
	September 30, 2026		December 31, 2025

	(in thousands)
Raw materials
Cannabis plants	$	16,767	$	18,433
Packaging and supplies	20,027		26,161
Total raw materials	36,794		44,594
Work in process	112,870		139,171
Finished goods - unmedicated	4,016		5,372
Finished goods - medicated	37,150		53,161
Total inventories	$	190,830	$	242,298


	September 30, 2026		December 31, 2025

	(in thousands)
Notes receivable, gross	$	450	$	6,589

Less: allowance for credit losses	—		(4,894)
Less: current portion of notes receivable	(75)		(1,245)
Notes receivable, net	$	375	$	450

The current portion of notes receivable is included in other current assets, and the long-term portion of notes receivable, along with the associated allowance for credit losses, is included in other assets on the condensed consolidated balance sheets.

The provision for credit losses is recorded to other income (expense), net on the condensed consolidated statements of operations. During the three and nine months ended September 30, 2026, the Company did not record any adjustments to the provision for credit losses. During the three and nine months ended September 30, 2025, the Company recorded an increase to the provision for credit losses of $1.5 million and $2.7 million, respectively.

During the first quarter of 2026, the Company identified certain assets that no longer met the criteria for classification as held for sale. Management determined that it no longer had the intent to sell these assets, as they are expected to be utilized to support ongoing production activities. As a result of this change in circumstances, the assets were reclassified from held for sale to held and used at their carrying amounts immediately prior to classification as held for sale. The following table presents a roll forward of held‑for‑sale assets, including net transfers into and out of held‑for‑sale classification, which are recorded in other current assets on the condensed consolidated balance sheets, for the periods presented:


	September 30, 2026		December 31, 2025

	(in thousands)
Balance, beginning of period	$	15,047	$	18,329
Net transfers to (from) held for sale	(11,872)		5,660

Impairments	—		(2,485)
Assets sold	(3,175)		(6,457)
Balance, end of period	$	—	$	15,047


	Fair Value Hierarchy Level (1)	September 30, 2026		December 31, 2025

Financial Assets:
Money market funds (2)	Level 1	$	315,015	$	236,633

Total financial assets		$	315,015	$	236,633
Financial Liabilities:
Interest rate swap (3)	Level 2	$	61	$	1,630



(1) There were no transfers between hierarchy levels during the periods ended September 30, 2026 or December 31, 2025.
(2) Interest income from money market funds was $2.8 million and $4.2 million for the three months ended September 30, 2026 and 2025, respectively, and was $8.0 million and $10.5 million for the nine months ended September 30, 2026 and 2025, respectively. Money market funds are included in cash and cash equivalents on the condensed consolidated balance sheets.
(3) The fair value of the interest rate swap liability is recorded in other long-term liabilities on the condensed consolidated balance sheets.

In June 2026, the Company’s board of directors (the "Board of Directors") authorized a share repurchase program pursuant to which the Company may repurchase up to the lesser of $50.0 million in aggregate value or 8,495,038 Subordinate Voting Shares (as defined below). The program is scheduled to expire on June 16, 2027. As of September 30, 2026, no shares had been repurchased under the program.


			Number of options
Outstanding options, beginning of period			5,178,194
Granted (1)			507,138
Exercised			(229,389)
Forfeited			—
Expired			(297,580)
Outstanding options, end of period			5,158,363
Vested and exercisable options, end of period			3,626,934


			Number of restricted stock units
Unvested balance, beginning of period			5,829,851
Granted (1)			2,551,714
Vested			(555,774)
Forfeited			(524,868)
Unvested balance, end of period			7,300,923

During the first quarter of 2026, the Board of Directors granted performance stock units ("PSUs") under the Third Amended and Restated Trulieve Cannabis Corp. 2021 Omnibus Incentive Plan. The number of shares ultimately issuable pursuant to these awards is determined based on the achievement of specified future financial metrics with payout levels ranging from 0% to 200% of the target award, in accordance with the terms established at the grant date.

For awards subject to Company financial performance‑based conditions, the Company estimates the probability of achieving the applicable performance conditions at each reporting period and recognizes compensation expense over the requisite service period based on the estimated percentage of the target award expected to vest. PSUs are valued at their grant‑date fair value, which is determined using the closing market price of the Company’s Subordinate Voting Shares on the grant date.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025

	(in thousands)
Retail	$	219,297	$	270,789	$	739,380	$	836,638
Wholesale and other	10,918		17,398		48,541		51,395
Total revenue	$	230,215	$	288,187	$	787,921	$	888,033

As a result of the Deconsolidation Transaction the Company operates exclusively in medical cannabis markets and is subject to federal and state regulatory requirements applicable to its operations. The Company's business depends on its ability to obtain and maintain required federal and state registrations, licenses, and permits. Changes in applicable laws, regulations, or licensing requirements, or the inability to obtain and/or maintain such registrations, licenses, and permits, could adversely affect the Company's operations and business plans.

From time to time, the Company may be involved in litigation relating to claims arising out of operations in the normal course of business. As of September 30, 2026 and December 31, 2025, there were no pending or threatened lawsuits that the Company believes could reasonably be expected to have a material effect on the results of the Company’s condensed consolidated statements of operations. There are also no proceedings in which any of the Company’s directors, officers, or affiliates has a material interest adverse to the Company’s interest.

As of September 30, 2026 and December 31, 2025, $0.3 million and $0.8 million, respectively, were included in contingent liabilities on the condensed consolidated balance sheets related to various pending litigation claims as the loss is probable and can be estimated.

An acquisition in 2021 included a contingency providing for an additional $5.0 million in consideration which is contingent on the enactment, adoption or approval of laws allowing for adult-use cannabis in Pennsylvania. No liability was recorded for this contingent consideration, as the estimated value of the liability was not significant at the time of the acquisition nor as of September 30, 2026 and December 31, 2025, based on the likelihood of approval of laws allowing for adult-use cannabis in Pennsylvania.