Trulieve rings the NYSE bell 🔔

$TRLV
Trulieve rings the NYSE bell — but other MSOs might still wait 

Florida-based Trulieve is set to begin trading on the NYSE today under the ticker TRLV.

It’s the first multistate operator to figure out a path to a coveted “uplisting,” by separating its adult-use assets into a separate company from its medical business. Expect other cannabis companies to immediately start game planning whether this is viable. 

But it may not be a path that every MSO follows. Why? 

Trulieve controls about 30-40% of Florida’s medical cannabis revenue, depending on how you back into the calculation from OMMU data, meaning the medical business is an investable asset on its own.

That’s likely not true for its competitors, whose revenue mix leans more to recreational consumers, as my friend Marc Hauser points out in his always-relevant Cannabis Musings.

Cresco Labs $CRLBF ( ▲ 2.21% ) responded to a Redditor’s question with an insightful take. The full quote is worth reading:

“Cresco's revenue is materially weighted toward adult-use markets, so a medical-only structure would not reflect our business and is not the route we view as appropriate for our footprint,” the company said. 

Reading between the lines, the medical-only business is too small to be relevant to list on the exchange. When reached for comment, the company said: “Cresco Labs is actively preparing for a potential uplisting while prioritizing the adult-use opportunities that will emerge through the current federal reform process.”

So, they’re working on it, but they’re going to let the DEA hearings which begin on June 29 play out.

As to the other big MSOs, they don’t break out their medical and adult-use revenue into separate lines, so it’s hard to say. But anecdotally, Trulieve might be the only company with the medical footprint to make this worth it.

Still, shares dropped on Tuesday, falling over 11%. Let’s see what happens with $TRLV today. 

-JB

Cannabis trafficking prosecutions hit another record low ⚖️

Federal cannabis trafficking cases fell to 383 in fiscal 2025, down from 471 the year prior and a 62% drop since 2021, according to a new U.S. Sentencing Commission report. Cannabis now accounts for just 2.4% of all federal drug cases.

Australian woman faces 20 years over medicinal cannabis vape ⚖️

Indonesian police arrested a 53-year-old Australian woman on Lombok after she received a delivery of 59 milliliters of cannabis vape liquid she said she used for knee pain and depression. She faces up to 20 years in prison and a roughly $111,000 fine under Indonesia's no-exceptions drug laws, which don't recognize foreign medical cannabis prescriptions.

Trulieve $TCNNF ( ▼ 11.15% ) is buying back up to $50 million of its stock over the next year, or roughly 5% of its outstanding shares — whichever comes first.

Vireo Growth $VREOF ( ▼ 0.23% ) closed its acquisition of organic ingredients supplier Bridgewell Agribusiness for an adjusted $13.66 million, and announced deals for an M3 Wellness dispensary in Hawthorne, NV ($500,000) and a 49% stake in HA-MD's Maryland dispensaries ($1.55 million).

Here’s a cool chart from our friends at Lit Alerts.

Cannabis sales across the five boroughs surged for the first Knicks home game.

We’re not saying Jeremy was responsible for Brooklyn beating the other boroughs, but we’re also not not saying it.

Check out Lit Alerts full analysis »

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