Feds Announced Cannabis Rescheduling In April

After acting attorney general Todd Blanche announced in April that state-licensed medical marijuana and FDA-approved cannabis drugs would be reclassified to Schedule III of the Controlled Substances Act, Trulieve initiated a corporate restructuring that included an investment from a third party. The move resulted in a deconsolidation of the company’s operations in markets serving both medical and adult use customers.

Trulieve’s remaining consolidated operations consist only of state licensed medical marijuana facilities and include 206 medical marijuana dispensaries and 3.5 million square feet of production capacity registered with the Drug Enforcement Administration.

“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,” said Rivers.

Trulieve expects its subordinate voting shares will still be listed on the Canadian Securities Exchange under the symbol "TRUL" and the OTCQX under the symbol "TCNNF" until the close of market on June 9, 2026. The company also noted that current shareholders do not need to take any actions prior to Trulieve’s uplisting to the NYSE next week.

Wall Street Hasn’t ‘Opened Its Arms To Cannabis’

Adam Stettner, founder and CEO of cannabis industry investment and financial firm FundCanna, says that “Trulieve’s uplisting to the NYSE is a genuine milestone for the cannabis industry and the company, but it’s important to read it for what it is.”

“This didn’t happen because Wall Street opened its arms to cannabis, it happened because Trulieve surgically separated its medical operations to meet an existing NYSE threshold,” Stettner writes in an email. “That’s sophisticated financial engineering, but it signals something real. Institutional capital is willing to engage with this industry when the structure is clean and the regulatory footing is defensible.”

“The Schedule III reclassification gave large, sophisticated operators the hook they needed to have those conversations,” he continues. “The DEA hearing on June 29th is the next critical test, and if adult use follows, we’re talking about a fundamentally different capital markets landscape for the entire industry. Until then, what we’re seeing is selective institutional appetite, not a flood. Operators and investors who understand that distinction will be best positioned for what comes next.”

Terry Mendez, CEO of cannabis-exclusive financial platform Safe Harbor Financial, believes that "Trulieve listing on the NYSE is a meaningful milestone for the entire cannabis industry, not just one company.”

“Major exchanges have long been the line of demarcation between industries that Wall Street takes seriously and those it doesn't,” he writes in an email. “When a U.S. cannabis operator crosses that line, it changes the conversation for every financial institution, every institutional investor and every operator trying to build a legitimate business in this space. Combined with the federal rescheduling action in April, we are watching the structural barriers that have defined this industry for a decade begin to come down.”

The Trump administration’s rescheduling of medical cannabis has also led other companies in the industry take steps in preparation for potential uplisting to major U.S. stock exchanges. The moves have included stock consolidation to meet minimum share price requirements, with Curaleaf announcing a 1-for-3 reverse stock split on May 26, followed by an announcement from Verano Holdings of a 1-for-5 reverse stock split on Monday.