Third quarter revenue was $288 million, a 59% gross margin
Year-to-date cash flow from operations of $214 million and free cash flow of $173 million*
More than 12.5 million branded products were sold in the third quarter, up 7 percent from last year.
TALLAHASSEE, Fla., Nov. 5, 2025 /PRNewswire/ — Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “The Company”), the leading and most profitable cannabis company in the United States, today announced results for the quarter ended September 30, 2025. Numbers may not add up perfectly due to rounding.
Q3 2025 Financial and Operating Highlights*
Revenue was $288 million, 94% of which came from retail sales.
Achieved a gross margin of 59%, with GAAP gross profit of $170 million.
A net loss attributable to common stockholders of $27 million was reported. Adjusted net loss of $12 million* excludes non-recurring charges, asset impairments, disposals and discontinued operations.
Achieved adjusted EBITDA of $103 million*, or 36% of revenue, up 7% year over year.
Cash flow from operations of $77 million and free cash flow of $64 million*.
Cash at the end of the quarter was $458 million.
Added Chief Financial Officer Ian Reese to the management team and appointed Matthew Foulston to the Board of Directors.
Rewards Program members reached 820,000 members as of September 30, 2025. Loyalty members accounted for 77% of transactions during the third quarter.
The new Roll One Clutch All In One vapes have been launched in Florida and are on sale within two weeks.
Expanded distribution of Onward premium THC beverages in Florida and Illinois, launched new Upward THC energy drinks and introduced five new 10 mg flavors.
Opened one dispensary in Cincinnati, Ohio and moved one dispensary to Bisbee, Arizona.
*See “Non-GAAP Financial Measures” below for additional information and reconciliations to GAAP for all non-GAAP measures.
Recent developments
Announced the scheduled redemption of $368 million of senior secured notes due 2026.
A new mobile app serving Florida customers has been launched, enabling patients to browse and reserve products, view promotions and check reward status in a seamless digital experience.
There are currently 232 retail dispensaries and more than four million square feet of processing and processing capacity in the United States.
Management Commentary
“Our 2025 strategic plan is delivering results, with clear progress in reform, customers, distribution and branded products,” said Trulieve CEO Kim Rivers. “Remarkable flexibility and strong cash generation in our core business continue to set us apart in a dynamic market.”
NCV Newswire by New Cannabis Ventures aims to gather high-quality content and information about leading cannabis companies to help our readers filter through the noise and stay on top of the most important cannabis business news. The NCV Newswire is edited by an editor and is not, however, automated. Got a secret news tip? Get in touch.
Illinois released sales figures for several months today. The last time it published data, it was Cannabis for adults in May. The paper today explains that the reason for the missing data was the Metrc transition. “Sales tracking features in Metrc help retailers more accurately and reliably report actual sales, including all discounts and promotions at checkout. A close look at past data shows that some initial discount prices have been collected in previous months.”
Statewide adult cannabis sales rose 7.5% sequentially to $113.1 million in October, up 4.0% on the day. Annual growth was -20.5%. Here is a chart of adult sales over time:
After growing 106% in 2021, 13% in 2022 and 5% in 2023, annual sales for adults are set to grow 5.4% to $1.72 billion in 2024. So far in 2025, they have decreased by 9.9 percent.
There hasn’t been an update from the state on medical cannabis in a while. The state exempts the sale separately from its medical plan, and April issue showed that sales fell 1.6% sequentially to $19.7 million, down 13.2% year over year.
Based in Houston, Alan leverages his experience as an online community founder 420 Investorthe first and still the largest due diligence platform focused on publicly traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. time New Cannabis Ventureshe is responsible for content development and strategic alliances. Before turning his attention to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst with more than two decades of research and portfolio management experience. A prolific writer, with over 650 articles published since 2007 Looking for Alphawhere he has 70,000 followers, Alan is a frequent speaker at industry conferences and frequent source Media including the NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Twitter: |: Facebook |: LinkedIn: |: El
You are reading this week’s edition of New Cannabis Ventures, a weekly magazine we have published since October 2015. The newsletter includes unique insight to help our readers stay ahead of the curve, as well as links to the most important news of the week. We no longer email them like we used to, but post this and all newsletters on our website here.
friends,
I’m a big fan of Green Thumb Industries and I like its president and CEO, Ben Kovler. I also like its president, Anthony Georgiadis. After the close on Monday, the world learned of their big stock sell-off that took place last Friday. Kovler sold 162,500 shares $6.50 average price and Georgiadis sold 125,000 shares also for $6.50. The total raised for the two was $1.87 million, and it did so at a lower price than when GTBIF closed on 8/8 ($7.13), the day before and other cannabis stocks rose on renewed potential realignment. It was also 20.4% lower where GTI closed on the last day of 2024.
The company has not made any disclosures other than filing Form 4. So the public and GTI investors have to try to figure this out. why did two executives offload so much stock? First, the good news. both still hold a lot of influence, with CEO Kovler owning more than 692,000 shares directly and another 158,000 shares indirectly. He also owns 57,000 Super Voting shares directly and 86,000 indirectly. 143,000 Super Voting Shares convert into 14.3 million Subordinate Voting Shares. President Georgiadis owns 760,000 subordinate voting shares directly and another 20,000 indirectly. He also owns more than 37K Super Voting shares directly and another 3K indirectly.
While it’s not clear why the CEO and chairman sold so much stock, they still have significant cash and remain in line with shareholders. I think it’s interesting to see what Ben Kovler bought, and that’s shares in another company he runs, RYTHM, Inc. His position is still smaller than the investment in GTI, but it is large. On September 25, he purchased 1,000 shares in the open market at $37.08. On September 19, he paid $39.99 for 1,000 shares. In November 2024, he bought 5,000 shares at $45.89. RYM closed yesterday at $23.83.
It is also interesting to contrast these sales with the purchases that GTI has made in its stock. In 2023, the company introduced a buyback plan and paid $9.96 for 2.5 million shares in September and then $11.14 for 1.34 million in December. In 2024, it bought 3.97 million shares at an average price of $10.85. Even this year, the company continued to buy back shares, paying just $4.34 for 5.72 million shares. In the 3rd quarter, the company did not make purchases, because these purchases were mostly in June. So sales are well below where the company bought GTBIF shares last year and the year before, but well above where they bought in June (5.46 million shares at $4.26).
It would be premature to conclude that Kovler and Georgiadis don’t like GTBIF because they still have a lot of exposure to the stock. Another large holder is AdvisorShares, which controls 23.22 million shares of MSOS as of 11/12.
MSOS has more exposure to other ETFs, and the sum of the three seems insane to me at 67.5%. Although it is quite large at 20%, GTBIF’s exposure is down from 36.4% at the end of the year. Stock exposure rose 5.3%, but MSOS saw its shares expand 44.4%. Kovler and the ETF are struggling on social media, but MSOS still owns a lot, with 11% of the subordinated voting shares and 9.3% of the shares on a fully diluted cash basis (which converts to other types of shares and includes RSUs and cash options).
Investors may be concerned about this large stake sale by two Green Thumb Industries executives, but I think the stock is relatively attractive to its peers and is heavily positioned in my model portfolio, the 420 Investor (9.4% compared to its 3.1% weighting in the Global Hemp Stock Index). MSOs currently make up 26.4% of the index, and my MSO exposure is 23.7%, slightly underweight. Here’s how MSOS and its top 6 holdings performed in 2025.
GTBIF is the only stock to decline this year and is down 38% since the end of 2023, just short of MSOS’s 38.4% decline. Looking at valuations, the stock looks very cheap at an enterprise value of just 5.4X forecast 2026 adjusted EBITDA. Most importantly, from my perspective, its balance sheet stands out compared to its peers with very low net debt. More importantly, it has positive tangible book value, which is quite large, while all of its peers have negative tangible equity. If the 280E ends up being scrapped, that would be good for the GTI. Of course, it will be more useful to his peers. The downside risk for GTI appears to be much lower than for other major MSOs.
Some readers may be wondering why Ben Kovler and Anthony Georgiadis are selling GTBIF, and so am I. I think a better question might be: Why is Ben Kovler so excited about RYTHM? The stock has been crushed by the federal government’s recent move to criminalize THC from hemp, which may play out in a year, but it’s not a big deal in my opinion. RYM’s valuation is very high when considering the fully diluted share count. The stock is now down slightly more year-to-date than GTBIF, down 17.8% year-to-date. In November, it decreased by 47.8%. I think RYTHM stock, which is in the Global Hemp Stock Index, remains expensive and risky.
Sincerely,
Alan:
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Based in Houston, Alan leverages his experience as an online community founder 420 Investorthe first and still the largest due diligence platform focused on publicly traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. time New Cannabis Ventureshe is responsible for content development and strategic alliances. Before turning his attention to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst with more than two decades of research and portfolio management experience. A prolific writer, with over 650 articles published since 2007 Looking for Alphawhere he has 70,000 followers, Alan is a frequent speaker at industry conferences and frequent source Media including the NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Twitter: |: Facebook |: LinkedIn: |: El
AWH Announces Third Quarter 2025 Financial Results
Delivered Q3 2025 net income of $124.7 million
Achieved Q3 2025 Adjusted EBITDA¹ of $31.1 million, representing a margin of 24.9%
Focused margin optimization drove sequential adjusted gross margin¹ up 300 basis points to 46.4%
Driven strategic market concentration with seven new stores added year-over-year, expanding nationwide footprint to 46 locations²
NEW YORK, November 10, 2025. /PRNewswire/ – Ascend Wellness Holdings, Inc. (“AWH”, “Ascend” or the “Company”) (CSE: AAWH.U) (OTCQX: AAWH), a leading, diversified, vertically integrated cannabis operator and consumer packaged goods company, today reported its financial results for the quarter ended September 30, 2025 (“3 2025”). Financial results are presented in accordance with US generally accepted accounting principles (“GAAP”) and all currencies are in US dollars.
Business Highlights
Advanced consolidation strategy by adding seven strategically located retail stores to date, increasing market depth and expanding total footprint to 46 locations nationwide, including partners.
Later in the quarter, the Company received approval from the New Jersey Cannabis Regulatory Commission for its newest store in Little Falls. This location marks Ascend’s first partner dispensary in New Jersey. The company is one of only six operators approved under Assembly Bill A4151, which aims to expand investment opportunities for cannabis businesses with diverse ownership.
A strong retail development pipeline of 13 additional stores allows the Company to reach its goal of 60 locations2 over the next 12 months, which has a target launch date of late 2024 and is subject to regulatory approvals and timelines.
Executed CPG-driven growth initiatives and customer-centric innovations across a range of product launches including;
Expanding the Effin’ product line with the introduction of effects-based vapors offered in 1g full-flavor cartridges in five SKUs: Zen, Chillin’, Do It!, Deep Sleep and Love. The new vapes contain expertly crafted combinations of THC and minor cannabinoids and are available in Illinois, Massachusetts and New Jersey. An all-in-one single-use format is slated to launch in the coming weeks.
Introducing Effin’s new effects-based chewing gum, including five unique flavors and formulations such as Relief (Sour Acai), Zen (Peach & Honey), Showtime (Pina Colada), Deep Sleep (Dark Cherry) and Create (Strawberry Tequila). Select offers available in Illinois, Massachusetts and New Jersey.
High Wired’s infused flower and pre-rolls launched in September 2025 in New Jersey, Illinois and Massachusetts. after a very successful initial debut in the second quarter. According to the BDSA, High Wired is the number two brand of infused flowers in all three states.
Ozone Reserve and Simply Herb are slated to debut in Ohio following form factor approval by the state in August 2025.
As of the end of Q3 2025, the Company has launched 420 SKUs and remains on track to launch nearly 550 SKUs throughout the year.
In early Q4 2025, such as Mango Sticky Rice and Fruit Lagoon in Illinois, Massachusetts and New Jersey, the release of Simply Herb’s 1g disposable vapes in seven unique flavors.
Launched a fully integrated e-commerce ecosystem in line with AWH’s customer-first focus, including a redesigned Dutchie-based shopping platform, an AI-powered personalization app, Ascend Pay payment functionality, and an enhanced Ascenders Club loyalty program with multi-tiered, bonus and exclusive bonuses.
Strengthened capital position with the closing of a $9.3 million financing by CF Bank through a mortgage loan secured by our Ohio real estate assets (the “Ohio Mortgage Loan”). The Ohio mortgage carries a competitive interest rate of 8.5% per annum and matures in September 2030.
AWH has repurchased approximately 1.0 million shares of Class A common stock (the “Common Stock”) in the open market during the third quarter of 2025 under the common issuer bid (“NCIB”) stock purchase program (the “Purchase Program”).
Since the fourth quarter of 2024, the Company has repurchased and retired a total of approximately 15 million shares at an average price of $0.30 per share3. Share repurchases under the repurchase program are expected to continue in accordance with NCIB’s terms and applicable regulatory limits.
Financial highlights for Q3 2025
Total net revenue was $124.7 million, compared to $127.3 million in the second quarter of 2025 (“Q2 2025”).
Retail revenue was $83.8 million, down 3.1% sequentially.
Wholesale revenue increased 0.3% quarter-over-quarter to $41.0 million.
Adjusted gross profit¹ was $57.8 million, compared to $55.3 million in the second quarter of 2025.
Net loss was $25.8 million, compared to $24.4 million in Q2 2025.
Adjusted EBITDA1 in 2025 for the third quarter was $31.1 million, representing a 24.9% margin¹.
New Cannabis Ventures’ NCV Newswire aims to gather high-quality content and information about leading cannabis companies to help our readers filter through the noise and stay on top of the most important cannabis business news. The NCV Newswire is edited by an editor and is not, however, automated. Got a secret news tip? Get in touch.
Original press release
