The Florida-based medical marijuana operator becomes the first American cannabis company that grows and sells marijuana to trade on a major U.S. stock exchange, marking a milestone years in the making for the industry.

A U.S. marijuana company traded on the floor of the New York Stock Exchange for the first time on Wednesday, June 10, 2026, as Trulieve Cannabis Corp. began trading under the ticker TRLV.

The Tallahassee, Florida-based company became the first American “plant-touching” cannabis operator—one that directly cultivates, processes and sells marijuana—to secure a listing on a major U.S. stock exchange.

The achievement represents a breakthrough for an industry that has spent years seeking broader access to public capital markets.

“As the first U.S. cannabis company to list on a major U.S. exchange, we are excited,” said Kim Rivers, Trulieve’s founder and chief executive officer, in announcing the listing.

Rivers said the move is expected to expand the company’s shareholder base, improve market visibility and increase awareness of the medical cannabis industry.

Prior to the NYSE listing, Trulieve traded over-the-counter under the symbol TCNNF and on the Canadian Securities Exchange, where it has been listed since 2018.

For years, major U.S. exchanges largely prohibited listings by American cannabis companies because marijuana remained classified as a Schedule I controlled substance under federal law.

That classification placed marijuana alongside drugs considered by the federal government to have no accepted medical use, creating significant legal and regulatory obstacles for companies directly involved in the cannabis business.

As a result, most U.S. cannabis operators were forced to raise capital through Canadian exchanges or over-the-counter markets, which generally offer lower trading volumes and reduced access to institutional investors.

The regulatory landscape changed this spring.

In April 2026, Acting Attorney General Todd Blanche announced the reclassification of medical marijuana to Schedule III, a category reserved for substances recognized as having accepted medical uses and a lower potential for abuse.

The move created a pathway for state-licensed medical marijuana businesses to register with the Drug Enforcement Administration (DEA) and potentially qualify for listing on major U.S. exchanges.

Trulieve still needed to restructure its business to meet listing requirements.

Because only medical marijuana was rescheduled, the company separated its adult-use recreational cannabis operations into a distinct entity. Through a third-party investment arrangement, Trulieve fully deconsolidated its recreational business, leaving the publicly traded company focused exclusively on medical marijuana.

While Kim Rivers continues to maintain control over the recreational operation, its financial results are no longer included within the NYSE-listed company.

The remaining medical cannabis business remains substantial.

Trulieve operates 206 state-licensed dispensaries and approximately 3.5 million square feet of DEA-registered cultivation and production facilities. The company is also one of the dominant players in Florida’s medical marijuana market, where it is estimated to control between 30% and 40% of statewide medical cannabis revenue.

Investors responded positively to the listing.

Shares initially rose about 4% during Wednesday morning trading before moderating later in the session. The larger market reaction came after the June 5 listing announcement, when Trulieve shares surged approximately 20%.

The stock is now up roughly 38% in 2026.

The broader cannabis sector has also benefited.

The AdvisorShares Pure US Cannabis ETF (NYSE: MSOS), one of the industry’s most widely followed exchange-traded funds, recently reached its highest level of the year. Trulieve represents approximately 30% of the fund’s holdings.

For individual investors, the NYSE listing significantly simplifies access.

Investors can now purchase Trulieve shares through traditional brokerage accounts, retirement accounts and popular investing platforms without navigating over-the-counter markets or Canadian exchanges.

Industry competitors are already positioning themselves to follow.

Curaleaf Holdings announced a 1-for-3 reverse stock split in late May, while Verano Holdings implemented a 1-for-5 reverse split, moves widely viewed as preparation for potential uplistings if regulatory conditions continue to improve.

Curaleaf has cautioned, however, that additional regulatory clarity will still be necessary before a listing can move forward.

Meanwhile, Canadian cannabis companies including Tilray Brands, SNDL, and Canopy Growth have long traded on major U.S. exchanges because they operate under Canada’s federally legal cannabis framework rather than directly touching U.S. marijuana operations.

Additional regulatory developments could arrive soon.

Industry participants are closely watching a DEA hearing later this month that could further reshape federal cannabis policy. The move to Schedule III also offers another major benefit: relief from certain federal tax rules that have historically imposed heavy burdens on cannabis businesses.

Lower tax costs could significantly improve profitability across the industry.

Industry advocates view Trulieve’s listing as a turning point.

Michael Bronstein, president of the American Trade Association for Cannabis and Hemp, said U.S. cannabis companies have long argued they deserve the same access to capital markets available to international competitors.

With Trulieve now trading on the New York Stock Exchange, that argument is finally being tested on Wall Street.

JBizNews Desk — Markets

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