FL Monthly Puff: Trulieve Lists on NYSE, Vireo Buys FLUENT and C21
Florida cannabis retail September 2026 is defined by scale plays and a reshuffled competitive board. Trulieve completed a corporate restructuring to list on the NYSE, Vireo Growth announced a sweeping set of acquisitions that pull FLUENT, C21, and Planet 13’s Florida operations under one roof, and Curaleaf pushed its Florida store count to 76 with a new Cutler Bay location. Federal rescheduling to Schedule III in April is now visibly reshaping how the largest medical marijuana market in the country operates.
Top Headlines This Month
- Trulieve lists on NYSE, posts $271M Q2 revenue
- Planet 13 Florida revenue up 17.1% quarter-over-quarter
- Vireo acquires FLUENT, C21, and Planet 13 Florida operations
- Curaleaf opens Cutler Bay store, 76 Florida locations
Florida: Trulieve Lists on NYSE, Reports $271M Q2 Revenue After Harvest Deconsolidation
Trulieve Cannabis Corp posted Q2 2026 GAAP revenue of $271 million with a 60% gross margin, and listed on the New York Stock Exchange on June 10, 2026 under ticker TRLV. The listing followed federal rescheduling of state-licensed medical marijuana to Schedule III in April 2026, which was finalized through a Department of Justice order and created a new DEA pathway for state-licensed operators to register directly with the agency. To qualify for the NYSE listing, Trulieve completed a corporate restructuring on June 3, 2026 that deconsolidated its Harvest mixed-use operations into a separately controlled entity. According to Trulieve’s earnings presentation, that transaction generated a $403 million accounting charge, pushing the GAAP net loss to $406 million for the quarter, though adjusted EBITDA came in at $98 million with a 36% margin and adjusted net income was $20 million. Trulieve’s consolidated operations now cover 207 DEA-registered, medical-only dispensaries across Florida, Georgia, Pennsylvania, and West Virginia, plus conditional license awards in Alabama and Texas. The company retains a 90% economic interest in Harvest, which operates 34 dispensaries in Arizona, Connecticut, Maryland, and Ohio. In Florida specifically, Trulieve holds 170 dispensaries, representing 22% of retail doors in the state, with 938,980 registered patients as of July 31, 2026. Medical-only revenue for Q2 was $222 million at a 63% gross margin. The NYSE listing is a direct product of federal rescheduling. Trulieve structured its entire corporate reorganization around qualifying as a DEA-registered, Schedule III operator. Rescheduling also removes the 280E tax burden from medical operations, and the company is pursuing retroactive relief on 280E liabilities stretching back to 2019. With $325 million in cash and a share repurchase program authorized for up to $50 million, Trulieve enters the second half of 2026 as the dominant medical marijuana retailer in the largest U.S. medical marijuana market.
Florida: Planet 13 Posts 17.1% Florida Revenue Growth and Vireo Merger Agreement in Q2 2026
Planet 13 Holdings Inc. reported Q2 2026 revenue of $22.9 million, down 14.9% year-over-year from $26.9 million, with the decline driven primarily by the company’s exit from California retail and wholesale and continued price compression in Nevada and Florida. Florida was a relative bright spot: Florida revenue grew 17.1% quarter-over-quarter. Gross margin improved sharply to 53.9% from 43.4% in Q2 2025, aided by the California exit, cost and procurement actions, and a $1.0 million reduction in the Florida distillate inventory reserve. Net loss improved to $5.6 million from $13.3 million in Q2 2025, and adjusted EBITDA loss narrowed to $0.5 million from $2.4 million. On May 9, 2026, Planet 13 received OMMU approval for a BHO extraction facility in Florida. On July 27, 2026, the company announced a definitive merger agreement with Vireo Growth Inc., covering Planet 13’s operations in Nevada, Illinois, and Florida. The company held $16.5 million in cash and restricted cash as of June 30, 2026. Planet 13’s Florida trajectory tells a specific story: the market is growing for the company even as overall revenue fell from the California exit. Planet 13 management framed the Vireo merger as a response to a market that increasingly rewards scale, purchasing power, and the balance sheet to absorb ongoing price compression. The OMMU BHO extraction approval adds production capability in Florida just as the company transitions into Vireo’s platform.
Florida: Vireo Growth Announces FLUENT, C21, and Planet 13 Acquisitions in Major Multi-State Expansion
Vireo Growth Inc. reported Q2 2026 GAAP revenue of $209.3 million, up 335% year-over-year, powered by recently closed acquisitions including Hawthorne, Eaze, and Bridgewell. The company then announced a wave of additional deals that directly affect Florida: acquisitions of FLUENT and C21 to expand retail in Florida and Nevada, and a merger agreement with Planet 13 Holdings Inc. to acquire its cultivation, processing, distribution, and retail operations in Nevada, Illinois, and Florida. Beyond Florida, Vireo also announced an asset purchase agreement for select Cannabist assets in Colorado, Massachusetts, New Jersey, Illinois, and West Virginia, completed the PharmaCann acquisition in Colorado after quarter end, and entered Pennsylvania through PhytoNatural dispensary licenses. A four-deal transaction in Ohio will mark its entry into its 15th state. Assuming all announced transactions close, Vireo projects roughly 270 dispensaries total. The company ended Q2 with $122.7 million in cash and secured a new asset-based revolving credit facility with a $65 million initial commitment, expandable to $105 million. Adjusted EBITDA was $41.5 million at a 19.8% margin. Florida is central to Vireo’s acquisition push. The FLUENT and C21 deals add retail doors in the state, and the Planet 13 merger brings additional Florida dispensary operations into the fold. Together these moves signal that Vireo is building toward scale as a primary competitive strategy, with CEO John Mazarakis noting that scale alone is insufficient and the company is building a diversified cannabis and agribusiness platform. The integration timeline extends into 2027.
Miami-Dade: Curaleaf Opens Cutler Bay Dispensary, Florida Footprint Reaches 76 Stores
Curaleaf Holdings opened a new dispensary in Cutler Bay on September 1, 2026, at 11245 SW 211th St. in Miami. The location is the company’s eighth dispensary in Miami-Dade County and brings its Florida store count to 76, with a nationwide total of 177 stores. The Cutler Bay store carries Anthem pre-rolls, Dark Heart ultra-premium flower, Reef flower, and Select Briq 2 all-in-one vapes. A grand opening celebration is scheduled for September 12 and 13, 2026. Chairman and CEO Boris Jordan cited strong patient demand in South Miami-Dade and confirmed that additional Florida openings are planned for the remainder of 2026. The Cutler Bay opening reflects continued retail densification in Miami-Dade, a significant South Florida market. With 76 locations statewide, Curaleaf is pushing deeper into South Florida.
Source:
https://ir.curaleaf.com/2026-08-31-Curaleaf-Expands-Florida-Reach-with-Cutler-Bay-Dispensary-Opening
The Bottom Line
Florida cannabis retail in September 2026 is consolidating fast, with Trulieve leveraging federal rescheduling to reach the NYSE, Vireo assembling a multi-state platform anchored by Florida assets, and Curaleaf densifying South Florida. The largest medical marijuana market in the country is now a proving ground for scale-driven strategies.
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