Trulieve Cannabis Co. has won approval to list its voting shares on the New York Stock Exchange, becoming the first U.S. cannabis company to trade on the NYSE. The company’s shares are expected to begin trading under the ticker TRLV on Wednesday morning. Trulieve will end its listing on the Canadian exchange after the close of trading on Tuesday; it had been listed in Canada since 2018.
The decision follows a change in federal enforcement posture: Acting Attorney General Todd Blanche reclassified medical marijuana to Schedule III in April. That reclassification recognizes medical use and assigns a moderate-to-low potential for physical and psychological dependence. Regulators and industry executives say the move opens the possibility for Drug Enforcement Administration registration for state-licensed medical marijuana companies, which can affect banking access, federal compliance obligations, and investor participation.
Kim Rivers, Trulieve founder and chief executive officer, said in a press release that listing on the NYSE will allow the company to expand its shareholder base, increase liquidity, and raise awareness of medical marijuana. The company framed the move as a shift toward larger U.S. capital markets and broader investor participation.
Trulieve is Florida’s largest marijuana provider and one of the largest operators in the country by market footprint. In 2024 the company provided major funding to Smart & Safe Florida, the advocacy group that put a recreational-cannabis ballot measure before voters. That measure received roughly 56 percent support in the vote, below the 60 percent threshold required for passage.
After the 2024 vote, Trulieve backed another campaign to place a similar measure on the ballot for this November. That effort stalled in March when the Florida Supreme Court declined to rehear Smart & Safe’s lawsuit challenging a directive from Secretary of State Cord Byrd. Byrd’s directive led to the invalidation of more than 70,000 petition signatures collected by the campaign, and the court’s decision effectively ended that ballot push.
Corporate context and market implications
Trulieve’s NYSE listing gives U.S.-based and institutional investors direct access to the company’s voting shares without the cross-border mechanics that come with a Canadian listing. NYSE membership typically requires companies to meet specific disclosure, governance, and trading standards; approval signals that Trulieve has satisfied the exchange’s listing criteria.
Listing on a major U.S. exchange can affect a cannabis company’s capital strategy in three specific ways: it can increase the pool of eligible investors, improve trading liquidity for existing shareholders, and simplify access to U.S. pension and mutual funds that limit holdings to domestic exchanges. Trulieve has emphasized those outcomes in its public statements.
Regulatory shift and next steps
The April Schedule III classification does not change state cannabis laws, but it does change how federal agencies can interact with commercial cannabis operations. Companies seeking DEA registration would still need to meet federal requirements for controlled substances handling, security, and reporting. Any firm that obtains DEA registration would gain clearer access to federally regulated supply chains, though the timeline for widespread registrations is uncertain and will depend on DEA processes and enforcement priorities.
Trulieve’s chief executive and investor relations team have signaled plans to use the NYSE listing to broaden capital access. The company did not disclose immediate equity offerings tied to the listing; company statements focused on long-term liquidity and investor outreach.
What to watch
– Trading start: Voting shares are scheduled to begin trading on the NYSE under the ticker TRLV on Wednesday morning. – Delisting: Trulieve will cease trading on the Canadian exchange after Tuesday’s close; investors holding Canadian-listed shares should follow the company’s transfer instructions. – Federal registration: Watch for DEA guidance and any announcements from Trulieve about applying for federal registration, which would affect interstate commerce and supply-chain options. – Florida policy: Any future ballot campaigns or legal challenges in Florida may alter the company’s state-level market trajectory; the earlier Smart & Safe campaign’s 56 percent support shows substantial voter backing but fell short of the 60 percent requirement.
Trulieve’s move to the NYSE marks a concrete change in how one of the largest U.S. cannabis operators will access capital markets. The listing follows federal reclassification steps that make DEA registration a possibility for licensed medical marijuana companies; how quickly companies pursue and obtain that registration will shape market structure and investor access in the months ahead.
