Trulieve Will Become the First U.S. Cannabis Company to List on the NYSE
June 5, 2026
THE GIST
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Well, that was fast: Florida-based Trulieve will become the first U.S. cannabis company to trade on the New York Stock Exchange. It’s a listing that U.S. cannabis firms, known as multi-state operators, and their group of rabid, long-suffering retail investors have long coveted.
Trulieve shares will begin trading on June 10 under the ticker TRLV. The company’s OTC-listed shares (TCNNF) popped 20% on Friday, and the stock’s up nearly 38% this year.
WHAT HAPPENED
Trulieve CEO Kim Rivers’ remarkable coup is the result of a perfect collision of regulatory change and smart corporate engineering.
The Justice Department in April issued a final order to reclassify medical cannabis from the most restrictive Schedule I to the far less restrictive Schedule III of the Controlled Substances Act, after President Trump issued an Executive Order in December. The DEA will hold hearings on June 29 to debate whether that reclassification should apply to recreational cannabis as well, the kind you can buy in dispensaries in nearly half of U.S. states.
All U.S. cannabis firms are forced to trade over-the-counter or on the far less liquid Canadian Securities Exchange, unlike their Canadian counterparts who are able to list on premier exchanges as long as they don’t sell cannabis in the U.S.
While it’s not yet clear whether the exchanges will allow companies that sell Schedule III drugs without a prescription to list, the move has still left every U.S. cannabis company scrambling to take advantage of the coming wave of investor interest.
And Rivers found the path. On Thursday, Trulieve said in a filing it carved out its recreational cannabis operations into a separate entity, Harvest Enterprises. The company brought in outside investor Whitley Holding for about $14.8 million to take a 10% voting stake in Harvest and make the split real under accounting rules. If federal rules change and the NYSE ever opens the door to recreational operators, Trulieve’s non-voting stake in Harvest converts back into common units.
Trulieve’s footprint is what makes them able to make this shift. The company’s strong medical presence in Florida — Trulieve controls up to 40% of the valuable market, by some estimates — means the business is defensible as an investment on its own even without the recreational revenue attached.
“Common sense action by President Trump to reclassify medical marijuana to Schedule III paved the way for this historic milestone,” Rivers said in a statement.
The NYSE didn’t immediately respond to a request for comment
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WHY IT MATTERS
Trulieve has a clear first-mover advantage, and Rivers has her competitors scrambling to catch up. Coupled with strong medical demand from Florida’s population, it’s a nice thesis for investors, both institutions and the Wall Street Bets crowd.
And Rivers, for her part, is used to big swings. Trulieve backed the failed bid to legalize recreational cannabis in Florida in 2024 to the tune of $150 million. It appears her second at-bat, lobbying the Trump Administration for rescheduling, was much more successful.
Medical cannabis firms also have clear tax advantages over their recreational counterparts due to the new rescheduling order. An IRS rule dating back to the 1970s prevents companies that sell Schedule I or II drugs from regular business deductions, meaning cannabis firms are taxed on gross profit, forcing them to pay up to 70%, well above the traditional 21% corporate tax rate. That tax isn’t applicable to Trulieve’s NYSE-listed business.
But Trulieve isn’t alone. Competitors Curaleaf and Verano, both MSOs with medical and recreational footprints across states, this week announced reverse stock splits in an effort to comply with NYSE minimum share price requirements so they can “up-list” to the NYSE as well. Robinhood last week added U.S. cannabis firms Trulieve, Green Thumb Industries, and Curaleaf to its trading platform, a strong indicator of retail interest.
TerrAscend CEO Jason Wild on Friday called a shareholder meeting. “Uplisting to a major U.S. exchange is no longer a question of if. It’s a question of when,” he said.
WHAT’S NEXT
Expect every U.S. cannabis company to explore a similar arrangement to Trulieve. And expect intense retail interest when Trulieve and other cannabis stocks begin trading. There’s still the results of the DEA hearing to wait on, but already, posts about Trulieve are surging to the top of Reddit’s WallStreetBets.
There are also the fundamental issues of custody and clearinghouses, and whether institutions will want to invest in cannabis regardless of its federal status. Each firm will make its own risk calculus on whether to work with cannabis companies, as Schedule III is still far from legalization. So don’t expect the industry to normalize overnight. But do expect the first inklings of a second Green Rush, if the DEA hearing goes the industry’s way.
Still, a word of caution. The first Green Rush fizzled: Canadian company Tilray has fallen over 99% from its all-time high in September 2018 after Canada became the first major economy to legalize cannabis.
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