Florida
Trulieve NYSE Listing Marks Historic Milestone for U.S. Cannabis Industry
Trulieve Cannabis Co., Florida’s largest marijuana provider and one of the biggest in the nation, has been approved for listing on the New York Stock Exchange (NYSE). Voting shares are expected to begin trading on the NYSE floor under the…
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Key points
- Trulieve is the first U.S. cannabis company to list on the NYSE under ticker TRLV.
- Federal reclassification of medical marijuana has facilitated this listing.
- Trulieve has been involved in advocacy for recreational cannabis legislation in Florida.
NewsWK — Trulieve Cannabis Co., the largest marijuana provider in Florida and a significant player nationwide, is making history by becoming the first U.S. cannabis company to be listed on the New York Stock Exchange (NYSE). Trading of its voting shares is set to commence under the ticker symbol TRLV on Wednesday morning.
Federal Shift Paves Way for First Cannabis Company on NYSE
This milestone follows the federal reclassification of medical marijuana to Schedule III, a change made by Acting Attorney General Todd Blanche in April. This new classification allows for Drug Enforcement Administration (DEA) registration for state-licensed medical marijuana companies, recognizing that the drug has some medical uses and poses a moderate to low risk of dependence.
Kim Rivers, founder and CEO of Trulieve, expressed enthusiasm about the listing, stating, “As the first U.S. cannabis company to list on a major U.S. exchange, we are excited for the opportunity to expand our shareholder base, increase liquidity, and raise awareness for the benefits of medical marijuana. Uplisting to the NYSE is a major advancement for Trulieve and the industry.”
Cannabis Ballot Initiatives Backed by Trulieve Florida
In addition to its NYSE listing, Trulieve has been actively involved in advocacy for cannabis legislation in Florida. The company was a key financial backer of the Smart & Safe Florida initiative, which aimed to place recreational cannabis on the ballot. Although the measure garnered nearly 56% support during its first attempt, it fell short of the required 60% for passage. Trulieve later funded another effort to get the issue on the ballot this November, but the Florida Supreme Court halted that effort in March, dismissing a lawsuit that challenged the invalidation of over 70,000 petition signatures collected by the campaign.
Previously, Trulieve was listed on the Canadian Stock Exchange since 2018 but will transition entirely to the NYSE following the close of markets on Tuesday.
Based on reporting originally published by Florida Phoenix. Read the original story.
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