Trulieve Cannabis Becomes First U.S. Marijuana Company on NYSE
Florida’s largest marijuana provider breaks new ground as federal reclassification enables historic stock exchange milestone for cannabis industry.
TALLAHASSEE, FLORIDA — Trulieve Cannabis Co., Florida’s largest marijuana provider, made history Wednesday morning as the first U.S. cannabis company to list on the New York Stock Exchange, with voting shares beginning to trade under the ticker symbol TRLV.
This milestone followed Acting Attorney General Todd Blanche’s reclassification of medical marijuana to Schedule III in April, creating a pathway for Drug Enforcement Administration registration for state-licensed medical marijuana companies. The Schedule III classification indicates a drug has medical use and moderate to low potential for physical and psychological dependence.
Major Industry Achievement
“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,” said Kim Rivers, Trulieve founder and CEO, in a press release. “Uplisting to the NYSE is a major advancement for Trulieve and the industry.”
Trulieve has operated as one of the nation’s largest cannabis companies and previously traded on the Canadian Stock Exchange since 2018. The company ended its Canadian listing following Tuesday’s market close to transition to the NYSE.
Political Advocacy History
The cannabis company wielded significant political influence in recent Florida ballot initiatives. Trulieve provided the financial backing for Smart & Safe Florida in 2024, the advocacy group that pushed to place recreational cannabis on the ballot. That measure received nearly 56% support from voters but fell short of the 60% threshold required for passage under Florida law.
Following the failed 2024 attempt, Trulieve funded another effort last year to get recreational cannabis on this November’s ballot. However, the Florida Supreme Court ended that campaign in March when it declined to rehear Smart & Safe’s lawsuit against Secretary of State Cord Byrd.
The lawsuit challenged Byrd’s directive to invalidate more than 70,000 petition signatures collected by the recreational cannabis campaign, effectively killing the initiative before it could reach voters.
Federal Policy Shift Impact
The federal reclassification of marijuana represents a significant policy change that enabled Trulieve’s NYSE listing. Previously, cannabis companies faced barriers to listing on major U.S. stock exchanges due to marijuana’s Schedule I classification, which designated it as having no accepted medical use and high potential for abuse.
The move to Schedule III status acknowledges marijuana’s medical applications while maintaining regulatory oversight. This classification change opens doors for other state-licensed medical marijuana companies to seek DEA registration and potentially follow Trulieve’s path to major exchange listings.
