$TRLV (Trulieve Cannabis Corp.) has quietly outperformed much of the market in 2026, gaining about 27% year-to-date through mid-September, well ahead of the S&P 500’s roughly 12% rise. This impressive performance follows a significant transformation after the federal government rescheduled state-licensed medical marijuana to Schedule III, easing restrictions and enabling Trulieve to focus its operations solely on medical cannabis. This shift paved the way for Trulieve’s June debut on the New York Stock Exchange, broadening its investor appeal and improving liquidity.
Financially, Trulieve reported solid second-quarter results with $271 million in revenue and a strong 60% gross margin. Adjusted EBITDA reached $98 million, representing 36% of revenue, while free cash flow hit $32 million despite a net loss largely tied to a one-time accounting impact from the Harvest deconsolidation. The company ended June with a robust $325 million in cash, underscoring its healthy balance sheet. Sequentially, medical-only revenue rose 4% to $222 million, driven by expanding operations in key states like Georgia—where dispensary traffic tripled following regulatory reforms—and Texas, where Trulieve is actively building production and retail capacity across all regions.
Trulieve’s leadership highlights that the NYSE listing, U.S. re-domiciliation, and removal of burdensome tax treatment for medical marijuana operators could lower the company’s cost of capital over time. The company also announced participation in several investor conferences this September, signaling ongoing engagement with the financial community as it pursues growth. While regulatory risks remain, Trulieve’s ability to generate consistent cash flow and maintain a strong cash position sets it apart from many peers in the cannabis sector, positioning it well for the evolving U.S. medical cannabis market.
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Stocks that consistently generate free cash flow tend to be more resilient during market downturns, as they have the financial flexibility to invest in growth and weather economic challenges.
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