TRLV on NYSE
Trulieve Cannabis Corp.
Trulieve Cannabis Corp. is a reporting issuer in the United States and Canada.5 From its latest annual report
Price unavailable
Last updated Oct 19, 2026.
Overview
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- TickerTRLV on NYSE2
- IndustryMedicinal Chemicals & Botanical Products2
- HeadquartersTallahassee, United States2
- Incorporated inBritish Columbia, Canada4
- Business address3494 Martin Hurst Road, Tallahassee, Fl 323124
- Filer categoryLarge accelerated filer4
- Legal formCorporation2
- LEI549300122MBOJDGEZ0142
- StatusActive2
- LEI statusLapsed (not renewed)2
- Registered addressSuite 2800, Park Place, V6C 2Z7 Vancouver, Canada2
- Registered withBC Registry Services, C11799732
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Trulieve Cannabis Corp. is a reporting issuer in the United States and Canada. The Company’s Subordinate Voting Shares (as hereinafter defined) are listed for trading on the Canadian Securities Exchange (“CSE”) under the symbol “TRUL” and are also traded in the United States on the OTCQX Best Market (“OTCQX”) under the symbol “TCNNF”.5 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
60.2%Gross margin3
12.1%Operating margin3
-10.3%Net margin3
-0.4%Revenue growth, 20253
-10.7%Return on equity3
0.12×Debt to equity3
$228.6MFree cash flow3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Retail brought in 94% of the revenue Trulieve Cannabis Corp. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Retail | $1.1B | $1.1B | $1.1B |
| Wholesale and Other | $45.6M | $57.6M | $70.7M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue40¢$470.0M
- Selling, general and admin38¢$445.2M
- Other costs5¢$57.8M
- Income tax18¢$208.1M
Out of $1.2B in revenue.3 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Capital spending16¢$44.2M
- Kept or used elsewhere84¢$228.6M
Out of $272.8M of cash from operations.3
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenue | $1.2B | $1.2B | $1.1B |
| Cost of goods sold | $470.0M | $470.7M | $540.6M |
| Gross profit | $711.2M | $715.7M | $588.6M |
| Selling, general, and administrative | $445.2M | $510.5M | $386.2M |
| Depreciation and amortization | $117.6M | $112.8M | $109.8M |
| Impairment and other charges, net of (recoveries) | $4.8M | -$5.3M | $6.7M |
| Impairment of goodwill | $0 | $0 | $307.6M |
| Total expenses | $567.7M | $618.0M | $810.2M |
| Income (loss) from operations | $143.5M | $97.8M | -$221.6M |
| Interest expense, net | -$63.5M | -$62.2M | -$81.6M |
| Interest income | $14.5M | $14.7M | $6.2M |
| (Loss) gain on debt extinguishments, net | -$1.7M | $0 | $5.9M |
| Other (expense) income, net | -$1.4M | -$7.6M | $6.5M |
| Total other expense, net | -$52.0M | -$55.1M | -$62.9M |
| Income (loss) before provision for income taxes | $91.5M | $42.7M | -$284.5M |
| Provision for income taxes | $208.1M | $197.6M | $151.4M |
| Net loss from continuing operations | -$116.6M | -$154.9M | -$435.9M |
| Net loss from discontinued operations, net of tax (provision) benefit of $(209), $0, and $4,101, respectively | -$5.6M | -$5.7M | -$97.2M |
| Net loss | -$122.2M | -$160.6M | -$533.1M |
| Less: net loss attributable to non-controlling interest from continuing operations | -$5.9M | -$5.5M | -$5.1M |
| Less: net loss attributable to non-controlling interest from discontinued operations | $0 | $0 | -$1.2M |
| Net loss attributable to common shareholders | -$116.4M | -$155.1M | -$526.8M |
| Basic (in dollars per share) | -$0.58 | -$0.79 | -$2.28 |
| Diluted (in dollars per share) | -$0.58 | -$0.79 | -$2.28 |
| Basic (in dollars per share) | -$0 | -$0 | -$1 |
| Diluted (in dollars per share) | -$0 | -$0 | -$1 |
| Basic (in shares) | 191.3M shares | 190.0M shares | 189.0M shares |
| Diluted (in shares) | 191.3M shares | 190.0M shares | 189.0M shares |
| Tax (provision) benefit of discontinued operations | -$209.0K | $0 | $4.1M |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $255.5M | $238.8M | $201.4M | $207.2M |
| Short-term investments | $0 | $60.4M | ||
| Restricted cash | $0 | $907.0K | ||
| Accounts receivable, net | $10.5M | $8.3M | ||
| Inventories | $242.3M | $231.4M | ||
| Income tax receivable | $8.5M | $10.0M | ||
| Prepaid expenses | $18.3M | $23.0M | ||
| Other current assets | $25.5M | $26.2M | ||
| Notes receivable - current portion, net | $1.2M | $4.8M | ||
| Assets associated with discontinued operations | $859.0K | $868.0K | ||
| Total current assets | $562.7M | $604.6M | ||
| Property and equipment, net | $670.4M | $716.1M | ||
| Right of use assets - operating, net | $108.3M | $119.5M | ||
| Right of use assets - finance, net | $60.0M | $64.4M | ||
| Intangible assets, net | $798.4M | $859.5M | ||
| Goodwill | $483.9M | $483.9M | ||
| Notes receivable, net | $450.0K | $528.0K | ||
| Other assets | $10.0M | $19.8M | ||
| Long-term assets associated with discontinued operations | $1.9M | $2.0M | ||
| TOTAL ASSETS | $2.7B | $2.9B | ||
| Accounts payable and accrued liabilities | $82.7M | $94.0M | ||
| Deferred revenue | $9.6M | $8.0M | ||
| Notes payable - current portion | $4.1M | $3.4M | ||
| Operating lease liabilities - current portion | $13.0M | $12.1M | ||
| Finance lease liabilities - current portion | $10.7M | $9.5M | ||
| Construction finance liabilities - current portion | $2.4M | $1.9M | ||
| Contingencies | $780.0K | $6.3M | ||
| Liabilities associated with discontinued operations | $3.7M | $3.1M | ||
| Total current liabilities | $126.9M | $138.5M | ||
| Private placement notes, net | $136.7M | $364.8M | ||
| Notes payable, net | $90.8M | $111.9M | ||
| Operating lease liabilities | $107.9M | $117.5M | ||
| Finance lease liabilities | $64.1M | $67.7M | ||
| Construction finance liabilities | $133.8M | $135.5M | ||
| Deferred tax liabilities | $178.0M | $196.5M | ||
| Uncertain tax position liabilities | $668.4M | $445.2M | ||
| Other long-term liabilities | $11.4M | $5.0M | ||
| Long-term liabilities associated with discontinued operations | $34.9M | $38.6M | ||
| TOTAL LIABILITIES | $1.6B | $1.6B | ||
| Common stock, no par value; unlimited shares authorized. 192,307,145 and 191,005,940 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | $0 | $0 | ||
| Additional paid-in-capital | $2.1B | $2.1B | ||
| Accumulated deficit | -$912.1M | -$795.7M | ||
| Non-controlling interest | -$18.2M | -$12.3M | ||
| TOTAL EQUITY | $1.1B | $1.2B | $1.4B | $1.9B |
| TOTAL LIABILITIES AND EQUITY | $2.7B | $2.9B | ||
| Common stock, no par value (in dollars per share) | $0 | $0 | ||
| Common stock, shares issued (in shares) | 192.3M shares | 191.0M shares | ||
| Common stock, shares outstanding (in shares) | 192.3M shares | 191.0M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $255.5M | $238.8M | $201.4M | $207.2M |
| Short-term investments | $0 | $60.4M | ||
| Restricted cash | $0 | $907.0K | ||
| Accounts receivable, net | $10.5M | $8.3M | ||
| Inventories | $242.3M | $231.4M | ||
| Income tax receivable | $8.5M | $10.0M | ||
| Prepaid expenses | $18.3M | $23.0M | ||
| Other current assets | $25.5M | $26.2M | ||
| Notes receivable - current portion, net | $1.2M | $4.8M | ||
| Assets associated with discontinued operations | $859.0K | $868.0K | ||
| Total current assets | $562.7M | $604.6M | ||
| Property and equipment, net | $670.4M | $716.1M | ||
| Right of use assets - operating, net | $108.3M | $119.5M | ||
| Right of use assets - finance, net | $60.0M | $64.4M | ||
| Intangible assets, net | $798.4M | $859.5M | ||
| Goodwill | $483.9M | $483.9M | ||
| Notes receivable, net | $450.0K | $528.0K | ||
| Other assets | $10.0M | $19.8M | ||
| Long-term assets associated with discontinued operations | $1.9M | $2.0M | ||
| TOTAL ASSETS | $2.7B | $2.9B | ||
| Accounts payable and accrued liabilities | $82.7M | $94.0M | ||
| Deferred revenue | $9.6M | $8.0M | ||
| Notes payable - current portion | $4.1M | $3.4M | ||
| Operating lease liabilities - current portion | $13.0M | $12.1M | ||
| Finance lease liabilities - current portion | $10.7M | $9.5M | ||
| Construction finance liabilities - current portion | $2.4M | $1.9M | ||
| Contingencies | $780.0K | $6.3M | ||
| Liabilities associated with discontinued operations | $3.7M | $3.1M | ||
| Total current liabilities | $126.9M | $138.5M | ||
| Private placement notes, net | $136.7M | $364.8M | ||
| Notes payable, net | $90.8M | $111.9M | ||
| Operating lease liabilities | $107.9M | $117.5M | ||
| Finance lease liabilities | $64.1M | $67.7M | ||
| Construction finance liabilities | $133.8M | $135.5M | ||
| Deferred tax liabilities | $178.0M | $196.5M | ||
| Uncertain tax position liabilities | $668.4M | $445.2M | ||
| Other long-term liabilities | $11.4M | $5.0M | ||
| Long-term liabilities associated with discontinued operations | $34.9M | $38.6M | ||
| TOTAL LIABILITIES | $1.6B | $1.6B | ||
| Common stock, no par value; unlimited shares authorized. 192,307,145 and 191,005,940 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | $0 | $0 | ||
| Additional paid-in-capital | $2.1B | $2.1B | ||
| Accumulated deficit | -$912.1M | -$795.7M | ||
| Non-controlling interest | -$18.2M | -$12.3M | ||
| TOTAL EQUITY | $1.1B | $1.2B | $1.4B | $1.9B |
| TOTAL LIABILITIES AND EQUITY | $2.7B | $2.9B | ||
| Common stock, no par value (in dollars per share) | $0 | $0 | ||
| Common stock, shares issued (in shares) | 192.3M shares | 191.0M shares | ||
| Common stock, shares outstanding (in shares) | 192.3M shares | 191.0M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net loss | -$122.2M | -$160.6M | -$533.1M |
| Depreciation and amortization | $117.6M | $112.8M | $110.8M |
| Depreciation included in cost of goods sold | $55.8M | $53.6M | $59.8M |
| Loss (gain) on debt extinguishments, net | $1.7M | $0 | -$5.9M |
| Impairment and other charges, net of (recoveries) | $4.8M | -$5.3M | $6.7M |
| Impairment of goodwill | $0 | $0 | $307.6M |
| Share-based compensation | $20.5M | $20.2M | $10.6M |
| Deferred income taxes | -$18.6M | -$10.4M | -$17.2M |
| (Gain) loss from disposal of discontinued operations | -$826.0K | $0 | $69.5M |
| Other non-cash changes | $20.1M | $18.2M | $19.6M |
| Inventories | -$10.9M | -$18.7M | $83.3M |
| Accounts receivable | -$3.7M | $741.0K | -$1.7M |
| Other assets | $5.8M | -$9.1M | $9.7M |
| Accounts payable and accrued liabilities | -$11.3M | $7.2M | $1.6M |
| Income tax receivable / payable | $1.6M | -$8.5M | -$48.8M |
| Other liabilities | -$16.4M | -$1.6M | -$31.4M |
| Uncertain tax position liabilities | $223.2M | $264.9M | $160.9M |
| Proceeds received from insurance for operating expenses | $5.7M | $8.0M | $0 |
| Net cash provided by operating activities | $272.8M | $271.5M | $201.8M |
| Purchases of property and equipment | -$44.2M | -$122.6M | -$40.2M |
| Purchases of internal use software | -$16.3M | -$25.1M | -$10.6M |
| Purchases of short-term investments | $0 | -$80.0M | $0 |
| Maturities of short-term investments | $60.0M | $20.0M | $0 |
| Other purchase and payments | -$117.0K | -$7.6M | -$5.4M |
| Other proceeds | $14.1M | $8.7M | $18.8M |
| Net cash provided by (used in) investing activities | $13.5M | -$206.6M | -$37.5M |
| Proceeds from private placement notes | $140.0M | $0 | $0 |
| Payments on long-term borrowings | -$393.3M | -$8.1M | -$191.4M |
| Payments for debt issuance costs | -$3.3M | $0 | $0 |
| Payments for taxes related to net share settlement of equity awards | -$4.8M | -$14.8M | -$466.0K |
| Other payments and distributions | -$9.0M | -$13.8M | -$8.4M |
| Other proceeds | $0 | $3.2M | $24.7M |
| Net cash used in financing activities | -$270.5M | -$33.4M | -$175.6M |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | $15.8M | $31.4M | -$11.2M |
| Interest | $70.3M | $65.4M | $81.2M |
| Income taxes paid, net of (refunds) | $1.5M | -$48.4M | $52.6M |
| ASC 842 lease additions - operating and finance leases | $17.3M | $51.5M | $14.3M |
| Purchases of property and equipment in accounts payable and accrued liabilities | $3.7M | $5.3M | $2.8M |
| Reclassification of assets to held for sale | $5.7M | $10.6M | $18.4M |
| Operating license intangible placed into service, transfer from other assets | $6.5M | $0 | $0 |
| Redeemed non-controlling interest, former mezzanine equity | $0 | $2.6M | $0 |
| Redemptions of non-controlling interest | $0 | $2.1M | $0 |
| Noncash partial extinguishment of construction finance liability | $0 | $0 | $18.5M |
No quarter-by-quarter statement was filed.
Leadership
Who has led Trulieve Cannabis Corp., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
2025
- Chief executive officerKim A. Rivers Feb 4, 2021 to now14
- ChairKim A. Rivers May 25, 2022 to now15
- PresidentJason Pernell Mar 5, 2025 to now16
- PresidentSteven Matthew White Feb 28, 2022 to May 25, 202217
- PresidentKim A. Rivers Feb 4, 2021 to Oct 28, 202114
- Chief financial officerJan Reese Sep 30, 2025 to now18
- Chief financial officerWes Getman Jan 4, 2024 to Dec 13, 202419
- Chief financial officerRyan Blust Jun 28, 2023 to Jul 13, 202320
- Chief financial officerTimothy E. Mullany Jul 13, 2023 to Jul 13, 202321
- Chief financial officerAlex D'Amico Feb 4, 2021 to Jan 3, 202322
- Chief operating officerMarie Zhang Feb 5, 2024 to now23
Board members and other officers (19)
- Chief Corp Affairs & StrategyChristine Ann Hersey Jan 27, 2026 to now24
- Chief Accounting OfficerBrett R. Walsh Mar 10, 2026 to now25
- Chief Technology OfficerNilyum Jhala Nov 14, 2024 to now26
- Chief Marketing OfficerGina Collins Nov 21, 2024 to now27
- Chief Accounting OfficerJoy Malivuk May 2, 2023 to now28
- GC and Corporate SecretaryEric Powers Feb 4, 2021 to May 25, 202229
- Chief Production OfficerKyle Landrum Feb 4, 2021 to now30
- Chief Sales OfficerTimothy Morey Feb 4, 2021 to now31
- Chief Accounting OfficerRebecca L. Young Oct 8, 2021 to Feb 28, 202232
- Board memberMatthew J. Foulston Sep 3, 2025 to now33
- Board memberGeorge Hackney Feb 4, 2021 to Apr 13, 202134
- Board memberKim A. Rivers Feb 4, 2021 to Feb 28, 202214
- Board memberPeter Healy Feb 4, 2021 to now35
- Board memberSusan Thronson Feb 4, 2021 to now36
- Board memberThad Beshears Feb 4, 2021 to now37
- Board memberThomas L. Millner Feb 4, 2021 to now38
- Board memberGiannella Alvarez Sep 24, 2021 to May 20, 202439
- Board memberJane C. Morreau Sep 24, 2021 to now40
- General counselEric Powers Jan 3, 2023 to now41
Named in SEC Form D filings
People the company listed in its private-offering notices.
- DirectorRichard May named Oct 13, 2021 to Feb 6, 202642
Timeline
Filings
339 filings to the SEC since October 2021: 7 annual reports, 15 quarterly reports, 62 major events, 191 insider forms, 14 large holders, 3 private raises, 47 other. The latest 20:
- Aug 24, 2026S-8 POS EDGAR
- Aug 24, 2026POSASR EDGAR
- Aug 11, 20268-K EDGAR
- Aug 7, 202610-Q EDGAR
- Aug 7, 20268-K EDGAR
- Aug 5, 20268-K EDGAR
- Jul 8, 2026SCHEDULE 13G EDGAR
- Jul 2, 20268-K EDGAR
- Jun 26, 20264 EDGAR
- Jun 25, 2026DEFA14A EDGAR
- Jun 25, 2026DEF 14A EDGAR
- Jun 25, 20264 EDGAR
- Jun 22, 20264 EDGAR
- Jun 17, 2026144 EDGAR
- Jun 12, 2026PRE 14A EDGAR
- Jun 12, 20268-K EDGAR
- Jun 11, 20268-K EDGAR
- Jun 9, 20268-K EDGAR
- Jun 9, 20268-A12B EDGAR
- Jun 9, 2026CERT NYSE CERTIFICATION EDGAR
The 339 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
32 open-market trades by officers, directors and large owners since October 2021: 24 buys and 8 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jun 26, 2026 | Rivers Kim A.Chairman and CEO | Sale | 136,811 | $8.76 | $1.2M | Form 4 |
| Jun 25, 2026 | Rivers Kim A.Chairman and CEO | Sale | 300,000 | $8.17 | $2.5M | Form 4 |
| Jun 24, 2026 | Rivers Kim A.Chairman and CEO | Sale | 400,000 | $8.17 | $3.3M | Form 4 |
| Jun 23, 2026 | Rivers Kim A.Chairman and CEO | Sale | 380,000 | $8.47 | $3.2M | Form 4 |
| Jun 22, 2026 | Rivers Kim A.Chairman and CEO | Sale | 204,815 | $9.35 | $1.9M | Form 4 |
| Jun 18, 2026 | Rivers Kim A.Chairman and CEO | Sale | 139,846 | $9.46 | $1.3M | Form 4 |
| Jun 17, 2026 | Rivers Kim A.Chairman and CEO | Sale | 137,535 | $9.36 | $1.3M | Form 4 |
| Dec 11, 2024 | Getman WesChief Financial Officer | Buy | 9,500 | $4.91 | $46.6K | Form 4 |
| Nov 21, 2024 | May Richard S.Director | Buy | 1,610 | $6.05 | $9.7K | Form 4 |
| Nov 21, 2024 | Healy PeterDirector | Buy | 8,130 | $6.05 | $49.2K | Form 4 |
| Nov 21, 2024 | MORREAU JANE CDirector | Buy | 1,235 | $6.06 | $7.5K | Form 4 |
| Nov 21, 2024 | May Richard S.Director | Buy | 1,160 | $6.05 | $7.0K | Form 4 |
| Nov 20, 2024 | Thronson SusanDirector | Buy | 3,968 | $6.30 | $25.0K | Form 4 |
| Nov 20, 2024 | Thronson SusanDirector | Buy | 3,968 | $6.30 | $25.0K | Form 4 |
| Nov 19, 2024 | MILLNER THOMAS LDirector | Buy | 8,000 | $6.12 | $49.0K | Form 4 |
| Nov 15, 2024 | Beshears ThadDirector | Buy | 7,500 | $6.65 | $49.9K | Form 4 |
| Nov 15, 2024 | Rivers Kim A.Chairman and CEO | Buy | 7,400 | $6.65 | $49.2K | Form 4 |
| Nov 13, 2024 | Powers EricChief Legal Officer | Buy | 1,000 | $6.10 | $6.1K | Form 4 |
| Nov 12, 2024 | Collins GinaChief Marketing Officer | Buy | 1,250 | $6.37 | $8.0K | Form 4 |
| Nov 12, 2024 | Jhala NilyumChief Technology Officer | Buy | 2,500 | $6.32 | $15.8K | Form 4 |
All 32 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Marex Securities Products Inc.SCHEDULE 13G, 1 filing Dec 18, 202543
- Kim A. RiversSC 13G/A, 4 filings Feb 14, 2022 to Sep 18, 202444
- Thad BeshearsSC 13G/A, 3 filings Feb 14, 2022 to Feb 14, 202445
- Cowen Financial Products LLCSC 13G/A, 3 filings Jan 20, 2022 to Feb 2, 202446
- Shade Leaf Holding, LLCSC 13G, 1 filing Feb 14, 202247
- Telogia Pharm, LLCSC 13G, 1 filing Feb 14, 202248
Money raised
Private offerings the company reported to the SEC on Form D.
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
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- 9
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- 13
- 14
- 15SEC EDGARKim A. Rivers, Chair
- 16SEC EDGARJason Pernell, President
- 17SEC EDGARSteven Matthew White, President
- 18SEC EDGARJan Reese, Chief financial officer
- 19SEC EDGARWes Getman, Chief financial officer
- 20SEC EDGARRyan Blust, Chief financial officer
- 21
- 22
- 23SEC EDGARMarie Zhang, Chief operating officer
- 24
- 25
- 26
- 27
- 28
- 29
- 30
- 31SEC EDGARTimothy Morey, Chief Sales Officer
- 32
- 33SEC EDGARMatthew J. Foulston, Board member
- 34SEC EDGARGeorge Hackney, Board member
- 35SEC EDGARPeter Healy, Board member
- 36SEC EDGARSusan Thronson, Board member
- 37SEC EDGARThad Beshears, Board member
- 38SEC EDGARThomas L. Millner, Board member
- 39SEC EDGARGiannella Alvarez, Board member
- 40SEC EDGARJane C. Morreau, Board member
- 41SEC EDGAREric Powers, General counsel
- 42
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- 47
- 48