Trulieve Cannabis Corp. began trading on the New York Stock Exchange on June 10 under ticker TRLV. The listing marks a historic milestone as the first US-based plant-touching cannabis company on a major American exchange. Shares opened between $10 and $12, establishing a market capitalization of approximately $2 billion.
Federal reclassification of medical marijuana to Schedule III enabled this move. To comply with regulatory frameworks, Trulieve executed a corporate spin-off separating its business units. Adult-use operations were carved into Harvest Enterprises, with external investors acquiring a 10% stake. This structure isolates medical operations for NYSE compliance while retaining recreational assets separately.
CEO Kim Rivers positioned the uplisting to unlock shareholder access and attract institutional investors previously restricted from cannabis equities. Pension funds and ETFs typically require major exchange listings for inclusion. By shedding direct exposure to adult-use markets, Trulieve now targets capital mandates focused exclusively on medical cannabis fundamentals. The separate Harvest entity may eventually pursue independent public listing or fundraising.