Wall Street · New York · Crypto Briefing
Trulieve becomes first major US cannabis operator to list on NYSE
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The Florida-based cannabis company pulled off a corporate restructuring to qualify for the big board, and it could reshape the entire sector's relationship with Wall Street.
Key facts
- Trulieve Cannabis Corp. started trading on the New York Stock Exchange on June 10, making it the first US-based, plant-touching cannabis company to land on a major American exchange
- The Trump administration’s reclassification of medical marijuana to Schedule III changed the calculus
- DEA-registered medical marijuana operations could now, in theory, trade on major US exchanges
- The Florida-based cannabis company pulled off a corporate restructuring to qualify for the big board, and it could reshape the entire sector's relationship with Wall Street
Summary
Trulieve Cannabis Corp. started trading on the New York Stock Exchange on June 10, making it the first US-based, plant-touching cannabis company to land on a major American exchange. Cannabis companies have historically been barred from major US exchanges because marijuana was classified as a Schedule the reporter substance under federal law. The Trump administration’s reclassification of medical marijuana to Schedule III changed the calculus. Trulieve’s solution was a corporate spin-off.