Trulieve set to become first NYSE-listed cannabis company

CEO Kim Rivers was instrumental in getting Trump to issue an executive order for rescheduling

Rowan Dunne

Published

1 hour ago

Trulieve Cannabis Corp (OTCMKTS: TCNNF) (CNSX: TRUL) (FRA: T0A) will soon be making a landmark move onto the New York Stock Exchange, but not everyone views the achievement with enthusiasm. While the company celebrates its ascent to one of Wall Street’s premier stages, critics warn that this milestone accelerates a troubling normalisation of a substance they view as harmful.

Trulieve has secured its place in history as the first U.S. marijuana company to list on a major American market. Its subordinate voting shares will begin trading on the NYSE under the ticker “TRLV” on Jun. 10.

The firm is completing this uplisting after a corporate restructuring. It has restructured its operations to separate businesses serving both medical and adult-use markets, allowing it to focus solely on state-licensed medical marijuana facilities. These include 206 dispensaries backed by 3.5 million square feet of DEA-registered production capacity across key states like Florida, Pennsylvania and West Virginia.

This achievement follows President Trump’s December 2025 executive order, which directed the rescheduling of medical marijuana to Schedule III. Acting Attorney General Todd Blanche finalised the reclassification in April, creating a pathway for DEA registration and recognising medical applications.

The shift promises tax relief by addressing Section 280E restrictions, improves cash flow and opens doors to greater investment and research. For Trulieve, it unlocks enhanced liquidity, a broader shareholder base and stronger positioning for expansion into markets such as Georgia and Texas.

CEO Kim Rivers was influential in making this milestone a reality. Reports credit her with significant influence on Trump’s rescheduling decision through advocacy, lobbying and engagement.

Let me explain what the haters missed.

This was never a bet on full federal legalization. That was always the wrong thesis — and the crowd owned it hard.

The real trade was simpler: rescheduling unlocks DEA registration. DEA registration clears the exchange listing. Exchange…

— Jason Vedadi (@vedadi) June 5, 2026

Former White House advisor is appalled

Smart Approaches to Marijuana (SAM), a prominent organisation that advocates against broad cannabis legalisation, condemned the development in a statement on Friday.

In the posting, SAM chief executive Kevin Sabet labelled the NYSE listing as “a dark and terrible day for public health.” Sabet is a former White House drug policy advisor who served under Barack Obama and his two predecessors.

SAM equates the move to Big Tobacco’s influence, arguing it gives Wall Street a stake in promoting addictive, high-potency products and fuels an existing addiction crisis. The group is currently exploring legal options to challenge the listing and vows continued opposition.

Other opponents of legalisation likely share this unease. They view corporate mainstreaming, facilitated by federal policy shifts, as a gateway that prioritises profits over public safety.

Some thoughts on today’s news regarding Trulieve getting approved to be listed on the NYSE. pic.twitter.com/95h0fdpZAr

— Kevin Sabet (@KevinSabet) June 5, 2026