Leading U.S. medical cannabis company Trulieve Cannabis Corp. announced on Friday that its subordinate voting shares have received approval to list on the New York Stock Exchange. Trading under the ticker symbol "TRLV" is expected to commence at the market open on June 10th. This move makes the company the first cannabis firm to list on a major U.S. stock exchange.
This landmark achievement follows a significant shift in the policy environment. In December 2025, President Trump signed an executive order to advance the rescheduling of medical cannabis. Subsequently, in April 2026, Acting Attorney General Todd Blanche formally reclassified medical cannabis as a Schedule III substance under the Controlled Substances Act. This action created a pathway for state-licensed medical cannabis businesses to apply for registration with the U.S. Drug Enforcement Administration.
To meet the listing requirements of the NYSE, Trulieve recently completed a series of structural adjustments. On June 3rd, the company executed a financial deconsolidation of its Harvest business, which serves both medical and adult-use markets. This process involved transferring its mixed-use cannabis assets to an independent entity. Trulieve itself now retains only non-voting, non-dividend equity units. Additionally, the company has completed internal preparations to re-domicile its corporate registration from Canada to Delaware, USA. This change is pending shareholder approval, with a vote scheduled for August 5th.
Kim Rivers, Founder and CEO of Trulieve, expressed excitement about becoming the first cannabis company to list on a major U.S. exchange. She stated this development would help broaden the shareholder base, enhance liquidity, and increase public awareness of the benefits of medical cannabis. Rivers specifically highlighted that President Trump's common-sense move to reschedule medical cannabis paved the way for this historic milestone.
Financial data indicates that Trulieve has established a solid foundation of profitability. For the first quarter of 2026, the company reported revenue of $287 million, net income of $2 million, adjusted EBITDA of $100 million, and a gross margin of 59%. As of the quarter's end, Trulieve held $353 million in cash. The company operates 206 dispensaries serving medical patients exclusively and possesses over 3.5 million square feet of DEA-registered production capacity.
Trading under the "TRUL" ticker on the Canadian Securities Exchange and the "TCNNF" ticker on the OTCQX market will continue until the close of trading on June 9th. Existing shareholders are not required to take any action regarding this transfer to the new exchange.
Comments