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Trulieve Cannabis

TCNNF
38
Drug Manufacturers - Specialty & Generic · Healthcare
Price
$8.30
-0.33 (-3.82%)
Market Cap
$1.60B
Exchange
Other OTC
Winston Score
38
Winston is serious
Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+30.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 146.8M (2021) → 191.3M (2025)

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 consumers through its own retail dispensaries. Trulieve is one of the largest cannabis retailers in the United States by store count and revenue.

The company makes money primarily by selling cannabis products through its dispensaries, which it owns and operates itself — a vertically integrated model that helps protect its margins. Trulieve started in Florida, where it built a dominant market position, and has since expanded into states like Pennsylvania, Georgia, and Arizona. The biggest risk the company faces is that cannabis remains illegal at the federal level in the U.S., which limits its access to banking, raises its taxes significantly, and prevents it from crossing state lines with products — all of which weigh on profitability and growth.

Winston Score History

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Growth Profile

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

Revenue Growth

-5.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+107.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Insider Activity

12.8%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$353M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Every number that matters to educated investors.

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Quality

Gross Margin
48.9%
Healthy — 48.9% gross margin
Operating Margin
15.0%
Healthy — 15.0% operating margin
ROCE
2.9%
Weak — 2.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
-1.3%
Shrinking sales (-1.3% YoY)
EPS YoY
N/A
Data not available
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
N/A
Data not available
FCF Margin
20.3%
Converts sales into free cash efficiently (20.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity
0.25
Conservative — low debt load (0.25)
Interest Cover
2.63x
Tight — interest eats into profit (2.6x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
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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