Trulieve Declares Victory, Retreats From Battlefield With 40% Casualties

By Boof du Jour Financial Bureau | August 2025

Tallahassee, FL — Trulieve has pulled off a masterclass in corporate delusion this quarter, spinning a multi-state retreat and a string of financial red flags as a strategic repositioning victory. With operations shuttered in California, Massachusetts, and most recently Nevada, the company has declared itself “streamlined,” “focused,” and “winning” — the same way you might call a four-car pileup a “traffic innovation.”

And for a company still recovering from the 2022 death of employee Lorna McMurrey — a tragedy that led to a $14,502 OSHA fine and a warehouse-sized scar on Trulieve’s reputation — the silence now coming from their freshly evacuated territories is somehow louder than the press release.

But the analysts have spoken. And the analysts are high.

Strategic Retreat Rebranded as “Market Discipline”

On Trulieve’s Q2 2025 earnings call, CEO Kim Rivers confidently declared that trimming down operations was a “return to fundamentals,” describing the company’s exit from high-burn markets as “pruning to bloom.”

Massachusetts, where Trulieve once operated three dispensaries and a cultivation center, is now listed in financials as “discontinued operations.” California, a market they never truly understood, saw Trulieve’s assets dumped in a quiet fire sale — after months of product rotting in distro limbo while legacy operators laughed them out of the supply chain.

And Nevada? The latest exit was so under-reported it barely earned a line in the 10-Q. According to one investor call attendee who spoke to Boof under condition of anonymity: “The CFO sounded like he was trying to downplay the fact that they’d torched an entire state’s worth of CapEx.”

Regulators in Massachusetts (CCC) and Nevada (CCB) have yet to issue a single public statement. When asked, one compliance insider shrugged: “Why would they? Regulators don’t care if you abandon patients, only if you skip a renewal check.”

Loyalty Metrics vs. Basic Human Loyalty

In what must be the most cursed bullet point in any cannabis financial update ever, Trulieve proudly announced the growth of its 725,000-member loyalty program — conveniently reported in the same earnings summary that makes zero mention of McMurrey’s name, the OSHA citations, or the company’s lack of follow-through on promised safety reforms.

725,000 rewards accounts. Zero accountability for a dead worker.

Boof du Jour requested comment on Trulieve’s current worker safety training protocols. A PR rep responded with a six-page PDF about “retail community initiatives” and a link to their Weedmaps profile.

Executive Spin from the Cult of EBITDA

On the call, Rivers described 2025 as a “transformative year,” citing a 61% gross margin and $111M adjusted EBITDA as signals of market strength. But behind the spin, the numbers show a company hemorrhaging territory, consolidating stores, and praying that Florida voters approve adult-use in 2026.

Boof obtained a fictionalized copy of a “strategic roadmap” presentation shown to regional managers last month:

Slide 7: “Disengagement Is The New Engagement”“By removing ourselves from underperforming states, we increase performance per state.”

Slide 12: “Florida or Bust”“90% of projected future value depends on constitutional passage. Nothing could go wrong.”

Slide 18: “Metrics That Matter”“Q2 Positivity Score: Up 13%”“Q2 Oxygen Intake Compliance Rate: Not Tracked”

Boofonomics Special Report

Below is Boof’s analysis of Trulieve’s Q2 report, inspired by real data, infused with absolute fuckery:

Metric	2024	Q2 2025	Interpretation
States Operated	11	6	“We’re not losing ground — we’re becoming elite.”
OSHA Fines Paid	$14,502	$0	“Because they’re not inspecting the ghost towns we just left.”
Dead Workers Acknowledged	0	0	“No harm, no foul (as long as you don’t mention it again).”
Loyalty Members	600,000	725,000	“Growth through coupons, not conscience.”
Markets Retreated From	2	3	“Strategic divestiture of brand embarrassment.”
Retail Locations	186	169	“We’re not closing stores, we’re future-proofing failure.”
Adjusted EBITDA	$76M	$111M	“Adjusted for humanity, that’s zero.”

Closing Thoughts from the “Resilience Tour”

Trulieve isn’t collapsing. They’re pivoting. Just like a flaming airplane pivots into a mountain.

Their stock isn’t dead. It’s “waiting on regulatory catalysts.”

Their workforce isn’t overworked and underprotected. It’s “resilient under pressure.”

And Kim Rivers? She’s not the villain. She’s just the face of a company that’s sacrificed territory, transparency, and one of its own — all in the name of adjusted fucking EBITDA.

If this is cannabis leadership, then it’s no wonder patients get shafted, workers get buried, and the only number that ever grows is the loyalty count.