On June 10, 2026, Trulieve Cannabis Corp. became the first US multi-state operator to list on the New York Stock Exchange at the opening of trading under the symbol “TRLV” following the rescheduling of medical cannabis in the United States.
In order to complete the listing, Trulieve entered into several agreements dated June 3, 2026 to segregate Trulieve’s mixed-use cannabis business from its medical cannabis business and facilitate the deconsolidation of the financial results of the mixed-use cannabis business. As a result, Trulieve holds non-voting and non-participating units in its former mixed-use cannabis business that are only convertible into voting units following the date that the NYSE permits the listing of companies that consolidate the financial statements of companies that cultivate, distribute or possess marijuana for non-medical uses in the United States.
In connection with the deconsolidation, Trulieve entered into a protection agreement, management services agreement as well as a unit purchase agreement pursuant to which the investor acquired voting units representing a 10% economic ownership interest for approximately $14.8 million.
Based on our team’s extensive cross-border experience in similar transactions, Trulieve engaged Cassels as Canadian counsel to advise on these transactions.