Trulieve Cannabis (TRUL) Investor presentation summary

U.S. cannabis market

• Legal U.S. cannabis sales forecast to reach $43B by 2030; 46 states have a CBD, medical marijuana, and/or adult-use program, including 41 medical and 24 adult-use states.

• Operations span 208 medical dispensaries and 3.5M sq. ft. of cultivation and processing capacity; additional mixed-use markets operate under Harvest, with 34 dispensaries and 0.5M sq. ft. of production capacity.

• Florida is the largest U.S. medical marijuana market, with 943,905 patients as of Nov. 6, 2026; 170 dispensaries represented 22% of retail doors, and Q3.26 flower and oil market shares were 34% and 26%.

• Georgia had 64,243 patients, up 95% YTD, and seven dispensaries open; Pennsylvania had 439,124 active patients, with branded products sold into 90% of dispensaries in Q3.26.

• Texas had 180,299 patients, up 33% YTD; final license approval was anticipated in 2026, with production and retail scale-up planned pending approval.

Competitive position and growth priorities

• Largest U.S. medical marijuana operator; Q3.26 customer retention was 75% in medical-only markets, rewards membership exceeded 700,000, and more than 10M branded products were sold through medical-only retail.

• 2025 consolidated results included $1.2B revenue, 60% gross margin, and $273M cash flow from operations; strategy emphasizes disciplined capital allocation and targeted organic growth and M&A.

• 2026 priorities include expanding access, increasing Georgia production and retail, ramping Texas operations pending approvals, evaluating strategic M&A, investing in technology, and growing customer loyalty and branded products.

• Georgia's July 1, 2026 program expansion added qualifying conditions and product forms; approved products can be distributed through 125 independent pharmacies.

• Pennsylvania adult-use adoption through the legislative process could occur in the next few years; potential catalysts also include federal reform and broader state expansion.

Catalysts and corporate structure

• Listed on the NYSE under TRLV on June 10, 2026, and added to the S&P Total Market Index, S&P Completion Index, and Morningstar Total Market Index.

• State-licensed medical marijuana was rescheduled to Schedule III in April 2026, creating a DEA registration pathway and removing the 280E tax burden on medical operations; dispensary registrations were received in select markets.

• Broader Schedule III rescheduling could remove 280E taxes on a go-forward basis; a final order was expected as soon as 2026 after the temporary stay expired Nov. 5.

• June 2026 restructuring and third-party investment in Harvest facilitated the NYSE listing; the independent investor has 100% operational control, while the retained economic interest is 90%.

• Received final DEA registrations for state-licensed medical dispensaries and repaid $65M of Florida mortgage notes ahead of their 2028 maturity.