Trulieve is the Tallahassee operator that built Florida's medical cannabis market into a chain of 170 stores in that state alone as of June 30, 2026. Kim Rivers is founder and chief executive. The company opened its first store in 2016, and the public entity took the Trulieve name on September 19, 2018.
The shape of the business changed in June 2026. Trulieve now reports 207 retail dispensaries across Florida, Georgia, Pennsylvania and West Virginia as of June 30, 2026, and its shares trade on the New York Stock Exchange under TRLV.
How the June 2026 restructuring split the company in two
On June 3, 2026, Trulieve completed a corporate restructuring and an investment by a third party that deconsolidated its Harvest operations. The adult-use side of the business moved into a separate entity, mg Magazine reported, while the medical dispensaries and production sites stayed consolidated.
The split is economic, not cosmetic. Trulieve holds a 90% economic interest in Harvest through non-voting, non-participating units, while an independent outside investor holds operational control. Harvest carries 34 dispensaries in Arizona, Connecticut, Maryland and Ohio, plus 0.5 million square feet of production capacity.
What stayed inside Trulieve is the medical footprint: 3.5 million square feet of production capacity registered with the DEA, and conditional licenses in Alabama and Texas. An April 2026 federal order moved qualifying state-licensed medical cannabis products to Schedule III, mg Magazine reported, and exchange policy still bars a listed company from consolidating non-medical cannabis operations.
Florida is the engine
Florida carries the company. The 2025 annual report counted 233 dispensaries at year end. Florida held 162 of them, Arizona 22, Pennsylvania 21 and West Virginia 10. Ohio had eight, Georgia six, Maryland three and Connecticut one. Cultivation includes a 750,000-square-foot automated indoor facility in the state.
Trulieve put its Florida share at 35% of flower sales and 26% of oil sales for the second quarter of 2026. It kept opening stores through the year. The 2026 announcements covered DeLand on March 13, Lutz on April 10 and Boca Raton on April 13. Tallahassee followed on April 17, Belleview on May 5 and Marco Island on July 16.
The Flowery and AYR Wellness compete for the same Florida shelf space, both selling into the state program Trulieve helped build out.
Georgia switched on flower sales in July 2026
Georgia is the growth story. Senate Bill 220, signed May 12, 2026, added flower and vaporization products for adults 21 and over. Trulieve made the state's first such sale on July 1, 2026 at its Marietta store, and it operates six Georgia dispensaries.
The launch lineup ran across formats: the Roll One Clutch all-in-one vape, Modern Flower whole flower, Trulieve RSO troches and a Momenta topical cream. The company also began distributing to more than a dozen independent pharmacies in the state. A seventh Georgia store, in Dunwoody, was announced on September 4, 2026.
The house brands doing the volume
Trulieve runs its own labels rather than leaning on outside ones. The 2025 annual report lists Avenue, Cultivar Collection and Muse, then Modern Flower, Momenta and Sweet Talk, with Co2lors and Roll One in the value tier. The company sorts the portfolio into three price tiers and mixes in partner labels by market.
Branded product is the metric it tracks. Trulieve sold 50.1 million branded units in 2025, and retail accounted for 94% of revenue in both 2025 and the second quarter of 2026.
What the 2025 and 2026 numbers show
The 2025 year, reported February 26, 2026, brought $1.2 billion in revenue at a 60% gross margin, $711 million in gross profit and a $116 million net loss. Cash flow from operations reached $273 million, with $229 million in free cash flow. That release counted 234 dispensaries.
2026 has been choppier. First-quarter revenue was $287 million at a 59% margin, with $2 million in net income and 240 dispensaries on the books. Second-quarter revenue came in at $271 million at a 60% margin and $162 million in gross profit.
The restructuring shows up in the bottom line. Trulieve booked a $406 million second-quarter net loss, or $2.10 per share, against $20 million in adjusted net income. First-half operating cash flow was $109 million and free cash flow was $74 million.
Delaware, the NYSE bell and the index adds
The corporate paperwork moved with the strategy. Trulieve proposed its domestication from British Columbia to Delaware on May 13, 2026 and completed the redomicile on August 11, 2026.
The listing followed the same track. Trulieve announced NYSE approval on June 5, 2026, stopped trading on the Canadian Securities Exchange and OTCQX on June 9, and opened on the NYSE as TRLV on June 10, 2026. Rivers called it the first U.S. cannabis company to list on a major U.S. exchange.
MJBizDaily covered the debut on June 11, 2026, counting 206 DEA-registered medical dispensaries behind 3.5 million square feet of production. On September 22, 2026, Trulieve was added to the S&P Total Market and S&P Completion indices and their health care sub-indices.
Where the next licenses point
The map ahead runs through the South. Trulieve holds conditional licenses in Alabama and Texas, and Rivers has pointed to Georgia and Texas program expansion as the next openings. Its stated mission is to provide value, deliver quality and enhance lives through cannabis, which reads across a company whose stores are now medical-only. mg Magazine covered the restructuring as it closed.
For adults 21 and over.