Trulieve is a vertically integrated, multi-state cannabis operator (MSO) headquartered in Tallahassee, Florida. Trulieve cultivates cannabis, manufactures branded products, and sells them through its own dispensaries. With 233 dispensaries across nine states, Trulieve is the largest cannabis retailer in the U.S. Florida is by far its most important market, with 162 stores, followed by Arizona (22 stores) and Pennsylvania (21 stores). Florida and Pennsylvania are currently medical-only markets, meaning customers must have a physician certification to purchase. Vertical integration is central to Trulieve's model — by controlling cultivation, manufacturing, and retail, Trulieve captures margin across the supply chain and controls brand consistency. Trulieve's primary brands are Modern Flower and Roll One, which it sells through its own dispensaries and wholesale to third-party retailers. Trulieve's loyalty program has 820,000 members who drive roughly 77% of transactions. A secondary and growing revenue channel is wholesale, where Trulieve sells branded products to other dispensaries in markets where it has limited store presence. In early 2025, Trulieve launched a line of hemp-derived THC beverages sold outside dispensaries through mainstream retail and distribution partners, targeting consumers who don't visit dispensaries. Because cannabis remains a federally controlled substance, Trulieve is subject to IRC Section 280E, which disallows ordinary business expense deductions and dramatically raises its effective tax rate. Adult-use legalization in Florida and Pennsylvania, and federal rescheduling of cannabis, are the key catalysts Trulieve is pursuing to expand its addressable market and improve profitability.