Trulieve is a vertically integrated U.S. cannabis operator founded in Tallahassee, Florida, in 2015. It began sales in 2016 and became Florida's first licensed medical operator to build a statewide dispensary and delivery network. The public company reports as Trulieve Cannabis Corp.
Origins and ownership
Kim Rivers is co-founder, chair and chief executive. Company filings and annual reports identify her as the continuing leader of a business built around Florida's medical program and later expanded through acquisitions, including the 2021 purchase of Harvest Health & Recreation, which enlarged its Arizona and multi-state presence.
Where it operates
Trulieve ended 2025 with 233 retail locations. It operates dispensaries in Arizona, Connecticut, Florida, Georgia, Maryland, Ohio, Pennsylvania and West Virginia, with its largest positions in Arizona, Florida and Pennsylvania. Cultivation runs through state-approved climate-controlled indoor facilities, and the corporate address is 3494 Martin Hurst Road, Tallahassee.
Medical and adult-use rules differ across Arizona, Connecticut, Florida, Georgia, Maryland, Ohio, Pennsylvania and West Virginia. Eligibility, product types, purchase limits, taxes and pickup or delivery options can change by state. Products made under one state license are not moved to another market as ordinary retail inventory, even when packaging uses the same national brand.
Products
Trulieve sells flower, pre-rolls, vapes, concentrates, edibles, capsules, tinctures, topicals and accessories, subject to state law. Its brand directory runs to roughly 36 labels, among them Alchemy, Co2lors, Cultivar, Modern Flower, Momenta, Muse, Roll One and Sweet Talk, mixed with third-party labels that differ by market. In 2025 it added Onward, a hemp-derived THC beverage line distributed outside dispensaries.
Financial and operating record
For 2025 Trulieve reported $1.2 billion in revenue at a 60 percent gross margin, $711 million in gross profit and a $116 million net loss attributable to common shareholders. Retail contributed 94 percent of revenue, and the company sold 50.1 million branded units, up 5 percent year over year.
Access and customer programs
Trulieve's early Florida milestones included its first dispensary in Tallahassee and statewide home delivery. The model now combines patient education, online reservations, a loyalty program and market-specific stores. Its TruRecycle program takes back eligible Trulieve-branded containers at participating retail locations. Product availability, purchase limits and eligibility differ by state.
The 233-store figure is the year-end 2025 count; the February 2026 release said 234 stores after a Fort Myers opening. Store totals can change through openings, closures or transactions, so they should be paired with a date. The same principle applies to revenue, loss, cash flow and units sold: those figures describe the 2025 reporting period rather than a forecast.
Culture and collaborations
Trulieve cultivates and manufactures house labels while also carrying partner brands in selected markets. A Trulieve storefront is therefore not the manufacturer of every item on its shelves. The package identifies whether a product belongs to a house line or a licensed partner and names the local licensee responsible for cultivation or manufacturing.
Product details
The 60 percent gross margin and $711 million gross profit are GAAP results reported for 2025, while adjusted EBITDA and free cash flow are non-GAAP measures that require the company's reconciliation. The $116 million net loss attributable to common shareholders is also part of the period's result and should not be omitted when describing performance.