The company is scheduled to begin trading under the ticker symbol TRLV on Wednesday (June 10).
Trulieve Cannabis (CSE:TRUL,OTCQX:TCNNF) has secured approval to list its subordinate voting shares on the New York Stock Exchange (NYSE), marking the first time a US plant-touching marijuana operator has gained access to a major domestic equity market.
Major US exchanges have historically barred cannabis operators due to the drug's status as a Schedule I controlled substance. To clear the compliance hurdles required by the NYSE, Trulieve executed a corporate restructuring alongside a third-party investment to completely deconsolidate its operations in adult-use recreational markets.
The company's remaining consolidated footprint consists exclusively of state-licensed medical marijuana businesses, which are now eligible for US Drug Enforcement Administration registration.
This network includes 206 medical dispensaries backed by 3.5 million square feet of production capacity across Florida, Georgia, Pennsylvania, and West Virginia.
“As the first US cannabis company to list on a major US exchange, we are excited for the opportunity to expand our shareholder base, increase liquidity and raise awareness for the benefits of medical marijuana,” Trulieve founder and CEO Kim Rivers said in a press release. “Uplisting to the NYSE is a major advancement for Trulieve and the industry.”
The shift was made possible after Acting Attorney General Todd Blanche moved to reclassify cannabis from Schedule I to Schedule III.
The Department of Justice final order shifted FDA-approved products and items regulated by state medical licenses into the lower-risk tier, immediately easing longstanding research restrictions and eliminating the penalizing IRS Code Section 280E tax framework.
Under Schedule III, cannabis companies can deduct standard operating expenses like rent and payroll for the first time.
This triggered a race among multi-state operators to adjust their capital configurations for potential uplistings. Curaleaf Holdings (CSE:CURA,OTCCURLF:QX) executed a 1-for-3 reverse stock split, while Verano Holdings (CNSX:VRNO) is scheduled to enact a 1-for-5 reverse split to be effective on June 11.
Trulieve’s current listings on the Canadian Securities Exchange and the OTCQX market will trade normally until the close of market on Tuesday, with existing shares automatically transitioning to the NYSE debut.
Don’t forget to follow us @INN_Cannabis for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Writer
Writer
Giann Liguid is a graduate of Ateneo De Manila University with an AB in Interdisciplinary Studies. With a diverse writing background, Giann has written content for the security, food and business industries. He also has expertise in both the public and private sectors, having worked in the government specializing in local government units and administrative dynamics.
When he is not chasing the next market headline, Giann can most likely be found thrift shopping for his dogs.
Follow
Learn about our editorial policies.