TALLAHASSEE, Fla. – Multistate operator Trulieve Cannabis Corp. has received approval to list its subordinate voting shares on the New York Stock Exchange (NYSE), making it the first plant-touching cannabis company based in the United States to be approved to trade on a major U.S. exchange. Shares are expected to begin trading under the symbol TRLV on June 10.
- The milestone: Trulieve is the first U.S. plant-touching cannabis operator approved to list on a major American exchange.
- The date: Trading begins June 10 under the ticker TRLV.
- The strategy: Restructured by spinning off adult-use assets to comply with NYSE consolidation rules under the new Schedule III framework.
The listing, previously unavailable to U.S. plant-touching operators because cannabis was a Schedule I controlled substance, became possible after Acting Attorney General Todd Blanche’s April 2026 order moved FDA-approved marijuana products and qualifying state-licensed medical marijuana products to Schedule III under treaty authority pursuant to the United Nations Single Convention on Narcotic Drugs.
Trulieve’s path to the NYSE required significant corporate restructuring. Because current exchange policy does not permit listed companies to consolidate businesses involved in non-medical marijuana, Trulieve deconsolidated its operations in markets serving both medical and adult-use customers, transferring the adult-use portion of the business to a separate entity in which Trulieve holds only non-voting, non-participating units. The arrangement includes a provision allowing the units to convert into common stock if and when NYSE policy permits listed companies to consolidate businesses involved in non-medical marijuana, though Trulieve’s ownership would be capped at 90 percent upon conversion.
The company’s remaining consolidated footprint consists of 206 medical marijuana dispensaries and 3.5 million square feet of production capacity registered with the Drug Enforcement Administration.
The Schedule III reclassification carries financial stakes well beyond the listing itself. As a Schedule I substance, cannabis subjected state-licensed operators to Section 280E of the federal tax code, which bars businesses trafficking in controlled substances from deducting ordinary operating expenses. That leaves many cannabis companies taxed on gross profit rather than net income and saddles the industry with effective tax rates that routinely run well above 50 percent. Schedule III drugs are not subject to 280E, meaning Trulieve’s medical operations stand to retain significantly more of their earnings. The relief helps explain both the urgency behind the broader wave of uplisting maneuvers and the appeal of a medical-only structure to institutional investors that previously could not, or would not, buy U.S. plant-touching cannabis operators.
“As the first U.S. cannabis company to list on a major U.S. exchange, we are excited for the opportunity to expand our shareholder base, increase liquidity, and raise awareness for the benefits of medical marijuana,” said founder and Chief Executive Officer Kim Rivers.
Trulieve got to the exchange by taking a different route from its multistate-operator peers. Curaleaf Holdings announced a 1-for-3 reverse stock split in late May to meet share-price thresholds required by major exchanges, and Verano Holdings approved a 1-for-5 reverse stock split expected to take effect around June 11. Vireo Growth consolidated shares at a ratio of 30-to-1, effective June 5. All three companies operate in both medical and adult-use markets and are positioning for uplisting. Curaleaf has acknowledged uplisting will only be possible once additional regulatory guidance is in place, while Trulieve’s decision to surgically separate its medical and adult-use operations gave it a cleaner path under current rules.
Trulieve reported Q1 2026 revenue of $287 million with a 59-percent gross margin and $100 million in adjusted EBITDA. Rivers cited expansion in Georgia and Texas as near-term growth catalysts.
The company’s shares will continue trading on the Canadian Securities Exchange under the symbol TRUL and on the OTCQX under TCNNF through the close of market on June 9. Existing shareholders do not need to take any action.
FAQ: Trulieve to List on NYSE
What will be Trulieve’s stock ticker symbol on the NYSE?
Trulieve will trade under the symbol TRLV on the New York Stock Exchange starting June 10.
How did Trulieve qualify to list on the NYSE?
Following the federal shift of qualifying medical marijuana to Schedule III, Trulieve surgically deconsolidated its adult-use operations into a separate entity, maintaining a 100% medical-only consolidated footprint to meet current NYSE exchange policies.
Will Trulieve stock still trade on the OTCQX?
No. Trulieve’s shares will trade on the OTCQX (TCNNF) and the Canadian Securities Exchange (TRUL) through the close of market on June 9, before transitioning to the NYSE on June 10.
