
Reported Financial Highlights* INCOME STATEMENT HIGHLIGHTS (USD millions, except per share data) Q2:26 Q1:26 Q4:25 Q3:25 Q2:25 Q1:25 2025 2024 Revenue 271.0 286.8 293.1 288.2 302.1 297.8 1,181.2 1,186.5 Gross profit 162.3 170.1 175.2 169.9 182.9 183.2 711.2 715.7 Gross margin 59.9 % 59.3 % 59.8 % 58
Slide 17: Pro Forma Financial Highlights
Pro Forma Financial Highlights* PRO FORMA FINANCIAL HIGHLIGHTS SHARE COUNT ESTIMATE (USD millions) Q1:26 Q2:26 (millions as of June 30, 2026 on as if converted basis) Revenue Subordinate Voting Shares 170.0 Multiple Voting Shares* 0.2 Reported TRLV 286.8 271.0 Total Shares Outstanding 192.4 Medical
Slide 18: Tax Position
Tax Position • Rescheduling of state licensed medical marijuana removed the 280E punitive tax burden on medical operations; tax burden disallows ordinary business deductions • Second quarter income tax expense included $13 million ordinary tax expense and $20 million interest on the uncertain tax po
Slide 19: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures EBITDA and Adjusted EBITDA For the Three Months Ended For the Six Months Ended June 30, June 30, March 31, June 30, June 30, (Amounts expressed in millions of United States dollars; unaudited) 2026 2025 2026 2026 2025 Net (loss) income attributable to co
Slide 20: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Diluted Share For the Three Months Ended For the Six Months Ended June 30, June 30, March 31, June 30, June 30, (Amounts expressed in millions of United States dollars; unaudited) 2026 2025 20
Slide 21: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Diluted Share For the Three Months Ended For the Six Months Ended June 30, June 30, March 31, June 30, June 30, (Amounts expressed in millions of United States dollars; unaudited) 2026 2025 20
Slide 22: III. Medical Marijuana Markets
III. Medical Marijuana Markets
Slide 23: Florida Medical Marijuana Market
Florida Medical Marijuana Market • Population 23 million • 938,980 patients as of July 31, 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 56% more flower per store and 20% more
Slide 24: Jefferson County Cultivation Campus Overview
Jefferson County Cultivation Campus Overview • Campus has over 1 million ft2 of buildings • Trulieve has over 270 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 building is a one-of
Slide 25: Georgia Medical Marijuana Market
Georgia Medical Marijuana Market • Population 11 million • 45,356 patients (+38% 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 • 6 dispensaries, plan to open 7th in Dunwoody • Only 6 licensed op
Slide 26: Pennsylvania Medical Marijuana Market
Pennsylvania Medical Marijuana Market • Population 13 million • 438,727 active patients • Trulieve operates 21 dispensaries and 3 production sites • Market has 197 dispensaries and 30 production sites • Wholesale of branded products permitted and Trulieve sold into 85% of dispensaries in PA in Q2:26
Slide 27: Texas Medical Marijuana Market
Texas Medical Marijuana Market • Population 32 million • 157,586 patients (+16% 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 once Trulieve has a st
Slide 28: IV. Appendix
sie ait = Trulieve | IV. Appendix
Slide 29: U.S. Cannabis Industry
U.S. Cannabis Industry U.S. Legal Cannabis Sales Forecast • The legal U.S. cannabis market is (USD Billions) expected to reach $43 billion by 2030 $50 $45 $43 • The U.S. is global launchpad for $40 $39 $36 cannabis culture, product $35 $34 $32 $30 $30 development, and trends $30 $29 $25 Billions $25
Slide 30: Cannabis Legalization by State
Cannabis Legalization by State WA ME NH MT ND VT OR MN ID SD WI NY MA WY MI RI CT IA PA NE NJ NV OH DE UT IL IN WV MD CO VA KS MO DC CA KY NC TN AZ OK NM AR SC AL GA MS Regulated market TX Adult-Use AK LA Medical-Use AK CBD Only FL HI www.trulieve.com 30
Slide 31: Trulieve At A Glance
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 scaled operations in
Slide 32: Geographical Presence
Geographical Presence Trulieve Operates 207 Dispensaries and 10 Cultivation Facilities Harvest Operates 34 Dispensaries and 5 Cultivation Facilities Trulieve Markets Ohio Harvest Markets ▪ 8 Dispensaries ▪ 1 Cultivation Facility ▪ Adult-Use and Medical Arizona ▪ 22 Dispensaries ▪ 3 Cultivation Facil
Slide 33: Leadership
• Leadership www.trulieve.com 33
Slide 34: Board of Directors
Board of Directors KIM RIVERS, Founder, Chairman, Chief Executive Officer THOMAS MILLNER, Director Experienced entrepreneur with successful track record in multiple sectors Executive with strong combination of leadership, merchandising and including cannabis and real estate. Rivers joined Trulieve a
Slide 35: Executive Leadership
Executive Leadership KIM RIVERS JAN REESE ELIAS AGUILERA MICHIEL DE ZWAAN Founder, Chairman, Chief Financial Officer Chief Marketing Officer Chief Human Resources Chief Executive Officer Officer CHRISTINE HERSEY NILYUM JHALA KYLE LANDRUM TIM MOREY ERIC POWERS Chief Corporate Affairs & Chief Technolo
Slide 36: House of Brands
House of Brands PREMIUM MID VALUE Trulieve Brands Partner Brands www.trulieve.com 36
Slide 37: THANK YOU
THANK YOU NYSE: TRLV @Trulieve/@Trulieve_IR ir@trulieve.com