Reports emerged this week that Trulieve Cannabis Corp. lost its president just 48 hours after becoming the first U.S. cannabis company to trade on a major American stock exchange — raising questions about internal stability at the very moment the company is courting a new class of institutional investors.
A Co-Founder's Quick Exit Clouds a Landmark Moment. Trulieve's 8-K filing revealed that President Jason Pernell and the company mutually agreed to terminate his employment effective June 11, immediately.
Pernell co-founded Trulieve alongside CEO Kim Rivers in 2015 and brought over 20 years of cannabis operations experience. He was only named president in February 2025. His severance: a modest $15,000 cash payment , plus performance bonuses, 18 months of health coverage, and full vesting of unvested equity.
Pernell agreed not to sell or monetize any Trulieve shares for one year — a lock-up designed to prevent a co-founder from dumping stock into the newly liquid NYSE market.
The NYSE Listing Opens the Door to Bigger Money. Trulieve's shares began trading on the NYSE under ticker "TRLV" on June 10, 2026 , making it the first U.S. cannabis company to list on the NYSE.
That became possible after Acting Attorney General Todd Blanche reclassified medical marijuana to Schedule III in April. The move to a top-tier exchange is designed to attract institutional funds that cannot buy stocks on smaller markets. TRLV currently carries a market cap of roughly $2.2 billion , with seven analysts rating it a "Strong Buy" and an average $21 price target — roughly 83% above recent levels.
The Financials Look Strong, but Revenue Is Slipping. Q1 2026 revenue came in at $287 million with a 59% gross margin.
Adjusted EBITDA — operating profit before certain non-cash charges — hit $100 million, or 35% of revenue.
Free cash flow was $42 million, with $353 million in cash on hand. But revenue fell from $298 million a year earlier, and full-year 2025 revenue of $1.18 billion dipped slightly from $1.19 billion in 2024. Profitability is real; growth is not.
What Comes Next Matters More Than Who Left. Trulieve now operates 240 dispensaries with over four million square feet of cultivation capacity.
A federal hearing on broader adult-use marijuana reclassification begins June 29 — a potential catalyst that could unlock even larger markets. Until that process concludes, cannabis companies with adult-use businesses remain largely locked out of major exchanges , giving Trulieve a first-mover window. Whether the company can capitalize without its co-founder — or whether his departure signals deeper friction — will shape investor confidence through a pivotal summer.