Trulieve Becomes First US Cannabis Operator to List on NYSE

Trulieve Cannabis Corp. (TRLV ) began trading on the New York Stock Exchange on June 10, 2026, becoming the first US company that actually grows and sells cannabis to win a place on a major American exchange. For an industry that has spent years stranded on second-tier venues with thin liquidity and no real access to institutional money, it is the milestone operators have chased since the legalization boom of the late 2010s. It also required Trulieve to take itself apart.

The listing became possible after the Justice Department moved to reschedule FDA-approved and state-licensed medical cannabis to Schedule III, a change that took effect on April 28, 2026. A company whose core business is growing and selling a Schedule I drug cannot tell investors it complies with federal law, and federal-law compliance is a baseline condition for an NYSE or Nasdaq listing. Rescheduling cleared that bar, but only for medical cannabis. Adult-use product remains in Schedule I, which is where the restructuring comes in.

What it took to list

Only a clean, federally compliant business could list, so Trulieve built one. Days before trading began, the company moved its operations in states that run both medical and adult-use programs into a new entity, Harvest Enterprises LLC, and then handed voting control of it to an outside investor. Whitley Holding 05192026 LLC paid $14.8 million on June 2, 2026 for a position that comes to roughly 10% of Harvest’s units but carries the controlling vote and two of its three board seats. Trulieve kept the economics through non-voting units and a single board seat, held by chief executive Kim Rivers.

The purpose of that arrangement was to push the adult-use business off Trulieve’s books. By surrendering voting control, Trulieve no longer consolidates Harvest, which leaves the listed company as a medical-only operation: 206 state-licensed dispensaries and 3.5 million square feet of production registered with the DEA. The agreement also gives Trulieve call and put rights to reabsorb Harvest later — the likely move if rescheduling is eventually extended to adult-use cannabis.

It is an expensive and complicated route onto the Big Board, and the early returns have been muted. After winning the exchange’s approval earlier in June, TRLV opened near $11.50 on its first day and slipped to about $10.35 by June 14, 2026 — down roughly 10% over its first four sessions.

A wave of positioning, not arrival

Trulieve is not the only large operator preparing for a US exchange, but it is the only one that has actually arrived. In the weeks around the listing, at least half a dozen multi-state operators took concrete steps toward an uplisting — none of which is the same as listing.

Curaleaf carried out a 1-for-3 reverse stock split in early June 2026 to lift its share price toward an exchange’s minimum. Verano Holdings announced a 1-for-5 split on June 1, 2026 and completed it on June 11, 2026, having already shifted its incorporation from British Columbia to Nevada in November 2025. Jushi Holdings has proposed the same Canada-to-Nevada move, Vireo Growth ran a 30-for-1 consolidation, and TerrAscend (TSND.TO ) has called a shareholder vote for August 24, 2026 on a consolidation of its own. At the smaller end, Veri Medtech, parent of the telehealth platform Veriheal, set terms for a $15 million Nasdaq IPO.

What none of them has done is split itself in two the way Trulieve did. Reverse splits and redomiciles are housekeeping; bifurcation is surgery. Todd Harrison of CB1 Capital, an investment firm focused on the sector, expects most operators to wait for the broader rescheduling decision rather than copy Trulieve’s structure, which he describes as more trouble than it is worth for the optics alone. The appeal of waiting is straightforward: a favorable ruling would let them list a single, unified company instead of carving off their adult-use revenue.

The wait is also about taxes. Moving to Schedule III lifts the federal tax penalty that bars cannabis businesses from deducting ordinary operating expenses — a change worth real money to medical operators, and one more reason to register with the DEA rather than rush a listing that strands part of the company.

The harder question is demand

The next gate is a DEA hearing that opens June 29, 2026 to weigh moving cannabis more broadly, including adult-use, to Schedule III. A favorable outcome would let the rest of the industry list intact. But the proceeding is already being challenged in court by drug-testing and pharmaceutical interests, and any broad rescheduling could face months of litigation before it holds.

Even if the path opens, access is not demand. Canadian producers such as Canopy Growth (CGC ) and Aurora have traded on US exchanges for years without drawing the institutional buying that a listing was supposed to unlock. Trulieve has proven the door can be opened. Whether investors walk through it is the question the next round of uplistings will answer. Trulieve’s own first week, lower despite the headlines, is a reminder that being listed and being bought are not the same thing.