Tallahassee cannabis giant Trulieve is on the verge of a Wall Street first, announcing Friday that the New York Stock Exchange has signed off on listing its subordinate voting shares. The company expects those shares to start trading under the ticker TRLV at the opening bell on Wednesday, June 10, 2026. Trulieve says the uplisting would make it the first U.S. cannabis company to trade on a major American exchange, capping weeks of corporate reshuffling that followed a federal shift in how medical cannabis is classified.
How Trulieve cleared the NYSE hurdle
To secure NYSE approval, Trulieve overhauled its corporate structure, carving out mixed-use, adult-use operations from its state-licensed medical business. A current report filed on June 3 and posted on ADVFN details the deconsolidation, explaining that Trulieve converted its interest in Harvest into non-voting units and sold a 10% voting stake to a third-party investor. The result is that Trulieve’s consolidated financials now reflect only state-licensed medical operations, a key distinction for the exchange.
Federal rescheduling opened the door
The timing is not an accident. On April 23, 2026, the Justice Department and the DEA issued an order placing FDA-approved marijuana products, along with products sold under qualifying state medical licenses, into Schedule III of the Controlled Substances Act. The agencies said the move creates a pathway for federal registration of state medical cannabis businesses. The same announcement set an expedited administrative hearing for June 29, 2026 to consider broader rescheduling, a near-term inflection point that could widen market access for U.S. operators.
What it means for shareholders
Trulieve said in a press release from Trulieve that its subordinate voting shares will keep trading on the Canadian Securities Exchange as TRUL and on the OTCQX as TCNNF through the close of business on June 9, 2026. After that, trading is expected to shift to the NYSE under the new TRLV ticker. The company first hit the public markets in September 2018 on the Canadian Securities Exchange following a reverse takeover, according to the Canadian Securities Exchange.
Peers are already preparing
Other major multi-state operators are not waiting on the sidelines. Curaleaf has rolled out a 1-for-3 reverse stock split effective in early June, and Verano approved a 1-for-5 split. Both moves are designed to help clear minimum share-price requirements and make the stocks more palatable to institutional investors, should U.S. exchanges open their doors more widely.
Legal and market caveats
Trulieve’s own paperwork is careful to spell out the fine print. The filing on ADVFN notes that Harvest’s non-voting units can convert into voting units only after a “Stock Exchange Permissibility Date,” the point at which exchanges permit consolidation of non-medical cannabis activities. Regulators, exchanges and courts still have plenty of say over that timeline, and the DEA’s June 29 hearing looms as a key near-term event.
What to watch
All eyes will be on the NYSE opening on June 10 to see how TRLV trades out of the gate, and again on June 29 when the DEA begins its rescheduling hearing. As Florida Phoenix has reported, the milestone could reshape how U.S. cannabis companies tap mainstream capital markets if exchanges eventually let more plant-touching operators follow Trulieve’s lead.
