Trulieve Cannabis Corp. will pay off $368 million in outstanding debt well before the loan’s 2026 due date, the company said Tuesday.
The Tallahassee, Florida-based marijuana multistate operator will pay back the full amount of the 8% loan plus interest by Dec. 25, according to a Nov. 4 news release.
The announcement means Trulieve may be safe from what some industry observers refer to as a “debt tsunami,” with about $6 billion in debt coming due across the sector in the next year.
Trulieve pays off most of its debt, but some remains
Trulieve was among the top five cannabis sector borrowers accounting for $3.4 billion in debt coming due next year.
Other major marijuana MSOs still hold significant debt.
However, Trulieve still owes $110 million at 7.9%, according to its quarterly earnings report released Wednesday.
The company reported losing $27 million over the quarter on revenue of $288.2 million.
According to Trulieve, over the quarter, the company sold 12.5 million branded products, a 7% increase from last year.
It also reported $450 million in cash on hand as of Sept. 30.
“Our 2025 strategic plan is delivering results, with demonstrable progress on reform, customers, distribution and branded products,” Trulieve CEO Kim Rivers said in a statement.
“Significant flexibility in our core business and strong cash generation continue to set us apart in a dynamic market.”
Trulieve’s tax debt swells as IRS fight looms
However, Trulieve also signaled that its tax issue remains and is growing.
The company reported $616.3 million in “uncertain tax liabilities,” up from $445.2 million at the end of last year.
In past filings, the company has said its tax liabilities are related to its position that it can claim business deductions that the IRS denies to plant-touching cannabis companies under hated Internal Revenue Service Code 280E.
Trulieve first began claiming publicly that it was owed refunds from the IRS over 280E in 2023.
It’s one of several MSOs that are setting up what some tax experts warn is a “high-risk fight” with the federal taxman.
The company operates 232 cannabis stores across the country and cultivates 4 million square feet of canopy, according to Wednesday’s release.
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