Trulieve Wins the Race to List First on the NYSE (TRLV)

Trulieve Wins the Race to Be the First Cannabis Stock on the NYSE — And We Called It

On June 5, 2026, Trulieve Cannabis Corp $TCNNF announced that the New York Stock Exchange has approved its subordinate voting shares for listing. The shares begin trading under the ticker TRLV at the open on June 10, making Trulieve, by its own account, the first U.S. cannabis company to list on a major U.S. exchange. After years of the entire industry waiting at the same locked door, one operator got through first — and it is the one we said would.

We called the sequence here, here, and here. The thesis, in one line: once the DEA moved state-licensed medical marijuana to Schedule III, the fastest legal route onto a national exchange would be to ring-fence the Schedule III medical business as the listable entity and push the adult-use operations out of the consolidated financials. Trulieve did exactly that — and the NYSE just said yes.

How Trulieve Won the Race

Two days before the approval, on June 3, Trulieve filed the mechanics. It placed its mixed-use (adult-use) business into a subsidiary, Harvest Enterprises, LLC, and deliberately gave up control of it. Trulieve’s holding subsidiary kept only non-voting, non-participating units — no vote, no dividends, no ability to direct the business. A third party, Whitley Holding 05192026, LLC, bought the voting control: 100 Class A voting units representing a 10% economic interest for roughly $14.8 million, plus two of the three board seats. Trulieve took the one remaining seat.

That hand-off of control is what unlocked the listing. Under U.S. accounting rules, a parent consolidates a business it controls; by ceding control of the adult-use entity, Trulieve can deconsolidate it, so its reported financials no longer fold in federally problematic recreational cannabis. What remains in the consolidated company is now purely medical: by Trulieve’s own description, 206 medical dispensaries backed by 3.5 million square feet of DEA-registered production capacity across Florida, Georgia, Pennsylvania, and West Virginia. That clean, Schedule III–aligned entity is what cleared the exchange’s lawful-operations bar. The primary agreements are public: the full 8-K and deconsolidation disclosure are on SEC EDGAR, and the Class A Unit Purchase Agreement laying out the $14.8 million investment is filed as an exhibit.

Why the Medical-First Structure Worked

A December 2025 executive order set the process in motion, and in April 2026 the Acting Attorney General’s final order rescheduled state-licensed medical marijuana — and FDA-approved marijuana drug products — from Schedule I to Schedule III, creating a DEA-registration pathway for state-licensed medical businesses. Adult-use was left out; a separate, expedited hearing on broader rescheduling begins June 29, 2026. That split created a legal asymmetry: the medical side of a multistate operator suddenly had a credible federal-legality story, while the recreational side did not. The optimal uplisting structure, then, was segregation — isolate the Schedule III medical assets as the entity that clears an exchange’s lawful-operations bar, and quarantine adult-use until the law broadens. Trulieve’s approval is that thesis confirmed by the exchange itself.

Trulieve Didn’t Copy Curaleaf — It Upgraded the Play

When Curaleaf announced its 1-for-3 reverse split in May, we argued it was a starting gun, not a sign of weakness, and predicted peers would follow once the playbook was validated — naming Trulieve as having among the cleanest medical-assets stories in the sector. Trulieve followed, but it did not simply copy the play; it ran a more aggressive version and crossed the line first. Curaleaf’s approach leans on optics and argument: manufacture a listing-eligible share price through the split, lean on the Schedule III medical case, and keep adult-use inside the consolidated financials. Trulieve went structural — it engineered the adult-use problem out of its statements entirely, so its listable parent was clean on day one. One company is still preparing to apply; the other is already in.

The Curaleaf Yardstick: First Across the Line at Half the Market Cap

Here is the part the market has not caught up to. Trulieve did not just win the race — it won it as the cheaper and more profitable company. Measure both by market capitalization, the cleanest yardstick for what investors are actually paying.

For full-year 2025, Curaleaf reported revenue of about $1.27 billion, adjusted EBITDA of $275 million (a 22% margin), and a net loss, across 17 U.S. states and 15 countries. Trulieve reported revenue of roughly $1.2 billion, a 60% gross margin, and record adjusted EBITDA of $427 million — a 36% margin — with $229 million of free cash flow, and it posted positive net income in the first quarter of 2026 once Schedule III lifted the punitive 280E tax. Nearly identical revenue; Trulieve generates more than 50% more EBITDA and is actually profitable, while Curaleaf is not.

Now the market caps. Curaleaf is valued at about $2.7 billion. Trulieve, even after winning the listing, sits near $1.2 to $1.4 billion — roughly half. Set each company’s market cap against what it produces and the logic inverts: Curaleaf’s market cap is about 2.1 times its revenue and roughly 10 times its EBITDA, while Trulieve’s is closer to 1.1 times revenue and about 3 times EBITDA. The market is assigning the richer valuation to the company that earns less.

So what would it take for Trulieve’s market cap to catch Curaleaf’s? The arithmetic is simple, and we offer it as illustration rather than a price target. If Trulieve were valued at Curaleaf’s market-cap-to-revenue ratio, its market cap would sit near $2.5 billion — roughly double today. If it were valued at Curaleaf’s market-cap-to-EBITDA ratio, its market cap would clear $4 billion — roughly triple. Winning the race and being valued like the company it just beat are two different things. The distance between them is the opportunity.

The Honest Asterisk: Deconsolidation Shrinks the Base

There is a real complication. The $1.2 billion of revenue and $427 million of EBITDA were consolidated figures that included Trulieve’s adult-use markets, and the June 3 deconsolidation pushed those operations off the statements, so the go-forward reported entity will show a smaller top line. But the smaller base is a cleaner, higher-margin one: what stays is anchored by the Florida medical business, Trulieve’s most profitable engine; Schedule III removes 280E from that income statement, structurally lifting margins and earnings; and the deconsolidated adult-use economics are not gone — they sit parked in non-voting units as off-balance-sheet optionality that converts back if the rules broaden. A national exchange rewards exactly this profile. And for now, Trulieve is the only major U.S. cannabis operator that can trade on the NYSE — a scarcity the pack cannot yet match.

Why the Re-Rating Is Plausible — the Builders Are Watching

The people who have built and sold cannabis companies read this listing as structural, not cosmetic. Jason Vedadi a prolific cannabis investor, who built Harvest Health & Recreation and sold it to Trulieve in 2021 — the very Harvest name now attached to Trulieve’s deconsolidation vehicle — put it plainly:

“Uplisting solidifies the industry’s existence now. Taxes and liquidity issues are finally resolved. Onward and upward.”

Anthony Varrell of The Dales Report placed it in the same arc:

“The announcement of Trulieve uplisting to the NYSE is just another material event that propels the industry forward on the backs of the Trump administration’s historic rescheduling of medical cannabis to Schedule III. And long live the Queen”

Both point at the two forces that compress the discount. The first is liquidity and eligibility: a NYSE listing opens the door to institutions, index funds, and brokerages that are structurally barred from OTC names, broadening the buyer base that sets the market cap. The second is tax: ending 280E is what flips a cannabis income statement from perennial losses to real earnings — the shift that already turned Trulieve profitable and gives its market cap something solid to rest on.

What to Watch

$TRLV opens June 10, and the first read will be how fast institutional flows arrive. Trulieve’s second-quarter 10-Q, expected by August 7, will show the medical-only consolidated financials for the first time — the new base the market will multiply. June 29 brings the broader rescheduling hearing that could eventually let operators re-consolidate adult-use economics. And watch whether Curaleaf, Green Thumb $GTBIF, and Verano $vrno follow through the door — and how the market prices the first mover against the pack.

Bottom Line

Trulieve did not just win the first U.S. cannabis listing. It walks onto the NYSE as the most profitable large multistate operator trading at the cheapest market cap in the group. If the exchange does what uplistings do — deliver liquidity, institutional ownership, and a real earnings base to a now-280E-free income statement — the gap to Curaleaf is not a curiosity. It is the opportunity: roughly double the market cap on revenue parity, roughly triple on earnings. Onward and upward, as the man who sold Harvest for 3 commas put it.

The Trade

Robinhood has not even woken up, the degen crowd that loves this sector can only opt in premarket through $MSOS & $MSOX we believe that there will be a catch up trade in $GTBIF $TSNDF $VRNO $CRLBF into the June 10th listing with likely more news to follow from some of these names. Our biggest question is where Trulieve lands end of day. The cannabis “cabal” has targets, but it’s not about today it’s for the future. Also we have not factored in gamma on options once available for Trulieve good luck.