Trulieve Cannabis (TRUL) Investor presentation summary

U.S. cannabis industry overview

• Legal U.S. cannabis market projected to reach $43 billion by 2030, with 46 states having some form of cannabis program and 24 states allowing adult use.

• The U.S. is a global leader in cannabis culture, product development, and trends.

• 41 states have adopted medical marijuana programs, and 206 DEA-registered dispensaries operate in medical-only states.

Company position and strategic catalysts

• Largest U.S. medical marijuana operator with 206 dispensaries and 3.5 million sq. ft. of cultivation/processing capacity.

• NYSE listing scheduled for June 10, 2026, following a corporate restructuring and deconsolidation of mixed-use operations.

• Strong balance sheet, $318 million cash, and net cash position support growth and M&A opportunities.

• Expansion in Georgia and Texas, with new product forms and pharmacy distribution in Georgia and anticipated license approval in Texas.

• Rescheduling of marijuana to Schedule III removes punitive 280E tax burden, improving profitability.

Regulatory and operational developments

• Medical marijuana rescheduled to Schedule III in April 2026, legalizing state-licensed operators federally and enabling DEA registration.

• Deconsolidation of Harvest mixed-use markets completed to facilitate NYSE listing; Trulieve retains 90% economic interest but no operational control.

• Trulieve's consolidated operations now focus on medical-only markets in Florida, Georgia, Pennsylvania, and West Virginia.