Trulieve Cannabis (TRUL) investor relations material

Regulatory reform and rescheduling

• Cannabis remains classified as Schedule I, despite widespread state-level legalization and medical use, creating a disconnect between federal and state laws.

• The Biden administration initiated a review in 2022, leading to an HHS recommendation in August 2023 to reclassify cannabis as Schedule III, acknowledging its medical value.

• The DEA opened a public comment period, receiving 43,000 comments, mostly in favor of rescheduling or descheduling cannabis.

• The process is now in the hands of the executive branch, with a potential update expected in the coming weeks, and does not require Congressional approval.

• Rescheduling would ease research barriers and remove punitive tax burdens, improving industry conditions and access to capital.

Florida adult use initiative

• Smart and Safe Florida revised its ballot initiative language to address concerns about child protection, public use, licensing, and homegrown options.

• Over 660,000 signatures have been gathered, with a February 2026 deadline to reach the required 880,000; court review is underway.

• The initiative needs 60% voter approval and will be influenced by the 2026 midterm and gubernatorial election turnout.

• A decision on ballot inclusion is expected by April 1, 2026, with the vote in November 2026.

Product and consumer trends

• Data and technology investments enable rapid response to shifts in consumer preferences, such as increased demand for value and mid-tier products.

• Promotional strategies focus on individual unit discounts and accessible price points, driving higher store traffic and frequency.

• Consumers are highly informed, using digital tools for price comparison and deal discovery.