Tier 1A multistate operator (MSO) Trulieve Cannabis Corp. (CSE: TRUL, NYSE TRLV)’s confirmed listing on the New York Stock Exchange marks a historic milestone for the U.S. cannabis industry, making it the first U.S. plant-touching cannabis operator approved to trade on a major U.S. exchange. Trulieve’s subordinate voting shares are expected to begin trading on the NYSE under the ticker symbol TRLV on June 10, 2026.
How is this possible? According to Trulieve’s June 5th, 2026 press release: “Following medical marijuana rescheduling, Trulieve completed a corporate restructuring and investment by a third party resulting in the deconsolidation of operations in markets serving both medical and adult use customers. Trulieve’s remaining consolidated operations consist only of state licensed medical marijuana facilities and include 206 medical marijuana dispensaries supported by 3.5 million square feet of production capacity registered with the DEA.” In the words of Kim Rivers, Founder and CEO of Trulieve, “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…Uplisting to the NYSE is a major advancement for Trulieve and the industry.”
The market had a favorable response to this announcement, looking at the surge in stock price and volume:
Based on Trulieve’s public filings and restructuring disclosures, the company no longer consolidates its recreational (adult-use) cannabis operations into the financial statements of the NYSE-listed entity. Instead, those operations were transferred into a separate company, Harvest Enterprises, LLC, through what Trulieve calls a “deconsolidation transaction.” As a result, Trulieve’s consolidated financial statements now include only its medical cannabis operations, which was a key requirement for obtaining NYSE approval. Trulieve’s retained units in Harvest Enterprises are convertible into voting units if a future “Stock Exchange Permissibility Date” occurs—that is, if the NYSE eventually permits companies that consolidate U.S. adult-use cannabis operations. Until that time, Trulieve will be considered a medical marijuana-only operator.
CRB Monitor subscribers should know that this uplisting does not have a direct impact on Trulieve’s risk tier and sector (it remains a Tier 1A Multistate Operator). That being said, this event could affect some institutions’ policies with regard to U.S. cannabis operators. For those institutions that screen cannabis-related businesses according to exchange listing, Trulieve’s NYSE listing could cause it to be removed from some cannabis restricted lists. Similarly, Trulieve’s deconsolidation of its medical & recreational cannabis operations could trigger a similar action.
As such, CRB Monitor’s recommendation is for institutions to review their cannabis policies and determine their best course of action. And please don’t hesitate to contact CRB Monitor if there are any questions or concerns.
Wondering what a Tier 1, Tier 2 or Tier 3 CRB is?
See our seminal ACAMS Today white paper, Defining “Marijuana-Related Business,” and its update, Defining “Cannabis-Related Business”.
James Francis, CFA, is a 30-year veteran of the financial services industry, including portfolio management and research at Deutsche Bank, Northern Trust and State Street. Most recently was Head of Research at ETF Managers Group, where he managed one of the world’s largest cannabis-themed ETFs.
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