Trulieve Cannabis (TCNNF) 10-Q 9 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 02, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	000-56248
Entity Registrant Name	TRULIEVE CANNABIS CORP.
Entity Incorporation, State or Country Code	A1
Entity Tax Identification Number	84-2231905
Entity Address, Address Line One	6749 Ben Bostic Road
Entity Address, City or Town	Quincy
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32351
City Area Code	850
Local Phone Number	298-8866
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001754195
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Subordinate Voting Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		164,063,460
Multiple Voting Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		23,226,386

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024		Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 320,313	[1],[2]	$ 201,372	[3],[4]
Restricted cash	6,607		6,607
Accounts receivable, net	5,934		6,703
Inventories	209,404		213,120
Prepaid expenses	17,447		17,620
Other current assets	20,299		23,735
Notes receivable - current portion, net	4,375		6,233
Assets associated with discontinued operations	887		1,958
Total current assets	585,266		477,348
Property and equipment, net	672,105		676,352
Right of use assets - operating, net	97,239		95,910
Right of use assets - finance, net	57,984		58,537
Intangible assets, net	901,681		917,191
Goodwill	483,905		483,905
Notes receivable, net	6,266		7,423
Other assets	12,828		10,379
Long-term assets associated with discontinued operations	2,010		2,010
TOTAL ASSETS	2,819,284		2,729,055
Current Liabilities:
Accounts payable and accrued liabilities	82,799		83,162
Income tax payable	1,156		0
Deferred revenue	2,098		1,335
Notes payable - current portion	3,793		3,759
Operating lease liabilities - current portion	10,465		10,068
Finance lease liabilities - current portion	7,817		7,637
Construction finance liabilities - current portion	1,574		1,466
Contingencies	4,433		4,433
Liabilities associated with discontinued operations	3,051		2,989
Total current liabilities	117,186		114,849
Long-Term Liabilities:
Private placement notes, net	363,605		363,215
Notes payable, net	115,009		115,855
Operating lease liabilities	93,609		92,235
Finance lease liabilities	61,627		61,676
Construction finance liabilities	136,400		136,659
Deferred tax liabilities	216,980		206,964
Uncertain tax position liabilities	277,966		180,350
Other long-term liabilities	4,999		7,086
Long-term liabilities associated with discontinued operations	40,895		41,553
TOTAL LIABILITIES	1,428,276		1,320,442
Commitments and contingencies
MEZZANINE EQUITY
Redeemable non-controlling interest	7,671		0
SHAREHOLDERS' EQUITY
Common stock, no par value; unlimited shares authorized. $187,253,410 and 186,235,818 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively.	0		0
Additional paid-in-capital	2,054,070		2,055,112
Accumulated deficit	(663,718)		(640,639)
Non-controlling interest	(7,015)		(5,860)
TOTAL SHAREHOLDERS' EQUITY	1,383,337		1,408,613
TOTAL LIABILITIES, MEZZANINE EQUITY, AND SHAREHOLDERS' EQUITY	$ 2,819,284		$ 2,729,055
[1] Excludes $2.5 million attributable to discontinued operations. Excludes zero attributable to discontinued operations. Excludes $0.3 million attributable to discontinued operations. Excludes $5.7 million attributable to discontinued operations.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized, unlimited (in shares) [Fixed List]	Unlimited	Unlimited
Common stock, shares issued (in shares)	187,253,410	186,235,818
Common stock, shares outstanding (in shares)	187,253,410	186,235,818

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue	$ 297,619	$ 285,214
Cost of goods sold	123,817	135,022
Gross profit	173,802	150,192
Expenses:
Sales and marketing	61,107	60,733
General and administrative	40,200	39,312
Depreciation and amortization	27,755	29,614
Impairment and disposal of long-lived assets, net of (recoveries)	(1,360)	3,379
Total expenses	127,702	133,038
Income from operations	46,100	17,154
Other expense:
Interest expense, net	(14,669)	(21,160)
Interest income	3,258	1,062
Other (expense) income, net	(2,743)	4,108
Total other expense, net	(14,154)	(15,990)
Income before provision for income taxes	31,946	1,164
Provision for income taxes	55,435	35,464
Net loss from continuing operations	(23,489)	(34,300)
Net loss from discontinued operations, net of tax benefit of zero and $(514), respectively	(1,358)	(31,331)
Net loss	(24,847)	(65,631)
Less: net loss attributable to non-controlling interest from continuing operations	(1,439)	(984)
Less: net loss attributable to redeemable non-controlling interest from continuing operations	(329)	0
Less: net loss attributable to non-controlling interest from discontinued operations	0	(523)
Net loss attributable to common shareholders	(23,079)	(64,124)
EPS Numerator Reconciliation
Net loss attributable to common shareholders	(23,079)	(64,124)
Net loss from discontinued operations excluding non-controlling interest	1,358	30,808
Adjustment of redeemable non-controlling interest to maximum redemption value	(8,836)	0
Net loss from continuing operations available to common shareholders of Trulieve Cannabis Corp.	$ (30,557)	$ (33,316)
Net loss per share - Continuing operations:
Basic (in dollars per share)	$ (0.16)	$ (0.18)
Diluted (in dollars per share)	(0.16)	(0.18)
Net loss per share - Discontinued operations:
Basic (in dollars per share)	(0.01)	(0.16)
Diluted (in dollars per share)	$ (0.01)	$ (0.16)
Weighted average number of common shares used in computing net loss per share:
Basic (in shares)	189,493,134	188,899,309
Diluted (in shares)	189,493,134	188,899,309

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net (income) loss from discontinued operations, net of tax (benefit)	$ 0	$ (514,000)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Multiple Voting Shares	Subordinate Voting Shares	Total Common Shares	Additional Paid-in-Capital	Accumulated Deficit	Non-Controlling Interest
Beginning Balance (in shares) at Dec. 31, 2022		26,226,386	159,761,126	185,987,512
Beginning balance at Dec. 31, 2022	$ 1,927,704				$ 2,045,003	$ (113,843)	$ (3,456)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	2,401				2,401
Distributions to subsidiary non-controlling interest	(50)						(50)
Value of shares earned for purchase of variable interest entity	1,643				1,643
Net income (loss)	(67,138)					(65,631)	(1,507)
Ending Balance (in shares) at Mar. 31, 2023		26,226,386	159,761,126	185,987,512
Ending balance at Mar. 31, 2023	1,864,560				2,049,047	(179,474)	(5,013)
Beginning Balance (in shares) at Dec. 31, 2023		26,226,386	160,009,432	186,235,818
Beginning balance at Dec. 31, 2023	1,408,613				2,055,112	(640,639)	(5,860)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	$ 5,153				5,153
Exercise of stock options (in shares)	42,662		42,662	42,662
Exercise of stock options	$ 170				170
Distributions to subsidiary non-controlling interest	(1,081)						(1,081)
Conversion of Multiple Voting to Subordinate Voting Shares (in shares)		(3,000,000)	3,000,000
Redeemable non-controlling interest mezzanine equity	1,365						1,365
Adjustment of redeemable non-controlling interest to maximum redemption value	(8,836)				(8,836)
Subordinate Voting Shares issued pursuant to redemption of non-controlling interest (in shares)			974,930	974,930
Subordinate Voting Shares issued pursuant to redemption of non-controlling interest	2,471				2,471
Net income (loss)	(24,518)					(23,079)	(1,439)
Ending Balance (in shares) at Mar. 31, 2024		23,226,386	164,027,024	187,253,410
Ending balance at Mar. 31, 2024	$ 1,383,337				$ 2,054,070	$ (663,718)	$ (7,015)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net loss		$ (24,847)	$ (65,631)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		27,755	30,371
Depreciation included in cost of goods sold		13,477	13,551
Non-cash interest expense, net		394	1,372
Impairment and disposal of long-lived assets, net of (recoveries)		(1,360)	31,015
Amortization of operating lease right of use assets		2,596	2,634
Accretion of construction finance liabilities		194	389
Share-based compensation		5,153	2,401
Proceeds received from insurance		1,473	0
Change in fair value of derivative liabilities - warrants		0	(252)
Non-cash change in contingencies		0	(3,725)
Allowance for credit losses		2,960	(159)
Deferred income tax expense (benefit)		10,016	(7,896)
Changes in operating assets and liabilities:
Inventories		3,522	260
Accounts receivable		1,493	1,565
Prepaid expenses and other current assets		1,049	(1,776)
Other assets		(2,448)	1,888
Accounts payable and accrued liabilities		1,040	9,177
Income tax payable		2,663	(13,383)
Other current liabilities		0	(5,448)
Operating lease liabilities		(2,239)	(2,523)
Deferred revenue		762	(4,452)
Uncertain tax position liabilities		97,616	9,797
Other long-term liabilities		(2,115)	1,235
Net cash provided by operating activities		139,154	410
Cash flows from investing activities
Purchases of property and equipment		(15,555)	(13,731)
Capitalized interest		61	(582)
Purchases of internal use software		(5,008)	(2,046)
Proceeds received from insurance recoveries on property and equipment		527	0
Cash paid for licenses		0	(3,500)
Proceeds from sales of long-lived assets		0	287
Payments received from notes receivable		266	180
Proceeds from sale of held for sale assets		748	580
Net cash used in investing activities		(18,961)	(18,812)
Cash flows from financing activities
Proceeds from redemption of non-controlling interest		3,000	0
Proceeds from equity exercises		170	0
Payments on notes payable		(923)	(3,442)
Payments on finance lease obligations		(1,916)	(2,040)
Payments on construction finance liabilities		(803)	(278)
Distributions to subsidiary non-controlling interest		(1,081)	(50)
Net cash used in financing activities		(1,553)	(5,810)
Net increase (decrease) in cash, cash equivalents, and restricted cash		118,640	(24,212)
Cash, cash equivalents, and restricted cash, beginning of period		207,979	213,792
Cash and cash equivalents of discontinued operations, beginning of period		301	5,702
Less: cash and cash equivalents of discontinued operations, end of period		0	(2,486)
Cash, cash equivalents, and restricted cash, end of period		326,920	192,796
Supplemental disclosure of cash flow information
Interest		8,939	9,618
Income taxes paid, net of (refunds)		(54,859)	46,775
Noncash investing and financing activities
ASC 842 lease additions - operating and finance leases		5,967	4,544
Purchases of property and equipment in accounts payable and accrued liabilities		484	2,197
Subordinate Voting Shares issued pursuant to redemption of non-controlling interest		2,471	0
Value of shares earned for purchase of variable interest entity		0	1,643
Cash and cash equivalents, beginning balance	[1],[2]	201,372	207,185
Restricted cash, beginning balance		6,607	6,607
Cash and cash equivalents, ending balance	[3],[4]	320,313	185,642
Restricted cash, ending balance		$ 6,607	$ 7,154
[1] Excludes $0.3 million attributable to discontinued operations. Excludes $5.7 million attributable to discontinued operations. Excludes $2.5 million attributable to discontinued operations. Excludes zero attributable to discontinued operations.

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Statement of Cash Flows [Abstract]
Cash and cash equivalents, attributable to discontinued operations	$ 0.3	$ 5.7	$ 0	$ 2.5

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	NOTE 1. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of Trulieve Cannabis Corp., ("Trulieve" and, together with its subsidiaries and variable interest entities, the "Company," "our," or "us") has been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and, therefore, do not include all financial information and footnotes required by GAAP for complete financial statements. In management's opinion, the condensed consolidated financial statements include all adjustments of a normal recurring nature necessary for a fair statement of the Company's financial position as of March 31, 2024, and the results of its operations and cash flows for the periods ended March 31, 2024 and 2023. The results of the Company's operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full 2024 fiscal year. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for Trulieve Cannabis Corp. and the notes thereto, included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission ("SEC") on February 29, 2024 (the "2023 Form 10-K"). Discontinued Operations In June 2023, the Company exited operations in Massachusetts and in July 2022, the Company discontinued its Nevada operations. Both actions represented a strategic shift in business; therefore, the related assets and liabilities associated with the discontinued operations are classified as discontinued operations on the consolidated balance sheets and the results of the discontinued operations have been presented as discontinued operations within the consolidated statements of operations for all periods presented. Unless specifically noted otherwise, footnote disclosures only reflect the results of continuing operations. Basis of Measurement These condensed consolidated financial statements have been prepared on the going concern basis, under the historical cost convention, except for certain financial instruments that are measured at fair value as described herein. Functional Currency The functional currency of the Company and its subsidiaries, as determined by management, is the United States (“U.S.”) dollar. These condensed consolidated financial statements are presented in U.S. dollars. Reclassifications

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company’s significant accounting policies are described in the Company’s 2023 Annual Report on Form 10-K, filed with the SEC on February 29, 2024. Our management has reviewed these significant accounting policies and related disclosures and determined that there were no significant changes to our critical accounting policies during the three month period ended March 31, 2024.

Supplementary Financial Informa

Supplementary Financial Information	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplementary Financial Information	NOTE 3. SUPPLEMENTARY FINANCIAL INFORMATION Inventories March 31, December 31, (in thousands) Raw material Cannabis plants $ 20,005 $ 21,429 Packaging and supplies 30,544 36,472 Total raw material 50,549 57,901 Work in process 107,985 104,428 Finished goods - unmedicated 5,231 6,516 Finished goods - medicated 45,639 44,275 Total inventories $ 209,404 $ 213,120 Notes Receivable The fair values of financial instruments by class are as follows: March 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in thousands) Financial Assets (1) : Money market funds (2) $ 282,814 $ — $ — $ 282,814 $ 145,995 $ — $ — $ 145,995 Financial Liabilities: Interest rate swap (3) $ — $ 1,043 $ — $ 1,043 $ — $ 2,341 $ — $ 2,341 (1) There were no transfers between hierarchy levels during the periods ending March 31, 2024 or December 31, 2023. (2) Money market funds are included within cash and cash equivalents on the Company’s condensed consolidated balance sheets. Interest income from money market funds was $2.9 million and $0.7 million for the three months ended March 31, 2024 and 2023, respectively. (3) The fair value of the interest rate swap liability is recorded in other long-term liabilities on the condensed consolidated balance sheets. One of the Company’s consolidated variable interest entities is party to a shareholder agreement which provides certain of the non-controlling interest holders with optional redemption rights where they may put their shares in the consolidated subsidiary to the Company in exchange for a fixed number of Company shares. The non-controlling interest is redeemable at the option of the shareholder and is therefore recorded in temporary or "mezzanine" equity on the consolidated balance sheet in accordance with ASC Topic 480-10-S99. Certain put holders are required to pay a subscription fee prior to their put right becoming exercisable. During the first quarter of 2024, certain redeemable non-controlling interest holders executed their put rights following the payment of their subscription amount to the consolidated subsidiary, resulting in the issuance of 974,930 of Company Shares. This redemption resulted in an increase in the Company's ownership interest to 65% from 46%. At March 31, 2024, the redeemable non-controlling interest that is currently redeemable was recorded based on its redemption value of $8.1 million. The following table presents the components of the change in redeemable non-controlling interest for the three months ended March 31, 2024: Redeemable Non-Controlling Interest Balance, beginning of period $ — Reclassification to mezzanine equity (1,365) Redemption 529 Adjustment to maximum redemption value 8,836 Allocation of net loss (329) Balance, end of period $ 7,671 Stock Options The following table summarizes the Company's stock option activity for the three months ended March 31, 2024: Number of options Outstanding options, beginning of period 4,197,058 Granted (1) 992,166 Exercised (42,662) Forfeited (64,805) Outstanding options, end of period 5,081,757 Vested and exercisable options, end of period 3,323,425 (1) The weighted average exercise price for stock options granted was $10.00 . Restricted Stock Units The following table summarizes the Company's RSU activity for the three months ended March 31, 2024: Number of Unvested balance, beginning of period 2,686,216 Granted (1) 2,194,918 Vested (41,165) Forfeited (68,745) Unvested balance, end of period 4,771,224 (1) The weighted average grant date fair value of RSUs granted was $10.00 . Three Months Ended 2024 2023 (in thousands) Retail $ 284,994 $ 274,846 Wholesale 12,179 9,692 Licensing and Other 446 676 Total Revenue $ 297,619 $ 285,214 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 March 31, 2024, there were no pending or threatened lawsuits that 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 is an adverse party or has a material interest adverse to the Company’s interest. Contingencies

Financing Arrangements

Financing Arrangements	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Financing Arrangements	NOTE 4. FINANCING ARRANGEMENTS Private Placement Notes notes payable consisted of the following: March 31, December 31, Stated Interest Rate Effective Interest Rate Maturity Date (in thousands) 2026 Notes - Tranche One $ 293,000 $ 293,000 8.00% 8.52% 10/6/2026 2026 Notes - Tranche Two 75,000 75,000 8.00% 8.43% 10/6/2026 Total private placement notes 368,000 368,000 Less: unamortized debt discount and issuance costs (4,395) (4,785) Less: current portion of private placement notes — — Private placement notes, net $ 363,605 $ 363,215 The fair value of the private placement notes was approximately $341.8 million as of March 31, 2024. Notes Payable March 31, December 31, Stated Interest Rate Effective Interest Maturity Date (in thousands) Mortgage Notes Payable Notes dated December 21, 2022 $ 69,631 $ 70,046 7.53% 7.87% 1/1/2028 Notes dated December 22, 2023 24,871 25,000 8.31% 8.48% 12/23/2028 Notes dated December 22, 2022 18,357 18,470 7.30% 7.38% 12/22/2032 Notes dated October 1, 2021 5,534 5,645 8.14% 8.29% 10/1/2027 Total mortgage notes payable 118,393 119,161 Promissory Notes Payable Notes acquired in Harvest Acquisition in October 2021 (1) 1,684 1,707 (1) (1) (1) Notes of consolidated variable-interest entity dated February 1, 2022 753 885 8.00% 8.00% 12/31/2025 Total promissory notes payable 2,437 2,592 Total notes payable (2) 120,830 121,753 Less: unamortized debt discount and issuance costs (2,028) (2,139) Less: current portion of notes payable (3,793) (3,759) Notes payable, net $ 115,009 $ 115,855 (1) Interest rates range from 0.00% to 7.50%, with a weighted average interest rate of 6.63% as of March 31, 2024. Maturity dates range from October 4, 2024 to October 24, 2026. (2) Notes payable are subordinated to the private placement notes. Construction Finance Liabilities Total construction finance liabilities were $138.0 million and $138.1 million as of March 31, 2024 and December 31, 2023, respectively. The contractual terms range from 10.0 years to 25.0 years with a weighted average remaining lease term of 16.6 years. Maturities Stated maturities of the principal portion of private placement and notes payable outstanding and future minimum lease payments for the construction finance liabilities, including interest, as of March 31, 2024 are as follows: Private Placement Notes Notes Payable Construction Finance Liabilities Total Maturities Year (in thousands) Remainder of 2024 $ — $ 2,950 $ 12,801 $ 15,751 2025 — 4,232 17,521 21,753 2026 368,000 4,632 18,013 390,645 2027 — 70,034 18,519 88,553 2028 — 23,199 19,039 42,238 Thereafter — 15,783 283,384 299,167 Total $ 368,000 $ 120,830 369,277 858,107

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	NOTE 5. EARNINGS PER SHARE The following is a reconciliation for the calculation of basic and diluted earnings per share for the periods presented: Three Months Ended 2024 2023 Numerator (in thousands, except for share data) Continuing operations Net loss from continuing operations $ (23,489) $ (34,300) Less: net loss attributable to non-controlling interest (1,439) (984) Less: net loss attributable to redeemable non-controlling interest from continuing operations (329) — Less: adjustment of redeemable non-controlling interest to maximum redemption value 8,836 — Net loss from continuing operations available to common shareholders of Trulieve Cannabis Corp. $ (30,557) $ (33,316) Discontinued operations Net loss from discontinued operations $ (1,358) $ (31,331) Less: net loss attributable to non-controlling interest — (523) Net loss from discontinued operations excluding non-controlling interest $ (1,358) $ (30,808) Denominator Weighted average number of common shares outstanding - Basic and diluted (1) 189,493,134 188,899,309 Loss per Share - Continuing operations Basic and diluted loss per share $ (0.16) $ (0.18) Loss per Share - Discontinued operations Basic and diluted loss per share $ (0.01) $ (0.16) (1) Potentially dilutive securities representing 11.0 million and 4.0 million shares of common stock were excluded from the computation of diluted earnings per share for the three months ended March 31, 2024 and 2023, respectively, as their effect would have been antidilutive. As of March 31, 2024, there were approximately 187.3 million shares issued and outstanding, which excluded approximately 2.9 million fully vested RSUs which are not contractually issuable until September 2024 and approximately 0.1 million fully vested RSUs which are not contractually issuable until the earlier of a triggering event, as defined, or December 1, 2030.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 6. INCOME TAXES The following table summariz es the Company’s income tax expense and effective tax rate for the periods presented: Three Months Ended 2024 2023 (in thousands) Income before provision for income taxes $31,946 $1,164 Provision for income taxes $55,435 $35,464 Effective tax rate 174% 3047% The Company has computed its provision for income taxes based on the actual effective tax rate for the quarter as the Company believes this is the best estimate for the annual effective tax rate. The Company is subject to income taxes in the United States and Canada. Significant judgment is required in evaluating the Company’s uncertain tax positions and determining the provision for income taxes. The Company recognizes benefits from uncertain tax positions based on the cumulative probability method whereby the largest benefit with a cumulative probability of greater than 50% is recorded. An uncertain tax position is not recognized if it has less than a 50% likelihood of being sustained. A reconciliation of the beginning and ending amount of unrecognized tax benefits for the period presented: Three Months Ended March 31, 2024 (in thousands) Balance, beginning of period $ 542,762 Reductions based on tax positions related to the prior year (870) Reductions based on refunds requested but not received related to the prior year (44,677) Additions based on tax positions related to the current year 32,236 Additions based on refunds received related to prior years 50,344 Balance, end of period $ 579,795 A reconciliation of the beginning and ending amount of uncertain tax liabilities for the period presented: Three Months Ended March 31, 2024 (in thousands) Balance, beginning of period $ 180,350 Reductions based on tax positions related to the prior year (731) Additions based on tax positions related to the current year 42,095 Additions based on refunds received related to prior years 50,344 Reclass tax payment on deposit 2,321 Interest recorded in income tax expense, net of reversals (1) 3,587 Balance, end of period (2) $ 277,966 (2) Of the $278.0 million in uncertain tax liabilities, $247.3 million are related to our tax positions based on legal interpretations that challenge the Company's tax liability under IRC Section 280E. The Company’s net uncertain tax liabilities, inclusive of interest and tax payments on deposit, were approximately $278.0 million and $180.4 million as of March 31, 2024 and December 31, 2023, respectively, which is recorded in other long-term liabilities in the condensed consolidated balance sheets. The increase of $97.6 million in uncertain tax positio ns is primarily due to activity related to tax positions based on legal interpretations that challenge the Company's tax liability under IRC Section 280E. During the three months ended March 31, 2024 , the Company recorded interest of $3.6 million on uncertain tax liabilities in the consolidated statements of operations and comprehensive income, which is primarily related to the tax positions based on legal interpretations that challenge the Company's tax liability under IRC Section 280E. During the three months ended March 31, 2023, the Company recorded interest of $0.8 million on uncertain tax liabilities in the consolidated statements of operations and comprehensive income, which primarily related to a tax position taken relating to our inventory costs for tax purposes in our Florida dispensaries. As of March 31, 2024, the Company has tax payments on deposit of $154.7 million that would reduce the uncertain tax liability when ultimately paid to the tax jurisdictions.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	NOTE 7. VARIABLE INTEREST ENTITIES The Company has entered into certain agreements in several states with various entities related to the purchase and operation of cannabis dispensary, cultivation, and production licenses, and has determined these to be variable interest entities for which it is the primary beneficiary and/or holds a controlling voting equity position. The Company holds ownership interests in these entities ranging from 49% to 95% either directly or through a proxy as of March 31, 2024. The Company's VIEs are not material to the consolidated financial position or operations as of March 31, 2024 and December 31, 2023 or for the three months ended March 31, 2024 and 2023. The following table presents the summarized assets and liabilities of the Company’s consolidated VIEs in which the Company does not hold a majority interest as of March 31, 2024 and December 31, 2023. The assets and liabilities in the table below include third-party assets and liabilities of our VIEs only and exclude intercompany balances that are eliminated in consolidation as included on our condensed consolidated balance sheets. As outlined within Note 3. Supplementary Financial Information , the redemption of a redeemable non-controlling interest resulted in an increase in the Company's ownership interest in one of the Company’s consolidated variable interest entities to 65% as of March 31, 2024 from 46% as of December 31, 2023 . This increased the ownership in this consolidated variable interest entity wher e the Company holds a majority interest as of March 31, 2024. March 31, December 31, (in thousands) Current assets: Cash $ 881 $ 9,491 Accounts receivable, net — 1,308 Inventories 874 8,341 Prepaid expenses 291 423 Other current assets 16 7 Total current assets 2,062 19,570 Property and equipment, net 560 28,068 Right of use asset - operating, net — 2,744 Right of use asset - finance, net — 259 Intangible assets, net 5,750 17,162 Other assets 31 140 Total assets $ 8,403 $ 67,943 Current liabilities: Accounts payable and accrued liabilities $ 1,756 $ 1,939 Income tax payable — 2,017 Deferred revenue — 2 Operating lease liability - current portion — 63 Finance lease liability - current portion — 60 Total current liabilities 1,756 4,081 Notes payable 753 885 Operating lease liability — 2,926 Finance lease liability — 210 Deferred tax liabilities — 3,638 Other long-term liabilities — 671 Total liabilities $ 2,509 $ 12,411

Related Parties

Related Parties	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Parties	NOTE 8. RELATED PARTIES In the third quarter of 2023, the Company entered into an agreement to rent a piece of equipment from an entity that is directly owned in part by the Company’s Chief Executive Officer and Chair of the board of directors. The expense related to the use of this asset was $0.1 million for the three months ended March 31, 2024. The Company leases a cultivation facility and corporate office facility from an entity that is directly or indirectly owned by the Company's Chief Executive Officer and Chair of the board of directors, a former member of the Company's board of directors, and another member of the Company's board of directors. The Company had the following related party operating leases on the condensed consolidated balance sheets, under ASC 842, as of: March 31, December 31, (in thousands) Right-of-use assets, net $ 676 $ 706 Lease liabilities: Lease liabilities - current portion $ 130 $ 127 Lease liabilities 590 624 Total related parties lease liabilities $ 720 $ 751 Lease expense recognized on related party leases was less than $0.1 million and less than $0.1 million for the three months ended March 31, 2024 and 2023, respectively.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	NOTE 9. DISCONTINUED OPERATIONS The assets and liabilities associated with discontinued operations consisted of the following as of: March 31, December 31, (in thousands) Assets associated with discontinued operations Cash $ — $ 301 Accounts receivable, net 42 841 Prepaid expenses 845 816 Other assets 2,010 2,010 Total assets associated with discontinued operations $ 2,897 $ 3,968 Liabilities associated with discontinued operations Accounts payable and accrued liabilities $ 456 $ 530 Operating lease liabilities - current portion 183 165 Finance lease liabilities - current portion 299 291 Construction finance liability - current portion 2,113 2,003 Operating lease liabilities 15,295 15,332 Finance lease liabilities 1,995 2,048 Construction finance liability 23,599 24,167 Other long-term liabilities 6 6 Total liabilities associated with discontinued operations $ 43,946 $ 44,542 The following table summarizes the Company's loss from discontinued operations for the periods presented. Three Months Ended 2024 2023 (in thousands) Revenue $ — $ 3,875 Cost of goods sold — 4,129 Gross margin — (254) Expenses: Operating expenses 435 2,388 Impairment and disposal of long-lived assets, net — 27,636 Total expenses 435 30,024 Loss from operations (435) (30,278) Other expense: Other expense, net (923) (1,567) Total other expense, net (923) (1,567) Loss before income taxes (1,358) (31,845) Income tax benefit — (514) Net loss from discontinued operations, net of tax benefit (1,358) (31,331) Less: net loss attributable to non-controlling interest from discontinued operations — (523) Net loss from discontinued operations excluding non-controlling interest $ (1,358) $ (30,808) months ended March 31, 2024 was nominal. Three Months Ended (in thousands) Depreciation and amortization $ 2,226 Purchases of property and equipment 67 Loss on impairment of long-lived assets 27,636

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	NOTE 10. SUBSEQUENT EVENTS The Company’s management evaluates subsequent events through the date of issuance of the condensed consolidated financial statements. There have been no subsequent events that occurred during such period that would require adjustment to or disclosure in the condensed consolidated financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Principles of Consolidation	The accompanying unaudited condensed consolidated financial statements of Trulieve Cannabis Corp., ("Trulieve" and, together with its subsidiaries and variable interest entities, the "Company," "our," or "us") has been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and, therefore, do not include all financial information and footnotes required by GAAP for complete financial statements. In management's opinion, the condensed consolidated financial statements include all adjustments of a normal recurring nature necessary for a fair statement of the Company's financial position as of March 31, 2024, and the results of its operations and cash flows for the periods ended March 31, 2024 and 2023. The results of the Company's operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full 2024 fiscal year. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for Trulieve Cannabis Corp. and the notes thereto, included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission ("SEC") on February 29, 2024 (the "2023 Form 10-K").
Discontinued Operations	Discontinued Operations
Basis of Measurement	Basis of Measurement These condensed consolidated financial statements have been prepared on the going concern basis, under the historical cost convention, except for certain financial instruments that are measured at fair value as described herein.
Functional Currency	Functional Currency The functional currency of the Company and its subsidiaries, as determined by management, is the United States (“U.S.”) dollar. These condensed consolidated financial statements are presented in U.S. dollars.
Reclassifications	Reclassifications

Supplementary Financial Infor_2

Supplementary Financial Information (Tables)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Inventories	March 31, December 31, (in thousands) Raw material Cannabis plants $ 20,005 $ 21,429 Packaging and supplies 30,544 36,472 Total raw material 50,549 57,901 Work in process 107,985 104,428 Finished goods - unmedicated 5,231 6,516 Finished goods - medicated 45,639 44,275 Total inventories $ 209,404 $ 213,120
Schedule of Fair Value of Financial Instruments by Class	The fair values of financial instruments by class are as follows: March 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in thousands) Financial Assets (1) : Money market funds (2) $ 282,814 $ — $ — $ 282,814 $ 145,995 $ — $ — $ 145,995 Financial Liabilities: Interest rate swap (3) $ — $ 1,043 $ — $ 1,043 $ — $ 2,341 $ — $ 2,341 (1) There were no transfers between hierarchy levels during the periods ending March 31, 2024 or December 31, 2023. (2) Money market funds are included within cash and cash equivalents on the Company’s condensed consolidated balance sheets. Interest income from money market funds was $2.9 million and $0.7 million for the three months ended March 31, 2024 and 2023, respectively. (3)
Redeemable Noncontrolling Interest	The following table presents the components of the change in redeemable non-controlling interest for the three months ended March 31, 2024: Redeemable Non-Controlling Interest Balance, beginning of period $ — Reclassification to mezzanine equity (1,365) Redemption 529 Adjustment to maximum redemption value 8,836 Allocation of net loss (329) Balance, end of period $ 7,671
Schedule of Stock Option Activity	The following table summarizes the Company's stock option activity for the three months ended March 31, 2024: Number of options Outstanding options, beginning of period 4,197,058 Granted (1) 992,166 Exercised (42,662) Forfeited (64,805) Outstanding options, end of period 5,081,757 Vested and exercisable options, end of period 3,323,425 (1) The weighted average exercise price for stock options granted was $10.00 .
Schedule of Restricted Stock Units Activity	The following table summarizes the Company's RSU activity for the three months ended March 31, 2024: Number of Unvested balance, beginning of period 2,686,216 Granted (1) 2,194,918 Vested (41,165) Forfeited (68,745) Unvested balance, end of period 4,771,224 (1) The weighted average grant date fair value of RSUs granted was $10.00 .
Schedule of Net Revenues Comprised	Three Months Ended 2024 2023 (in thousands) Retail $ 284,994 $ 274,846 Wholesale 12,179 9,692 Licensing and Other 446 676 Total Revenue $ 297,619 $ 285,214

Financing Arrangements (Tables)

Financing Arrangements (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Private Placement Notes Payable	notes payable consisted of the following: March 31, December 31, Stated Interest Rate Effective Interest Rate Maturity Date (in thousands) 2026 Notes - Tranche One $ 293,000 $ 293,000 8.00% 8.52% 10/6/2026 2026 Notes - Tranche Two 75,000 75,000 8.00% 8.43% 10/6/2026 Total private placement notes 368,000 368,000 Less: unamortized debt discount and issuance costs (4,395) (4,785) Less: current portion of private placement notes — — Private placement notes, net $ 363,605 $ 363,215
Schedule of Notes Payable	March 31, December 31, Stated Interest Rate Effective Interest Maturity Date (in thousands) Mortgage Notes Payable Notes dated December 21, 2022 $ 69,631 $ 70,046 7.53% 7.87% 1/1/2028 Notes dated December 22, 2023 24,871 25,000 8.31% 8.48% 12/23/2028 Notes dated December 22, 2022 18,357 18,470 7.30% 7.38% 12/22/2032 Notes dated October 1, 2021 5,534 5,645 8.14% 8.29% 10/1/2027 Total mortgage notes payable 118,393 119,161 Promissory Notes Payable Notes acquired in Harvest Acquisition in October 2021 (1) 1,684 1,707 (1) (1) (1) Notes of consolidated variable-interest entity dated February 1, 2022 753 885 8.00% 8.00% 12/31/2025 Total promissory notes payable 2,437 2,592 Total notes payable (2) 120,830 121,753 Less: unamortized debt discount and issuance costs (2,028) (2,139) Less: current portion of notes payable (3,793) (3,759) Notes payable, net $ 115,009 $ 115,855 (1) Interest rates range from 0.00% to 7.50%, with a weighted average interest rate of 6.63% as of March 31, 2024. Maturity dates range from October 4, 2024 to October 24, 2026. (2) Notes payable are subordinated to the private placement notes.
Schedule of Stated Maturities of Notes Payable	Stated maturities of the principal portion of private placement and notes payable outstanding and future minimum lease payments for the construction finance liabilities, including interest, as of March 31, 2024 are as follows: Private Placement Notes Notes Payable Construction Finance Liabilities Total Maturities Year (in thousands) Remainder of 2024 $ — $ 2,950 $ 12,801 $ 15,751 2025 — 4,232 17,521 21,753 2026 368,000 4,632 18,013 390,645 2027 — 70,034 18,519 88,553 2028 — 23,199 19,039 42,238 Thereafter — 15,783 283,384 299,167 Total $ 368,000 $ 120,830 369,277 858,107

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Reconciliation For Calculation of Basic And Diluted Earnings Per Share	The following is a reconciliation for the calculation of basic and diluted earnings per share for the periods presented: Three Months Ended 2024 2023 Numerator (in thousands, except for share data) Continuing operations Net loss from continuing operations $ (23,489) $ (34,300) Less: net loss attributable to non-controlling interest (1,439) (984) Less: net loss attributable to redeemable non-controlling interest from continuing operations (329) — Less: adjustment of redeemable non-controlling interest to maximum redemption value 8,836 — Net loss from continuing operations available to common shareholders of Trulieve Cannabis Corp. $ (30,557) $ (33,316) Discontinued operations Net loss from discontinued operations $ (1,358) $ (31,331) Less: net loss attributable to non-controlling interest — (523) Net loss from discontinued operations excluding non-controlling interest $ (1,358) $ (30,808) Denominator Weighted average number of common shares outstanding - Basic and diluted (1) 189,493,134 188,899,309 Loss per Share - Continuing operations Basic and diluted loss per share $ (0.16) $ (0.18) Loss per Share - Discontinued operations Basic and diluted loss per share $ (0.01) $ (0.16) (1) Potentially dilutive securities representing 11.0 million and 4.0 million shares of common stock were excluded from the computation of diluted earnings per share for the three months ended March 31, 2024 and 2023, respectively, as their effect would have been antidilutive.

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Summary of Income Tax Expense and Effective Tax Rate	The following table summariz es the Company’s income tax expense and effective tax rate for the periods presented: Three Months Ended 2024 2023 (in thousands) Income before provision for income taxes $31,946 $1,164 Provision for income taxes $55,435 $35,464 Effective tax rate 174% 3047%
Schedule of Unrecognized Tax Benefits Roll Forward	A reconciliation of the beginning and ending amount of unrecognized tax benefits for the period presented: Three Months Ended March 31, 2024 (in thousands) Balance, beginning of period $ 542,762 Reductions based on tax positions related to the prior year (870) Reductions based on refunds requested but not received related to the prior year (44,677) Additions based on tax positions related to the current year 32,236 Additions based on refunds received related to prior years 50,344 Balance, end of period $ 579,795 A reconciliation of the beginning and ending amount of uncertain tax liabilities for the period presented: Three Months Ended March 31, 2024 (in thousands) Balance, beginning of period $ 180,350 Reductions based on tax positions related to the prior year (731) Additions based on tax positions related to the current year 42,095 Additions based on refunds received related to prior years 50,344 Reclass tax payment on deposit 2,321 Interest recorded in income tax expense, net of reversals (1) 3,587 Balance, end of period (2) $ 277,966 (2) Of the $278.0 million in uncertain tax liabilities, $247.3 million are related to our tax positions based on legal interpretations that challenge the Company's tax liability under IRC Section 280E.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Assets and Liabilities of Company's VIEs	March 31, December 31, (in thousands) Current assets: Cash $ 881 $ 9,491 Accounts receivable, net — 1,308 Inventories 874 8,341 Prepaid expenses 291 423 Other current assets 16 7 Total current assets 2,062 19,570 Property and equipment, net 560 28,068 Right of use asset - operating, net — 2,744 Right of use asset - finance, net — 259 Intangible assets, net 5,750 17,162 Other assets 31 140 Total assets $ 8,403 $ 67,943 Current liabilities: Accounts payable and accrued liabilities $ 1,756 $ 1,939 Income tax payable — 2,017 Deferred revenue — 2 Operating lease liability - current portion — 63 Finance lease liability - current portion — 60 Total current liabilities 1,756 4,081 Notes payable 753 885 Operating lease liability — 2,926 Finance lease liability — 210 Deferred tax liabilities — 3,638 Other long-term liabilities — 671 Total liabilities $ 2,509 $ 12,411

Related Parties (Tables)

Related Parties (Tables)	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Right of Use Assets and Lease Liabilities under ASC 842	The Company had the following related party operating leases on the condensed consolidated balance sheets, under ASC 842, as of: March 31, December 31, (in thousands) Right-of-use assets, net $ 676 $ 706 Lease liabilities: Lease liabilities - current portion $ 130 $ 127 Lease liabilities 590 624 Total related parties lease liabilities $ 720 $ 751

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Summary of Assets and Liabilities, Loss from Discontinued Operations and Cash Flow Including Continuing from Discontinued Operations	The assets and liabilities associated with discontinued operations consisted of the following as of: March 31, December 31, (in thousands) Assets associated with discontinued operations Cash $ — $ 301 Accounts receivable, net 42 841 Prepaid expenses 845 816 Other assets 2,010 2,010 Total assets associated with discontinued operations $ 2,897 $ 3,968 Liabilities associated with discontinued operations Accounts payable and accrued liabilities $ 456 $ 530 Operating lease liabilities - current portion 183 165 Finance lease liabilities - current portion 299 291 Construction finance liability - current portion 2,113 2,003 Operating lease liabilities 15,295 15,332 Finance lease liabilities 1,995 2,048 Construction finance liability 23,599 24,167 Other long-term liabilities 6 6 Total liabilities associated with discontinued operations $ 43,946 $ 44,542 The following table summarizes the Company's loss from discontinued operations for the periods presented. Three Months Ended 2024 2023 (in thousands) Revenue $ — $ 3,875 Cost of goods sold — 4,129 Gross margin — (254) Expenses: Operating expenses 435 2,388 Impairment and disposal of long-lived assets, net — 27,636 Total expenses 435 30,024 Loss from operations (435) (30,278) Other expense: Other expense, net (923) (1,567) Total other expense, net (923) (1,567) Loss before income taxes (1,358) (31,845) Income tax benefit — (514) Net loss from discontinued operations, net of tax benefit (1,358) (31,331) Less: net loss attributable to non-controlling interest from discontinued operations — (523) Net loss from discontinued operations excluding non-controlling interest $ (1,358) $ (30,808) months ended March 31, 2024 was nominal. Three Months Ended (in thousands) Depreciation and amortization $ 2,226 Purchases of property and equipment 67 Loss on impairment of long-lived assets 27,636

Supplementary Financial Infor_3

Supplementary Financial Information - Schedule of inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory [Line Items]
Total raw material	$ 50,549	$ 57,901
Work in process	107,985	104,428
Total inventories	209,404	213,120
Cannabis plants
Inventory [Line Items]
Total raw material	20,005	21,429
Packaging and supplies
Inventory [Line Items]
Total raw material	30,544	36,472
Finished goods - unmedicated
Inventory [Line Items]
Finished goods - unmedicated and medicated	5,231	6,516
Finished goods - medicated
Inventory [Line Items]
Finished goods - unmedicated and medicated	$ 45,639	$ 44,275

Supplementary Financial Infor_4

Supplementary Financial Information - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Inventory [Line Items]
Allowance for credit loss	$ 2,900,000	$ 0
Redemption	529,000
Redemption value	8,100,000
Redeemable noncontrolling interest, adjustment to APIC	$ 8,836,000
Consolidated Subsidiary
Inventory [Line Items]
Subsidiary, ownership percentage, parent (in percent)	65%	46%
Subordinate Voting Shares
Inventory [Line Items]
Subordinate Voting Shares issued pursuant to redemption of non-controlling interest (in shares)	974,930
Contingent Liabilities | Pending Litigation
Inventory [Line Items]
Contingent liabilities	$ 4,200,000	$ 4,200,000

Supplementary Financial Infor_5

Supplementary Financial Information - Schedule of Fair Value Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value liabilities transfers amount	$ 0		$ 0
Interest income	2,900	$ 700
Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Liabilities	1,043		2,341
Level 1 | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Liabilities	0		0
Level 2 | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Liabilities	1,043		2,341
Level 3 | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Liabilities	0		0
Money Market Funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Assets	282,814		145,995
Money Market Funds | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Assets	282,814		145,995
Money Market Funds | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Assets	0		0
Money Market Funds | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Financial Assets	$ 0		$ 0

Supplementary Financial Infor_6

Supplementary Financial Information - Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Equity, Attributable to Noncontrolling Interest [Roll Forward]
Balance, beginning of period	$ 7,671		$ 0
Reclassification to mezzanine equity	(1,365)
Redemption	529
Adjustment to maximum redemption value	8,836
Allocation of net loss	(329)	$ 0
Balance, end of period	$ 7,671

Supplementary Financial Infor_7

Supplementary Financial Information - Schedule of Stock Options (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)	4,197,058
Granted (in shares)	992,166
Exercised (in shares)	(42,662)
Forfeited (in shares)	(64,805)
Outstanding, ending balance (in shares)	5,081,757
Vested and exercisable options (in shares)	3,323,425
Weighted average exercise price, Granted (usd per share) | $ / shares	$ 10

Supplementary Financial Infor_8

Supplementary Financial Information - Schedule of Restricted Stock Activity (Details) - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of restricted stock units
Beginning balance (in shares)	2,686,216
Granted (in shares)	2,194,918
Vested (in shares)	(41,165)
Forfeited (in shares)	(68,745)
Ending balance (in shares)	4,771,224
Weighted average grant price, Granted (usd per share) | $ / shares	$ 10

Supplementary Financial Infor_9

Supplementary Financial Information - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 297,619	$ 285,214
Retail
Disaggregation of Revenue [Line Items]
Revenue	284,994	274,846
Wholesale
Disaggregation of Revenue [Line Items]
Revenue	12,179	9,692
Licensing and Other
Disaggregation of Revenue [Line Items]
Revenue	$ 446	$ 676

Financing Arrangements - Schedu

Financing Arrangements - Schedule of Private Placement Notes Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total private placement notes	$ 368,000	$ 368,000
Less: unamortized debt discount and issuance costs	(4,395)	(4,785)
Less: current portion of private placement notes	0	0
Private placement notes, net	363,605	363,215
2026 Notes - Tranche One
Debt Instrument [Line Items]
Total private placement notes	$ 293,000	293,000
Stated Interest Rate	8%
Effective Interest Rate	8.52%
2026 Notes - Tranche Two
Debt Instrument [Line Items]
Total private placement notes	$ 75,000	$ 75,000
Stated Interest Rate	8%
Effective Interest Rate	8.43%

Financing Arrangements - Additi

Financing Arrangements - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt, fair value	$ 341.8
Construction finance liabilities	$ 138	$ 138.1
Finance leases, weighted average remaining lease term (in years)	16 years 7 months 6 days
Minimum
Debt Instrument [Line Items]
Finance lease liability, initial term	10 years
Maximum
Debt Instrument [Line Items]
Finance lease liability, initial term	25 years

Financing Arrangements - Sche_2

Financing Arrangements - Schedule of Notes Payable, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Notes Payable [Line Items]
Total notes payable	$ 120,830	$ 121,753
Less: unamortized debt discount and issuance costs	(2,028)	(2,139)
Less: current portion of notes payable	(3,793)	(3,759)
Notes payable, net	115,009	115,855
Promissory Notes Payable
Notes Payable [Line Items]
Total notes payable	2,437	2,592
Notes dated December 21, 2022 | Mortgage Notes Payable
Notes Payable [Line Items]
Total notes payable	$ 69,631	70,046
Stated Interest Rate	7.53%
Effective Interest Rate	7.87%
Notes dated December 22, 2023 | Mortgage Notes Payable
Notes Payable [Line Items]
Total notes payable	$ 24,871	25,000
Stated Interest Rate	8.31%
Effective Interest Rate	8.48%
Notes dated December 22, 2022 | Mortgage Notes Payable
Notes Payable [Line Items]
Total notes payable	$ 18,357	18,470
Stated Interest Rate	7.30%
Effective Interest Rate	7.38%
Notes dated October 1, 2021 | Mortgage Notes Payable
Notes Payable [Line Items]
Total notes payable	$ 5,534	5,645
Stated Interest Rate	8.14%
Effective Interest Rate	8.29%
Notes acquired in Harvest Acquisition in October 2021 | Mortgage Notes Payable
Notes Payable [Line Items]
Total notes payable	$ 118,393	119,161
Notes acquired in Harvest Acquisition in October 2021 | Promissory Notes Payable
Notes Payable [Line Items]
Total notes payable	$ 1,684	1,707
Notes acquired in Harvest Acquisition in October 2021 | Minimum
Notes Payable [Line Items]
Stated Interest Rate	0%
Notes acquired in Harvest Acquisition in October 2021 | Maximum
Notes Payable [Line Items]
Stated Interest Rate	7.50%
Notes acquired in Harvest Acquisition in October 2021 | Weighted Average
Notes Payable [Line Items]
Stated Interest Rate	6.63%
Notes of consolidated variable-interest entity dated February 1, 2022 | Promissory Notes Payable
Notes Payable [Line Items]
Total notes payable	$ 753	$ 885
Stated Interest Rate	8%
Effective Interest Rate	8%

Financing Arrangements - Sche_3

Financing Arrangements - Schedule of Stated Maturities of Notes Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Private Placement Notes
Remainder of 2024	$ 0
2025	0
2026	368,000
2027	0
2028	0
Thereafter	0
Total private placement notes	368,000	$ 368,000
Notes Payable
Remainder of 2024	2,950
2025	4,232
2026	4,632
2027	70,034
2028	23,199
Thereafter	15,783
Total	120,830	$ 121,753
Construction Finance Liabilities
Remainder of 2024	12,801
2025	17,521
2026	18,013
2027	18,519
2028	19,039
Thereafter	283,384
Total	369,277
Total Maturities
Remainder of 2024	15,751
2025	21,753
2026	390,645
2027	88,553
2028	42,238
Thereafter	299,167
Total	$ 858,107

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Reconciliation For Calculation Of Basic And Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Continuing operations
Net loss from continuing operations	$ (23,489)	$ (34,300)
Less: net loss attributable to non-controlling interest	(1,439)	(984)
Less: net loss attributable to redeemable non-controlling interest from continuing operations	(329)	0
Less: adjustment of redeemable non-controlling interest to maximum redemption value	8,836	0
Net loss from continuing operations available to common shareholders of Trulieve Cannabis Corp.	(30,557)	(33,316)
Discontinued operations
Net loss from discontinued operations	(1,358)	(31,331)
Less: net loss attributable to non-controlling interest	0	(523)
Net loss from discontinued operations excluding non-controlling interest	$ (1,358)	$ (30,808)
Denominator
Weighted average number of common shares outstanding, basic (in shares)	189,493,134	188,899,309
Weighted average number of common shares outstanding, diluted (in shares)	189,493,134	188,899,309
Loss per Share - Continuing operations
Basic loss per share - continuing operations (in dollars per share)	$ (0.16)	$ (0.18)
Diluted loss per share - continuing operations (in dollars per share)	(0.16)	(0.18)
Loss per Share - Discontinued operations
Basic loss per share - discontinued operations (in dollars per share)	(0.01)	(0.16)
Diluted loss per share - discontinued operations (in dollars per share)	$ (0.01)	$ (0.16)
Antidilutive securities excluded from computation of earnings per share, amount	11,000,000	4,000,000

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - shares	Mar. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, shares issued (in shares)	187,253,410	186,235,818
Common stock, shares outstanding (in shares)	187,253,410	186,235,818
Not Contractually Issuable Until 2024 | Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares reserved for future instances (in shares)	2,900,000
Not Contractually Issuable Until the Earlier of December 1, 2030 | Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares reserved for future instances (in shares)	100,000

Income Taxes - Summary of Incom

Income Taxes - Summary of Income Tax Expense and Effective Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income before provision for income taxes	$ 31,946	$ 1,164
Provision for income taxes	$ 55,435	$ 35,464
Effective tax rate (as a percent)	174%	3,047%

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits, beginning balance	$ 180,350
Interest on income tax expense	3,600	$ 800
Unrecognized tax benefits, ending balance	277,966
Unrecognized tax benefits, income tax penalties and interest accrued			$ 180,400
Unrecognized Tax Benefits, Inventory Costs
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits, beginning balance	542,762
Reductions based on tax positions related to the prior year	(870)
Reductions based on refunds requested but not received related to the prior year	(44,677)
Additions based on tax positions related to the current year	32,236
Additions based on refunds received related to prior years	50,344
Unrecognized tax benefits, ending balance	579,795
Uncertain Tax Liabilities
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits, beginning balance	180,350
Reductions based on tax positions related to the prior year	(731)
Additions based on tax positions related to the current year	42,095
Additions based on refunds received related to prior years	50,344
Reclass tax payment on deposit	2,321
Interest on income tax expense	3,587
Unrecognized tax benefits, ending balance	277,966
Unrecognized tax benefits, income tax penalties and interest accrued	278,000
Increase resulting from tax position, IRC Section 280E	$ 247,300

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Tax Contingency [Line Items]
Unrecognized tax benefits, income tax penalties and interest accrued			$ 180,400
Increase in uncertain tax positions	$ 97,600
Interest on income tax expense	3,600	$ 800
Tax payments on deposits	154,700
Uncertain Tax Liabilities
Income Tax Contingency [Line Items]
Unrecognized tax benefits, income tax penalties and interest accrued	278,000
Increase resulting from tax position, IRC Section 280E	247,300
Interest on income tax expense	$ 3,587

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Ownership interests (as a percent)	65%	46%
Minimum
Variable Interest Entity [Line Items]
Ownership interests (as a percent)	49%
Maximum
Variable Interest Entity [Line Items]
Ownership interests (as a percent)	95%

Variable Interest Entities - Su

Variable Interest Entities - Summary of Assets and Liabilities of Company's VIEs (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current Assets:
Accounts receivable, net	$ 5,934	$ 6,703
Inventories	209,404	213,120
Prepaid expenses	17,447	17,620
Other current assets	20,299	23,735
Total current assets	585,266	477,348
Property and equipment, net	672,105	676,352
Right of use assets - operating, net	97,239	95,910
Right of use assets - finance, net	57,984	58,537
Intangible assets, net	901,681	917,191
Other assets	12,828	10,379
TOTAL ASSETS	2,819,284	2,729,055
Current Liabilities:
Accounts payable and accrued liabilities	82,799	83,162
Income tax payable	1,156	0
Operating lease liabilities - current portion	10,465	10,068
Finance lease liabilities - current portion	7,817	7,637
Total current liabilities	117,186	114,849
Notes payable, net	115,009	115,855
Operating lease liabilities	93,609	92,235
Finance lease liabilities	61,627	61,676
Deferred tax liabilities	216,980	206,964
Other long-term liabilities	4,999	7,086
TOTAL LIABILITIES	1,428,276	1,320,442
Variable Interest Entity, Primary Beneficiary
Current Assets:
Cash	881	9,491
Accounts receivable, net	0	1,308
Inventories	874	8,341
Prepaid expenses	291	423
Other current assets	16	7
Total current assets	2,062	19,570
Property and equipment, net	560	28,068
Right of use assets - operating, net	0	2,744
Right of use assets - finance, net	0	259
Intangible assets, net	5,750	17,162
Other assets	31	140
TOTAL ASSETS	8,403	67,943
Current Liabilities:
Accounts payable and accrued liabilities	1,756	1,939
Income tax payable	0	2,017
Deferred revenue	0	2
Operating lease liabilities - current portion	0	63
Finance lease liabilities - current portion	0	60
Total current liabilities	1,756	4,081
Notes payable, net	753	885
Operating lease liabilities	0	2,926
Finance lease liabilities	0	210
Deferred tax liabilities	0	3,638
Other long-term liabilities	0	671
TOTAL LIABILITIES	$ 2,509	$ 12,411

Related Parties - Additional In

Related Parties - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Interest expense	$ 14,669	$ 21,160
Related party, lease expense (less than)	100	$ 100
Related Party
Related Party Transaction [Line Items]
Interest expense	$ 100

Related Parties - Right of Use

Related Parties - Right of Use Assets and Lease Liabilities under ASC 842 (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Operating
Right-of-use assets, net	$ 97,239	$ 95,910
Lease liabilities:
Lease liabilities - current portion	10,465	10,068
Lease liabilities	93,609	92,235
Management
Operating
Right-of-use assets, net	676	706
Lease liabilities:
Lease liabilities - current portion	130	127
Lease liabilities	590	624
Total present value of minimum lease payments	$ 720	$ 751

Discontinued Operations - Summa

Discontinued Operations - Summary of Assets and Liabilities Associated with Discontinued Operations (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Disposal Group, Including Discontinued Operation, Assets [Abstract]
Cash	$ 300	$ 5,700	$ 0	$ 2,500
Massachusetts and Nevada Operations | Disposed of by Sale
Disposal Group, Including Discontinued Operation, Assets [Abstract]
Cash	0	301
Accounts receivable, net	42	841
Prepaid expenses	845	816
Other assets	2,010	2,010
Total assets associated with discontinued operations	2,897	3,968
Liabilities associated with discontinued operations
Accounts payable and accrued liabilities	456	530
Operating lease liabilities - current portion	183	165
Finance lease liabilities - current portion	299	291
Construction finance liability - current portion	2,113	2,003
Operating lease liabilities	15,295	15,332
Finance lease liabilities	1,995	2,048
Construction finance liability	23,599	24,167
Other long-term liabilities	6	6
Total liabilities associated with discontinued operations	$ 43,946	$ 44,542

Discontinued Operations - Sum_2

Discontinued Operations - Summary of Income (Loss) from Discontinued Operations (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other expense:
Income tax (provision) benefit	$ 0	$ 514,000
Net loss from discontinued operations, net of tax (provision) benefit	(1,358,000)	(31,331,000)
Less: net loss attributable to non-controlling interest from discontinued operations	0	(523,000)
Net loss from discontinued operations excluding non-controlling interest	(1,358,000)	(30,808,000)
Massachusetts and Nevada Operations | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue	0	3,875,000
Cost of goods sold	0	4,129,000
Gross margin	0	(254,000)
Expenses:
Operating expenses	435,000	2,388,000
Impairment and disposal of long-lived assets, net	0	27,636,000
Total Expenses	435,000	30,024,000
Loss from operations	(435,000)	(30,278,000)
Other expense:
Other expense, net	(923,000)	(1,567,000)
Total other expense, net	(923,000)	(1,567,000)
Loss before provision for income taxes	(1,358,000)	(31,845,000)
Income tax (provision) benefit	0	(514,000)
Net loss from discontinued operations, net of tax (provision) benefit	(1,358,000)	(31,331,000)
Less: net loss attributable to non-controlling interest from discontinued operations	0	(523,000)
Net loss from discontinued operations excluding non-controlling interest	$ (1,358,000)	$ (30,808,000)

Discontinued Operations - Sum_3

Discontinued Operations - Summary of Depreciation, Amortization, Loss on Impairment of Long-lived Assets, and Capital Expenditures of Discontinued Operations (Details) - Massachusetts and Nevada Operations - Disposed of by Sale $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and amortization	$ 2,226
Purchases of property and equipment	67
Loss on impairment of long-lived assets	$ 27,636