Trulieve Cannabis Corp. (NYSE:TRLV) rang in a new era for the U.S. cannabis industry on Wednesday, becoming the first American marijuana company to list on a major U.S. stock exchange. 

• TRLV stock closed lower on Wednesday. See the chart and price action here. 

Trulieve shares began trading on the NYSE under the symbol TRLV on Wednesday. The Florida-based multi-state operator had previously traded over-the-counter under the symbol TCNNF and on the Canadian Securities Exchange under TRUL. 

Trulieve CEO Kim Rivers credited the Trump administration’s reclassification of cannabis to Schedule III — covering state-sanctioned medical marijuana — as a key enabler of NYSE approval. 

Trulieve strategically separated its medical cannabis operations from its adult-use business, which helped it qualify for senior exchange listing requirements.

The news has re-energized the entire cannabis sector. The AdvisorShares Pure US Cannabis ETF (NYSE:MSOS), in which Trulieve represents roughly 30% of assets, hit a 2026 high of $5.77 this week, according to Benzinga Pro.  

Investors are also watching a forthcoming U.S. Drug Enforcement Administration hearing later in June, which could further loosen federal restrictions.

Who’s Next?

Rivals are moving fast. Curaleaf Holdings, Inc. (OTC:CURLF) announced a 1-for-3 reverse stock split in late May 2026, explicitly framing it as preparation for a U.S. stock exchange uplisting. 

Verano Holdings Corp. (OTC:VRNO) has also charted a course toward exchange uplisting, according to MJBizDaily.

For Tilray Brands, Inc. (NASDAQ:TLRY), SNDL Inc. (NASDAQ:SNDL) and Canopy Growth Corp. (NASDAQ:CGC), the calculus is different — they are Canadian licensed producers and already trade on the Nasdaq. 

TLRY sits at $5.02 with a $600 million market cap, while CGC trades at $1.01 with a $430 million market cap. SNDL closed Wednesday's session at $1.45, with a $377M market cap, and none of the Canadian cannabis companies have signaled any exchange transfer plans.

The gap between U.S. multi-state operators and Canadian licensed producers remains stark. Trulieve’s NYSE debut highlights how rescheduling policy could reshape who gets access to institutional capital — and how fast the sector’s landscape can shift.

TRLV Stock Price Activity: Trulieve stock was up 1.74% at $11.70 during after-hours trading on Wednesday, according to data from Benzinga Pro.

Photo: Shutterstock