TCNNF

Historic Regulatory and Listing Milestones

• Trulieve became the first U.S. cannabis company to list medical-only operations on the New York Stock Exchange (NYSE) on June 10, 2026, following federal rescheduling of state-licensed medical marijuana to Schedule 3.
• The 280e punitive federal tax no longer applies to state-licensed medical marijuana operations starting in 2026, immediately boosting net income and cash flow.
• Trulieve registered all medical-only facilities with the DEA per the grandfathering requirement, and 100% of dispensary inspections in Florida, Pennsylvania, and West Virginia are complete, with approvals expected soon.
• Non-deal roadshows have been held with new institutional investors across North America, and a NYSE closing bell ceremony is scheduled for August 18, 2026.

Core Operational Performance

• In medical-only markets, customer traffic increased 6% sequentially, units sold increased 8%, with a slight sequential decline in average basket size, showing strong underlying product demand.
• In Florida, Trulieve sold 56% more flower per store than the state average across 169 locations, and 2x more oil than the next closest competitor; customer retention held steady at 78%.
• The Trulieve rewards program surpassed 1.1 million members, who spend 2.2x more on average than non-members and accounted for 80% of Q2 transactions. The Florida mobile app launched last year has over 200,000 downloads and drives 30% of online orders, with app launches planned for Georgia in late 2026 and additional markets in 2027.
• Branded products made up almost 14 million units sold in Q2, with Modern Flower and Roll1 accounting for nearly half of all branded units; Roll1 all-in-one products saw 35% unit growth.

Key Near-Term Growth Initiatives

• Georgia Expansion: Program expansions that removed the THC cap, added new qualifying conditions, and allowed new product formats went into effect July 1, 2026. Trulieve has 6 open dispensaries (7th opening fall 2026, 8th eligible early 2027 after patient growth crossed the 45,000 patient threshold, up 38% year-to-date). 8,253 new patients were added just between July 1 and the call date. Trulieve is already shipping product to ~20 independent pharmacies, with over 125 additional pharmacies expressing interest, and is exploring hybrid in-store/wholesale/acquisition models for additional market access.
• Texas Expansion: Trulieve holds a conditional license for the revamped Texas medical cannabis program, which has expanded qualifying conditions, telehealth access, and allowed new product formats. Initial cultivation construction is complete, and the company is waiting on final license approval and inspection. The current program has ~157,000 patients, with long-term headroom to grow to ~1.3 million patients (matching Florida's 4% population penetration rate).
• Hemp Market Conversion: A federal ban on intoxicating hemp products is pushing consumers from unregulated hemp stores to licensed medical cannabis, creating a significant organic growth tailwind across core markets.
• Internal Investments: Year-to-date 2026, Trulieve has opened 8 new Florida dispensaries and remodeled 24 locations across markets. Project Hyper, a generative AI-enabled customer personalization and digital commerce initiative, is on track for completion by March 2027, with efficiency benefits expected by end-2026.

• Q3 2026 revenue for medical-only operations is expected to be flat sequentially compared to Q2 2026's $222 million, with growth in Georgia and Pennsylvania offsetting typical seasonal summer pressure in Florida. Growth is expected to accelerate in Q4 2026.
• Q3 2026 gross margin for medical-only operations is expected to remain comparable to Q2's 63%.
• Full-year 2026 operating cash flow guidance was revised downward to at least $225 million from the prior $250 million, to reflect the impact of the Harvest deconsolidation and increased investments in high-growth markets.
• Full-year 2026 capital expenditure guidance was revised upward to $95 million from the prior $85 million, driven by accelerated investments in Georgia and Texas expansion.

Trulieve completed a deconsolidation of mixed-use Harvest operations on June 3, 2026, with only medical-only operations retained on the company balance sheet following the transaction, and Trulieve retaining a 90% economic interest in Harvest reported as an equity investment. For the full combined segment (through June 3): total Q2 2026 revenue was $271 million, gross profit was $162 million (60% gross margin), SG&A was $102 million (38% of revenue), adjusted EBITDA was $98 million (36% margin), and operating cash flow was $53 million. For the medical-only segment: Q2 2026 revenue was $222 million (up 4% sequentially), gross profit was $140 million (63% gross margin). The Harvest equity investment segment saw Q2 2026 revenue growth and margin expansion compared to Q1 2026, driven primarily by growth in Ohio.

• The Georgia medical cannabis market currently faces temporary flower supply shortages as cultivation capacity ramps up, with product expected back in stock within a few weeks.
• Trulieve's Texas expansion remains contingent on converting its conditional license to a final license, which is subject to regulatory review and approval timelines outside the company's control.
• Many large institutional investors and financial service providers still have legacy internal cannabis prohibitions that require internal policy changes to allow investment or banking services, a process that will take additional time.
• Patient growth and revenue ramp in new markets like Georgia and Texas depend on continued regulatory cooperation and program expansion, which is uncertain.
• M&A opportunities are dependent on market conditions and target compliance with NYSE listing requirements, and there is no guarantee attractive targets will become available or meet Trulieve's investment criteria.

Q: What will Trulieve's long-term presence in Georgia look like across retail and pharmacy channels? / A: Trulieve will add retail dispensaries as patient growth crosses program-mandated thresholds (one new dispensary per 10,000 additional patients, with an 8th dispensary already eligible after crossing 45,000 total patients). The company already has 20 active pharmacy partners and is pursuing additional wholesale relationships with independent pharmacies, and is also exploring hybrid models including store-within-a-store joint ventures and pharmacy acquisitions, creating optionality across multiple market access routes. Patient enrollment has already jumped 24% (adding 8,253 new patients) just since the July 1 program expansion, confirming strong underlying demand.

Q: What is the size of the conversion opportunity from the unregulated hemp market to Trulieve's licensed medical cannabis? / A: Trulieve estimates Florida's unregulated hemp market is $4 billion, twice the size of the state's $2 billion licensed medical market, with roughly 7,000 unregulated smoke/hemps stores compared to just over 700 licensed dispensaries. Texas' hemp market is estimated at $6 billion, and there is also significant opportunity in Pennsylvania. Trulieve has already seen increased demand in Harvest's Ohio operations following the hemp ban, and expects similar tailwinds across its core markets.

Q: How has NYSE uplisting changed Trulieve's conversations with investors and financial service providers? / A: Uplisting has opened conversations with two key groups of new investors: long-only funds that previously avoided the cannabis space entirely, and former early cannabis investors looking to re-enter the market after the recent regulatory changes. Many large banks and financial institutions are still updating internal policies to allow cannabis investment and services, but formal reviews have started, and updated FinCEN guidance expected soon will unlock many of these opportunities. Trulieve already meets all requirements for major index inclusion following U.S. re-domestication, and is waiting for the next eligible reference dates for inclusion, which is expected to come within the next 12 months.

Q: What is driving the $10 million increase in 2026 CapEx guidance, and how is Trulieve approaching M&A? / A: The CapEx increase is primarily driven by accelerated investments in Georgia and Texas expansion, plus ongoing new store openings and remodels in core Florida markets. Trulieve is actively evaluating M&A opportunities, ranging from small tuck-ins to large multi-state operators. Management expects more attractive opportunities to arise as broader rescheduling proceeds, as smaller and distressed public operators will be unable to meet NYSE listing requirements, creating potential acquisition targets that meet Trulieve's strict criteria for price, strategic fit, and asset quality.