Shares of Trulieve Cannabis surged to $10.65 on Friday after the company confirmed its stock has been approved for listing on the New York Stock Exchange under the ticker "TRLV," with trading set to begin June 10, 2026. The announcement makes Trulieve the first U.S. cannabis company to list on a major American exchange — a milestone that caps a volatile week in which the stock climbed from $8.61 on Tuesday to its current level, a gain of roughly 24% in three sessions.
A Corporate Split Was the Price of Admission
On June 3, Trulieve deconsolidated Harvest Enterprises — the subsidiary holding its recreational cannabis assets — into a separate entity, selling a 10% voting stake to outside investor Whitley Holding for $14.8 million.
Companies with mixed-use marijuana businesses are not permitted to list on the NYSE , so Trulieve essentially walled off its adult-use operations to qualify. The restructuring preserves Trulieve's economic exposure to Harvest through equity-method accounting — meaning the company keeps an indirect financial interest but no longer reports Harvest's revenue and costs on its own books.
The Listing Opens Doors to Bigger Investors
Moving from the thinly traded OTC market to the NYSE matters because most large mutual funds, pension funds, and index-tracking portfolios cannot buy OTC-listed stocks. CEO Kim Rivers said the listing is designed to "expand our shareholder base, increase liquidity, and raise awareness." Greater liquidity typically narrows the gap between what buyers and sellers will accept, reducing trading costs for everyone.
The Financials Show a Real Business, Not Just a Story
Trulieve posted a 59% gross margin and positive net income of $2 million in Q1 2026.
Adjusted EBITDA hit $100 million, or 35% of revenue.
Management guided for at least $250 million in operating cash flow for 2026.
However, a $696 million uncertain tax liability — tied to the old federal rule that barred cannabis companies from standard business deductions — still looms over the balance sheet.
Regulatory Tailwinds Are Real but Incomplete
The reclassification of medical marijuana to Schedule III in April 2026 created a pathway for DEA registration of state-licensed operators.
An expedited review of marijuana's broader classification begins June 29. If regulators go further, Trulieve could eventually reconsolidate its recreational business — but that outcome is uncertain. Investors buying at $10.65 are betting the NYSE badge, the tax relief, and the expansion into Georgia and Texas are worth paying up for a stock that sat below $9 just days ago.