Trulieve Cannabis Corp. started trading on the New York Stock Exchange on June 10, making it the first US-based, plant-touching cannabis company to land on a major American exchange. The stock, trading under the ticker TRLV, opened between $10 and $12 per share, giving the company a market capitalization of roughly $2 billion.
How Trulieve got to the big board
Cannabis companies have historically been barred from major US exchanges because marijuana was classified as a Schedule I substance under federal law. That meant even profitable, multi-state operators were stuck on over-the-counter markets or Canadian exchanges. Trulieve previously traded under the tickers TRUL and TCNNF.
The Trump administration’s reclassification of medical marijuana to Schedule III changed the calculus. DEA-registered medical marijuana operations could now, in theory, trade on major US exchanges. But companies still needed to separate themselves from adult-use, recreational cannabis to comply with the new regulatory framework.
Trulieve’s solution was a corporate spin-off. The company carved out its adult-use cannabis operations into a new entity called Harvest Enterprises. External investors acquired a 10% stake in Harvest, creating a clean separation between the medical operations that could list on the NYSE and the recreational business that still carries more regulatory baggage.
