Trulieve Cannabis Corp. (OTC: TCNNF) reported Tuesday that its third-quarter revenue grew 3% to $284 million, falling short of analysts’ expectations amid heavy investment in Florida’s adult-use legalization campaign.
Wall Street analysts had expected revenue of $291.55 million for the quarter ending Sept. 30, according to estimates from nine analysts tracked by Yahoo Finance. The company’s retail sales made up 95% of revenue, with gross margin improving to 61% on lower sales from 52% in the same period last year.
The results come as Florida voters decide on Amendment 3, which would allow adults 21 and older to purchase cannabis for recreational use. The measure needs 60% approval to pass.
“As voters in Florida cast their ballots across the state today, there is an opportunity to make history,” CEO Kim Rivers said in a statement, noting the company’s 156 Florida stores position it well if recreational sales are approved.
The company posted a net loss of $60 million, wider than its $25 million loss a year earlier. The higher loss largely reflects $48 million spent supporting the Florida campaign during the quarter.
Trulieve in its news release gave no look-ahead, but analysts project revenue will reach $301 million in the fourth quarter. For the full year 2025, they expect revenue of $1.24 billion, representing a 4.2% increase from their 2024 estimate of $1.19 billion.
Campaign finance records show that at this point, Trulieve’s invested more than $140 million total in backing Amendment 3, easily the most expensive legalization effort to date. Rivers previously told Green Market Report the high costs stem from Florida’s strict signature-gathering requirements across counties, which alone cost about $40 million.
If passed, existing medical operators could begin adult-use sales after a six-month transition period without needing new licenses. However, industry experts disagree on timing. Some believe sales could start almost immediately under current medical rules, while others suggest implementation could take up to two years given Gov. Ron DeSantis’s opposition.
Rivers committed to entering the recreational market next spring, should the vote go green.
During the quarter, Trulieve opened 15 new dispensaries in Florida and Pennsylvania. It now operates 220 retail locations nationally, with 30% outside Florida. The company also launched adult-use sales at three Ohio locations.
The multi-state operator reported $30 million in operating cash flow but negative $7 million in free cash flow after campaign spending. It ended the quarter with $319 million in cash and short-term investments.
