Trulieve Cannabis (CSE: TRUL) is about to cross a threshold the U.S. cannabis industry has spent years waiting for, with the company announcing this morning that it is set to uplist to a major American exchange.
The company said its subordinate voting shares have been cleared to list on the New York Stock Exchange, where they will begin trading under the ticker “TRLV” at the open on June 10. Trulieve bills itself as the first U.S. cannabis operator to reach a senior U.S. listing, a distinction that until recently would have been impossible under federal law.
That changed in April, when Acting Attorney General Todd Blanche reclassified medical marijuana to Schedule III, acting on an executive order President Trump signed in December. The final order rescheduled state-licensed medical marijuana products and opened a registration pathway with the Drug Enforcement Administration for the businesses that handle them.
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The reclassification also lead to Trulieve reshaping itself. The company completed a corporate restructuring and took on a third party investment that deconsolidated its operations in states serving both medical and adult-use customers. What remains on its consolidated books is strictly state licensed medical marijuana activity, consisting of 206 dispensaries backed by 3.5 million square feet of DEA-registered production capacity.
“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,” said Founder and Chief Executive Officer Kim Rivers, “Uplisting to the NYSE is a major advancement for Trulieve and the industry.”
“With robust cash generation and meaningful catalysts ahead including expansion in Georgia and Texas, Trulieve is well positioned to deliver on our promise to increase access to medical cannabis for U.S. patients.”
The listing does not require any action from existing holders. The shares are expected to keep trading on the Canadian Securities Exchange under “TRUL” and on the OTCQX under “TCNNF” until markets close on June 9, after which the NYSE listing takes over.
Trulieve last traded at $13.80 on the TSX.
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