Trulieve Cannabis Corp. (TRLV) Stock Price & How to Invest

Trulieve Cannabis Corp., headquartered in Tallahassee, Florida, runs roughly ~207 medical dispensaries backed by about ~3.5 million square feet of cultivation and processing capacity, with retail accounting for roughly ~94% of revenue. Its operating footprint is Florida, Georgia, Pennsylvania and West Virginia, with conditional licenses in Alabama and Texas. On June 3, 2026 the company restructured and deconsolidated Harvest, the arm holding its mixed medical and adult-use markets (Arizona, Connecticut, Maryland and Ohio, about ~34 dispensaries), keeping roughly ~90% of the economics but none of the operational control. That left a medical-only entity that could meet NYSE listing standards, and the subordinate voting shares moved from the Canadian Securities Exchange (TRUL) and OTCQX (TCNNF) to the NYSE under TRLV on June 10, 2026. A redomicile from British Columbia to Delaware completed on August 11, 2026.

The financial picture is a profitable retail operation carrying an unresolved federal tax dispute. Revenue over the trailing twelve months was about ~$1.14 billion, down roughly ~4%, and second-quarter revenue of about ~$271 million was down roughly ~10% year over year, of which about ~$222 million came from the medical-only business that continues into the third quarter. Gross margin held near ~60% and adjusted EBITDA margin near ~36%, and the company ended June with about ~$325 million of cash against roughly ~$289 million of debt at about ~9.6%. The large reported net loss is a non-cash artifact of the Harvest deconsolidation charge rather than trading performance. What sits underneath the whole story is roughly ~$598 million of uncertain tax position liabilities tied largely to Section 280E, alongside a share price that has already climbed roughly ~36% in a month against a 52-week range of about ~$4.62 to ~$13.28.

Cannabis is still a federally controlled substance. Rescheduling moved state-licensed medical marijuana to Schedule III effective in April 2026, which ends the Section 280E deduction disallowance for Trulieve's medical operations prospectively, but it does not legalize the drug, does not open interstate commerce, and does not resolve prior tax years. The company carries roughly ~$598 million of uncertain tax position liabilities tied largely to 280E, has already collected about ~$113 million in refunds on amended returns the IRS is contesting, and concluded that its own position does not meet the ASC 740 recognition threshold for tax years before 2026, so a clawback is a genuine possibility rather than a theoretical one. Operationally, second-quarter revenue fell roughly ~10% year over year, and Florida adult-use legalization is dead for the 2026 ballot after the state Supreme Court declined to revive a signature challenge in March 2026, removing the catalyst that had driven the prior two years of the story. The shares have already risen roughly ~36% in a month toward the top of their 52-week range, which means an investor is paying for a favorable regulatory outcome that the DEA has not yet delivered.

7 analysts publish price targets on TRLV, averaging $18.18 against a $11.69 price as of September 2026, or +55.5%. The published targets run from $15.00 to $21.00, a moderate spread, and the ratings split 7 buy, 0 hold, 0 sell. Over the last six months there have been 0 raises and 0 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full TRLV forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Trulieve Cannabis Corp.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Schedule III ends 280E for the medical business. A Justice Department and DEA final order moved state-licensed medical marijuana from Schedule I to Schedule III with effect in late April 2026. The most optimistic published target, $21.00, assumes this works close to its best case.

The case against. Cannabis is still a federally controlled substance. The most pessimistic target, $15.00, is roughly what TRLV is worth if this bites instead.

Read the full bull and bear case on TRLV, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Trulieve Cannabis Corp.'s investor relations page or your broker.

• Revenue (TTM): ~$1.14 billion, down ~4% year over year
• Q2 2026 revenue: ~$271 million, of which ~$222 million was medical-only
• Adjusted EBITDA (H1 2026): ~$198 million at a ~36% margin
• Market capitalization: ~$2.25 billion at ~$11.69 per share
• Price to sales (TTM): ~2.0x
• Balance sheet: ~$325 million cash against ~$289 million debt at ~9.6%

Reported GAAP earnings are not usable as a valuation input this year, because the trailing net loss of roughly ~$473 million is dominated by a non-cash charge of about ~$403 million from the Harvest deconsolidation; adjusted net income was about ~$20.4 million in the second quarter. At roughly ~2x trailing sales the multiple looks modest for a ~60% gross margin retailer, though the forward revenue base is the medical-only run rate of about ~$890 million rather than the trailing ~$1.14 billion. Seven analysts covering the stock carry an average twelve-month price target near ~$18, which prices in retroactive 280E relief that has not been granted.

Other names that sit close to TRLV: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get TRLV exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so TRLV sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where TRLV fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

TRLV is a cash-generative medical cannabis retailer whose exchange listing has become conventional while its tax position has not.

Whether TRLV is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is TRLV a buy or a sell?, and where the stock could go from here in the TRLV stock forecast.

For income investors, whether TRLV pays a dividend and how the payout looks is covered in does TRLV pay a dividend? And to weigh TRLV against a peer, read the full side-by-side comparisons: TRLV vs IIPR and TRLV vs HNGE.