Trulieve Becomes First US Cannabis Operator to Secure NYSE Listing

Trulieve Cannabis (NYSE:TRLV) has secured approval to list its subordinate voting shares on the New York Stock Exchange (NYSE), effective on Wednesday (June 10). The milestone marks the first time a US plant-touching marijuana operator has gained access to a major domestic equity market.

Top US exchanges have historically barred cannabis operators due to the drug's status as a Schedule I controlled substance. To clear NYSE compliance hurdles, 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 the American states of 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. “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 final order from the Department of Justice shifted products approved by the Food and Drug Administration and items regulated by state medical licenses into the lower-risk tier, easing longstanding research restrictions and eliminating the penalizing Code Section 280E tax framework from the Internal Revenue Service.

Under Schedule III, cannabis companies can deduct standard operating expenses like rent and payroll for the first time.

This move triggered a race among multi-state operators to adjust their capital configurations for potential uplistings.

Curaleaf Holdings (CSE:CURA,OTCQX:CURLD) executed a one-for-three reverse stock split, while Verano Holdings (CSE:VRNO,OTCQX:VRNO) is scheduled to enact a one-for-five reverse stock split, effective on Thursday (June 11).

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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.