Trulieve Cannabis (TRLV) Stock Analysis — October 2026
Executive Summary
Trulieve Cannabis (NYSE: TRLV) is a multi-state operator (mso) company currently priced at $10.12 per share with a market capitalization of $1.94B. The company generates trailing twelve-month revenue of $1.14B with a gross margin of 59.5% and year-over-year revenue growth of -3.90%. The stock trades on the NYSE exchange in the United States market, and is positioned as a large-cap player within the cannabis sector.
Key Takeaways
Trulieve Cannabis has a market cap of $1.94B, making it a large-cap cannabis company listed on the NYSE.
Trailing twelve-month revenue is $1.14B with year-over-year growth of -3.9%. Declining revenue is a concern that warrants attention.
The company's gross margin stands at 59.5%. This healthy margin provides a solid foundation for reinvestment and path to bottom-line profitability.
Trulieve Cannabis holds $325.4M in cash against $195.8M in debt, resulting in a net cash position of $129.6M.
The stock trades at a P/S ratio of 1.70x and EV/Revenue of 0.96x. Relatively low multiples could indicate an undervalued opportunity.
At $10.12, the stock trades at 45% of its 52-week range ($7.82 – $12.93). The stock is trading mid-range, offering a balanced risk-reward profile.
Trulieve Cannabis Company Overview
Trulieve Cannabis (NYSE: TRLV) is a multi-state cannabis operator (MSO) currently trading at $10.12 per share with a market capitalization of $1.94B. The stock gained +1.45% in the most recent trading session on volume of 428.8K shares. Trulieve Cannabis is headquartered in the United States and employs approximately 0 people. As a participant in the multi-state operator (mso) segment, the company operates within one of the most dynamic and rapidly evolving sectors of the North American economy.
On the revenue front, Trulieve Cannabis generated $1.14B in trailing twelve-month (TTM) revenue, reflecting year-over-year growth of -3.9%. This growth rate is trailing the MSO sector average of +19.9%. Trulieve Cannabis demonstrates strong profitability at the gross level with a gross margin of 59.5%, which places it among the more profitable operators in the cannabis space. Revenue trends in the cannabis industry are closely watched by analysts, as the sector continues to navigate pricing compression, oversupply dynamics in certain markets, and the ongoing burden of IRS Section 280E, which prevents cannabis businesses from deducting ordinary business expenses at the federal level.
Financial Analysis
Trulieve Cannabis generated $1.14B in trailing twelve-month revenue, reflecting year-over-year growth of -3.90%. The company's gross margin of 59.5% translates to approximately $677.4M in gross profit over the trailing twelve months. This margin profile places Trulieve Cannabis among the more profitable operators in the cannabis sector, demonstrating strong pricing power and cost management.
Revenue momentum is a critical metric for cannabis companies, as the industry continues to evolve through shifts in consumer demand, regulatory changes, and competitive dynamics. Trulieve Cannabis's revenue decline of -3.90% is a notable concern that may be attributable to market headwinds, competitive pressure, pricing compression, or strategic transitions. Investors should closely monitor whether this trend stabilizes or accelerates in coming quarters. The cannabis industry's profitability dynamics are heavily influenced by IRS Section 280E, which prevents plant-touching operators from deducting ordinary business expenses for federal income tax purposes, effectively creating tax rates that can exceed 70% of gross profit.
Valuation Analysis
From a valuation perspective, Trulieve Cannabis trades at a price-to-sales (P/S) ratio of 1.70x, which is above the sector median of 0.55x, suggesting the market is pricing in higher growth expectations or a premium for Trulieve Cannabis's market position. The enterprise value-to-revenue (EV/Revenue) multiple stands at 0.96x. Cannabis stock valuations have compressed significantly from their 2021 highs, and current multiples reflect a more mature market environment where investors demand clear paths to profitability. For context, the broader MSO sector contains 23 publicly traded companies tracked by Cannabismarketcap, and Trulieve Cannabis's valuation should be considered within the context of its specific growth profile and competitive positioning.
At a price-to-sales ratio of 1.70x and an enterprise value-to-revenue multiple of 0.96x, Trulieve Cannabis's valuation reflects the market's current assessment of the company's growth potential and risk profile. Enterprise value — calculated as market capitalization plus total debt minus cash — stands at approximately $1.81B, providing a more complete picture of the company's total valuation when accounting for balance sheet items. Investors should compare these multiples against both direct sector peers and historical ranges to determine whether TRLV is trading at a premium or discount.
Balance Sheet Deep Dive
The company holds a net cash position of $129.6M, with $325.4M in cash and equivalents against $195.8M in total debt. Access to capital remains a persistent challenge for cannabis companies, particularly plant-touching operators that are excluded from traditional banking services and institutional lending. Many cannabis companies have turned to sale-leaseback transactions, private placements, and at-the-market (ATM) equity offerings to fund operations. Trulieve Cannabis's balance sheet should be evaluated with these industry-specific constraints in mind.
Trulieve Cannabis maintains a net cash position of $129.6M, which represents a meaningful financial cushion. With $325.4M in cash and equivalents against $195.8M in total debt, the balance sheet provides management with flexibility to pursue organic growth initiatives, evaluate strategic M&A opportunities, and navigate the capital-constrained cannabis industry without immediate pressure to raise dilutive equity capital.
The company's annual share dilution rate is not reported in our data. With 192.6M shares currently outstanding, any additional equity issuance directly impacts per-share metrics including earnings per share, book value per share, and ownership percentage.
Multi-State Operator (MSO) Sector Context
Within the Multi-State Operator (MSO) sector, Trulieve Cannabis ranks #2 out of 23 companies by market capitalization, commanding a 25.5% share of the sector's total market cap of $7.63B. Multi-State Operators are vertically integrated cannabis companies that cultivate, process, and sell cannabis products across multiple U.S. states. MSOs typically hold licenses in several state-legal markets and operate dispensary retail chains alongside cultivation and manufacturing facilities. The largest company in the sector by market cap is Curaleaf Holdings (CURLF) at $2.27B, followed by Trulieve Cannabis (TRLV) at $1.94B.
By revenue, Trulieve Cannabis ranks #3 of 15 sector companies that report revenue, with $1.14B in trailing twelve-month sales. The sector's top revenue generator is Curaleaf Holdings at $1.27B. Trulieve Cannabis's gross margin of 59.5% compares to a sector average of 46.7%, placing it above the peer group midpoint. Revenue growth of -3.9% year-over-year reflects challenges that may include market headwinds, competitive pressure, or strategic transitions.
What distinguishes Trulieve Cannabis within the Multi-State Operator (MSO) space includes significantly above-average profitability (59.5% gross margin vs. 46.7% sector average). These characteristics help define the company's competitive positioning and investment thesis relative to the 22 other MSO companies tracked by Cannabismarketcap. Investors comparing cannabis stocks within this sector should consider not just valuation multiples, but also balance sheet strength, management execution, and geographic or product diversification.
Historical Price Performance
Trulieve Cannabis (TRLV) currently trades at $10.12, which places the stock at approximately 45% of its 52-week trading range. Over the past twelve months, TRLV has traded as high as $12.93 and as low as $7.82, representing a 65.3% spread between the yearly high and low. The current price sits 21.8% below the 52-week high and 29.3% above the 52-week low. This range provides important context for understanding the stock's recent volatility and where current levels fall within the broader price history.
In the most recent trading session, TRLV rose +1.45% from a previous close of $9.97 to $10.12, on volume of 428.8K shares. This positive session is within the range of normal daily fluctuations for cannabis stocks, which tend to exhibit higher volatility than the broader equity market. The stock has 192,565,216 shares outstanding, giving it a fully diluted market capitalization that investors should factor into their analysis alongside the current $1.94B market cap figure.
Cannabis stocks have historically exhibited significant price volatility driven by regulatory developments, earnings surprises, and shifts in market sentiment toward the sector. TRLV is trading in the middle of its 52-week range, which suggests the stock has room to move in either direction based on fundamental catalysts. Historical price levels should be considered alongside fundamental data — including revenue trends, margin improvement, and balance sheet health — to form a complete investment thesis.
Investment Thesis
A balanced framework for evaluating Trulieve Cannabis (TRLV) as a potential investment, considering both the upside catalysts and downside risks based on the company's current financial data and industry positioning.
Revenue stabilization and potential for operational improvements could reignite top-line growth. With TTM revenue of $1.14B, even modest gains in market share or pricing power could meaningfully impact the company's financial trajectory and investor sentiment toward TRLV.
Industry-leading gross margin of 59.5% provides a substantial cushion for reinvestment in growth initiatives, debt reduction, and eventual bottom-line profitability. This margin profile suggests strong pricing power and operational efficiency relative to cannabis peers.
Net cash position of $129.6M provides financial flexibility for strategic acquisitions, organic expansion, and weathering industry downturns.
Declining revenue of -3.90% year-over-year raises concerns about Trulieve Cannabis's competitive positioning and demand trends. Revenue contraction in a growing industry could signal market share losses, pricing pressure, or execution challenges that may persist in the near term.
Cannabis companies continue to face restricted access to traditional banking, institutional capital, and federal bankruptcy protections. These structural disadvantages increase the cost of capital and limit Trulieve Cannabis's financial flexibility compared to companies in federally legal industries, creating an uneven competitive landscape.
Regulatory uncertainty remains the single largest risk for Trulieve Cannabis and all cannabis investments. Federal prohibition in the United States creates ongoing challenges including Section 280E tax burdens, limited interstate commerce, and the risk of enforcement actions. State-level regulatory changes, licensing moratoriums, and social equity requirements add additional layers of unpredictability that can materially impact the company's operations and growth plans.
Risk Factors
Key risks that investors should consider before investing in Trulieve Cannabis (TRLV). This is not an exhaustive list, and investors should conduct their own due diligence.
Regulatory & Legal Risk
Cannabis remains a Schedule I controlled substance under federal law, creating fundamental legal uncertainty for Trulieve Cannabis and all plant-touching cannabis operators. Changes in federal enforcement policy, state regulatory frameworks, or local ordinances could materially impact the company's operations, licensing, and financial performance. The evolving patchwork of state regulations creates compliance complexity and limits the ability to operate across state lines.
Section 280E Tax Burden
Under IRS Section 280E, cannabis businesses are prohibited from deducting ordinary business expenses for federal income tax purposes. This effectively results in tax rates that can exceed 70% of gross profit for plant-touching operators, significantly reducing cash flow available for reinvestment and debt service. While potential rescheduling could eliminate this burden, the timeline and outcome remain uncertain, and Trulieve Cannabis's profitability metrics should be evaluated with this tax overhang in mind.
Market & Competition Risk
The cannabis industry faces pricing pressure from oversupply in mature markets, competition from the illicit market (which avoids regulatory costs and taxation), and evolving consumer preferences. Trulieve Cannabis competes for market share against both established operators and well-funded new entrants. Price compression in key markets has squeezed margins across the industry, and any worsening of these trends could materially impact the company's revenue and profitability outlook.
Frequently Asked Questions
Common questions about Trulieve Cannabis (TRLV) stock, answered with real-time data from Cannabismarketcap.
What is Trulieve Cannabis's (TRLV) stock price today?
Trulieve Cannabis (TRLV) stock is currently trading at $10.12 per share on the NYSE exchange. This represents a daily gain of +1.45% ($0.14) from the previous closing price of $9.97. Over the past 52 weeks, TRLV has traded between a low of $7.82 and a high of $12.93, placing the current price at approximately -22% from its annual high. The stock has a market capitalization of $1.94B, making it one of the larger cannabis companies tracked by Cannabismarketcap. Trulieve Cannabis operates in the MSO sector, serving the broader cannabis industry.
What is Trulieve Cannabis's market capitalization?
Trulieve Cannabis (TRLV) has a current market capitalization of $1.94B, calculated by multiplying its 192.6M shares outstanding by the current stock price of $10.12. Market capitalization is a key measure of a company's total equity value as perceived by the public market, and it places Trulieve Cannabis among the large-cap cannabis companies tracked on Cannabismarketcap. For context, the enterprise value (market cap plus debt minus cash) stands at $1.81B, which accounts for the company's balance sheet structure. Investors often use market cap alongside revenue and profitability metrics to assess relative valuation within the cannabis sector.
Is Trulieve Cannabis profitable?
Trulieve Cannabis (TRLV) currently reports a gross margin of 59.5%, which means the company retains 59.5 cents of every revenue dollar after direct costs of goods sold. On trailing twelve month revenue of $1.14B, this translates to an estimated gross profit of approximately $677.4M. Profitability is a critical factor in the cannabis industry, where many companies are still investing heavily in growth and regulatory compliance. Investors should review the full income statement, cash flow trends, and operating expense breakdown on Cannabismarketcap for a complete picture of Trulieve Cannabis's financial health.
What is Trulieve Cannabis's annual revenue?
Trulieve Cannabis (TRLV) reports trailing twelve month (TTM) revenue of $1.14B, reflecting the total sales generated by the company over the most recent four quarters. Revenue has changed -3.90% year-over-year, reflecting a contraction in top-line performance relative to the prior period. The current price-to-sales ratio is 1.70x, which means investors are paying $1.70 for every $1 of annual revenue — a relatively low valuation in the context of the cannabis sector. Revenue is one of the most closely watched metrics for cannabis companies, as many are still scaling operations in a rapidly evolving regulatory environment. View the full income statement and quarterly revenue breakdown on Cannabismarketcap for detailed trend analysis.
What are Trulieve Cannabis's key financial metrics?
Trulieve Cannabis (TRLV) reports several important financial metrics that investors track closely. The company has a market capitalization of $1.94B, trailing twelve month revenue of $1.14B, and a gross margin of 59.5%. Trulieve Cannabis holds $325.4M in cash and equivalents against $195.8M in total debt. Total debt equals 0.10x market capitalization. The price-to-sales ratio stands at 1.70x, while the enterprise value to revenue multiple is 0.96x. With 192.6M shares outstanding, investors should consider both the fundamental financial performance and share structure when evaluating TRLV.
What exchange is TRLV listed on?
Trulieve Cannabis trades under the ticker symbol TRLV on the NYSE exchange, and the stock is denominated in US dollars (USD). Shares can typically be purchased through most standard brokerage accounts. The stock sees average daily trading volume of approximately 428.8K shares, which is an important consideration for liquidity and the ability to enter or exit positions without significant price impact.
What sector is Trulieve Cannabis in?
Trulieve Cannabis is classified as a multi-state cannabis operator (MSO), meaning it operates as a multi-state operator with cannabis cultivation, processing, and retail operations across multiple US states. The MSO sector is a key segment of the cannabis market, and investors often compare companies within the same sector to identify relative outperformers. You can compare TRLV with other MSO stocks on Cannabismarketcap's sector page to see how it ranks on metrics like market cap, revenue, and margins.
What is Trulieve Cannabis's gross margin?
Trulieve Cannabis (TRLV) has a gross margin of 59.5%, which represents the percentage of revenue the company retains after paying for the direct cost of goods sold. On trailing twelve month revenue of $1.14B, this translates to an estimated gross profit of approximately $677.4M. Gross margin is a critical profitability indicator in the cannabis industry, where companies face unique cost pressures from regulatory compliance, testing requirements, and the tax burden of IRC Section 280E (which prevents cannabis companies from deducting standard business expenses). A strong gross margin like Trulieve Cannabis's suggests the company has pricing power and operational efficiency relative to peers.
How does TRLV compare to other cannabis stocks?
You can compare Trulieve Cannabis (TRLV) side-by-side with any cannabis stock on Cannabismarketcap using the dedicated comparison tool. Key comparison metrics include market cap ($1.94B), trailing twelve month revenue ($1.14B), gross margin (59.5%), price-to-sales ratio (1.70x). Trulieve Cannabis sits in the MSO sector, so the most relevant peer comparisons would be against other MSO companies, though cross-sector comparisons can also reveal interesting insights about relative valuation. Visit the rankings page to see where TRLV stands across all cannabis companies on metrics like revenue growth (-3.90% YoY), cash position ($325.4M), and employee count (N/A).
What is TRLV's 52-week trading range?
Trulieve Cannabis (TRLV) has traded between a 52-week low of $7.82 and a 52-week high of $12.93, with the current price of $10.12 sitting approximately -22% from the annual high. This range represents a spread of $5.11 (65% from low to high), which reflects the volatility the stock has experienced over the past year. The 52-week range is a commonly used technical indicator that helps investors understand whether a stock is trading near the top or bottom of its recent range, and it can inform decisions about entry and exit points. Cannabis stocks in general tend to exhibit higher volatility than broader market indices due to evolving regulations and market sentiment.
How does Trulieve Cannabis's valuation compare to cannabis industry peers?
Trulieve Cannabis (TRLV) is valued at a market capitalization of $1.94B with a price-to-sales ratio of 1.70x, and an enterprise value of $1.81B. The EV/Revenue multiple of 0.96x provides a debt-adjusted view of valuation relative to sales, which is particularly important for comparing companies with different capital structures. In the cannabis industry, valuations can vary significantly depending on sector (MSO, LP, Ancillary, etc.), growth rate, and path to profitability. Trulieve Cannabis's current revenue trajectory of -3.90% YoY may result in a lower valuation relative to faster-growing peers. Investors can use the Cannabismarketcap rankings and comparison tools to benchmark TRLV against specific competitors on valuation multiples, growth rates, and profitability.
What is Trulieve Cannabis's enterprise value?
Trulieve Cannabis (TRLV) has an estimated enterprise value (EV) of $1.81B, which is calculated by taking the market capitalization of $1.94B, adding total debt of $195.8M, and subtracting cash and equivalents of $325.4M. Enterprise value is widely considered a more comprehensive measure of a company's total value than market cap alone because it accounts for the capital structure, including debt obligations and available liquidity. The resulting EV/Revenue ratio of 0.96x allows for an apples-to-apples comparison with peers regardless of differences in leverage. For cannabis companies in particular, where balance sheet health varies dramatically, enterprise value provides a more accurate picture of acquisition cost and relative valuation.
Is Trulieve Cannabis stock overvalued or undervalued?
Determining whether Trulieve Cannabis (TRLV) is overvalued or undervalued requires analyzing multiple valuation metrics in context. The current price-to-sales ratio of 1.70x is relatively low for a cannabis company, which could suggest the stock is undervalued or that the market has concerns about future growth. The stock is currently trading at $10.12, which is -22% from its 52-week high of $12.93, with a gross margin of 59.5% and revenue growth of -3.90% YoY. Investors should consider the company's enterprise value of $1.81B, its cash position of $325.4M, and the broader cannabis industry outlook when forming a valuation opinion. Cannabismarketcap provides all the data needed for a thorough analysis, but this information should not be considered investment advice.
What are the risks of investing in Trulieve Cannabis?
Investing in Trulieve Cannabis (TRLV) carries several risks that investors should carefully consider. First, the cannabis industry remains federally illegal in the United States, creating regulatory uncertainty that can impact stock prices, banking access, and tax obligations (notably IRC Section 280E). Second, Trulieve Cannabis's balance sheet shows $195.8M in total debt against $325.4M in cash, which investors should monitor for dilution risk or liquidity concerns. Additionally, the stock has shown a 52-week range of $7.82 to $12.93, reflecting meaningful price volatility. As with all cannabis stocks, investors face risks from changing state regulations, competitive pressures, and the evolving legal landscape. This information is for educational purposes only and is not investment advice.
What is Trulieve Cannabis's cash position and debt level?
Trulieve Cannabis (TRLV) holds $325.4M in cash and equivalents on its balance sheet, set against $195.8M in total debt. This gives the company a net cash position of $129.6M. Balance sheet strength is especially important in the cannabis industry, where companies often face limited access to traditional banking and capital markets. Investors should track these metrics over time on Cannabismarketcap to identify trends in cash consumption and debt management.
How many shares outstanding does Trulieve Cannabis have?
Trulieve Cannabis (TRLV) currently has 192.6M shares outstanding, which when multiplied by the current stock price of $10.12 gives the company its market capitalization of $1.94B. Share count is important because all per-share metrics (earnings per share, book value per share, etc.) are directly impacted by changes in shares outstanding. Cannabis companies frequently issue new shares to raise capital, so monitoring dilution trends on Cannabismarketcap is recommended for long-term investors.
Does Trulieve Cannabis pay a dividend?
Most cannabis companies, including Trulieve Cannabis (TRLV), do not currently pay dividends. The cannabis industry is still in a growth phase, and companies typically reinvest available capital into expanding operations, securing new licenses, building out retail and cultivation infrastructure, and navigating complex regulatory requirements. Additionally, the IRC Section 280E tax burden significantly reduces the free cash flow available for shareholder distributions. Investors in cannabis stocks should generally expect returns to come from capital appreciation rather than dividend income. If Trulieve Cannabis initiates a dividend in the future, it would be reported in their SEC filings and reflected on Cannabismarketcap.
How can I research Trulieve Cannabis stock before investing?
To research Trulieve Cannabis (TRLV) before investing, start with the company overview on Cannabismarketcap, which provides current price ($10.12), market cap ($1.94B), and key financial metrics. Next, review the full financial statements page for quarterly revenue trends, margins, and balance sheet details. Check the analyst ratings page for Wall Street consensus and price targets, and the technical analysis page for chart patterns and momentum indicators. Compare TRLV against sector peers using the comparison tool to understand relative valuation. Review recent news coverage for regulatory developments or corporate events. Finally, read the investment analysis page for a comprehensive deep-dive. Cannabis investing carries unique risks including federal illegality, regulatory uncertainty, and limited banking access — always conduct thorough due diligence before making any investment decision.
What does Trulieve Cannabis's market cap of $1.94B mean?
Trulieve Cannabis's market capitalization of $1.94B represents the total market value of all its outstanding shares (192.6M shares multiplied by the current stock price of $10.12). Market cap is the primary measure investors use to classify companies by size: large-cap companies (over $1B) like Trulieve Cannabis are generally considered more established with greater liquidity. In the cannabis sector, market cap is especially important because it determines index weighting, institutional investment eligibility, and often correlates with the company's operational scale and geographic reach. Trulieve Cannabis currently ranks # among cannabis stocks tracked on Cannabismarketcap.
What regulatory risks does Trulieve Cannabis face?
Trulieve Cannabis (TRLV), like all cannabis companies, faces significant regulatory risks that investors should understand. At the federal level, cannabis remains a Schedule I controlled substance in the United States, which restricts banking access, prevents standard business expense deductions under IRC Section 280E, and creates legal uncertainty. As a multi-state operator, Trulieve Cannabis must comply with different regulatory frameworks in each state where it operates, and any changes to state licensing rules, tax rates, or market structure can directly impact revenue and profitability. Potential catalysts include federal rescheduling (which could ease 280E burdens), the SAFE Banking Act (which would improve banking access), and individual state legalization events. Conversely, regulatory setbacks such as license moratoriums, increased enforcement, or unfavorable tax policy changes pose downside risks. Investors should monitor legislative developments closely using Cannabismarketcap's news and legalization tracker.
More TRLV Research & Data
TRLV price, chart & key stats
Revenue, earnings & balance sheet
Quarterly earnings & EPS trends
Historical price & volume chart
Step-by-step buying guide
Side-by-side peer comparison
Detailed investment thesis & outlook
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