Key facts
- Trulieve Cannabis shares have been uplisted to the NYSE.
- This uplisting makes Trulieve the first Multi-State Operator (MSO) to list on a major U.S. exchange.
- The company restructured to separate medical-only and mixed-use operations to facilitate the listing.
- Trulieve holds non-voting shares in its mixed-use business, convertible to voting shares later.
Trulieve Cannabis has successfully uplisted its shares to the New York Stock Exchange (NYSE), marking a significant milestone for the company. This strategic move follows a corporate restructuring designed to separate its medical-only operations from its mixed-use (adult-use and medical) markets. Under the new structure, Trulieve holds non-voting shares in the mixed-use portion, representing approximately a 90% interest, with the potential for conversion to voting ownership contingent on future federal law or exchange rule changes. This approach is modeled after Canopy Growth's corporate structure. The company's ability to execute this strategy is bolstered by the fact that 75% of its business is in medical-only markets, and the NYSE has shown increasing willingness to list DEA-registered medical cannabis operations. Trulieve aims to be the first Multi-State Operator (MSO) to uplist to a major U.S. exchange, anticipating benefits from increased institutional capital and trading liquidity.