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Trulieve Cannabis

TRLV
20
Medical - Pharmaceuticals · Healthcare
Also trades as: TCNNF
Price
$11.10
+0.85 (+8.29%)
Market Cap
$1.89B
Exchange
New York Stock Exchange
Winston Score
20
Winston is worried
Weak fundamentals across most pillars.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Mixed
Growth
Weak
Cash Flow
Mixed
Stability
Mixed
Valuation
Data not available

Winston Score History

The full picture

Trulieve Cannabis Corp. is a cannabis company that grows, processes, and sells marijuana products for both medical and recreational use. Its products include flower, vapes, edibles, and concentrates, sold directly to customers through its own retail dispensaries. Trulieve is one of the largest cannabis retailers in the United States, with a particularly dominant position in Florida's medical marijuana market.

Trulieve makes money by selling cannabis products directly to consumers through company-owned stores, which gives it control over pricing and the customer experience. The company operates primarily in the southeastern United States, with Florida as its core market, though it has expanded into states like Pennsylvania, Arizona, and Georgia. Its biggest risk is federal law — cannabis remains illegal at the federal level in the U.S., which limits banking access, raises taxes under IRS code 280E, and blocks the company from listing on major stock exchanges, all of which pressure profitability and growth.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-10.3% YoY

Revenue declining

EPS Growth

<−1,000% YoY

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Cash Position

Cash flow positive

$325M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Trulieve Cannabis's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Profit per sale
Gross Margin
59.9%
Premium pricing power — 59.9% gross margin
Profit after running costs
Operating Margin
-136.7%
Losing money on operations — -136.7%
Return on the money invested
ROCE
-26.7%
Weak — -26.7% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
N/A
Data not available
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
0/1 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
16.4%
Converts sales into free cash efficiently (16.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.34
Conservative — low debt load (0.34)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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