After Trulieve, which cannabis MSO will be next to uplist?

Florida-based cannabis multistate operator Trulieve Cannabis Corp. made history June 10 when it became the first publicly traded U.S.-based marijuana company to list on the New York Stock Exchange.

But it appears medical cannabis-focused Trulieve was in a unique position.

Despite the major leap forward of federal medical cannabis rescheduling, uplisting to mainstream exchanges – long one of the industry’s most coveted advancements, along with banking protections and interstate commerce – is not guaranteed for Trulieve’s publicly traded competitors, observers told MJBizDaily.

What is uplisting for cannabis MSOs?

Uplisting is the process of moving a publicly traded company’s shares from smaller, less-regulated stock exchanges like the Canadian Securities Exchange to bigger platforms like Nasdaq or the NYSE.

Exactly what about Trulieve’s situation that satisfied the NYSE is still not known. NYSE did not respond to an MJBizDaily request for comment.

General requirements for uplisting to satisfy mainstream exchanges include strong corporate governance, audited financial reporting and regulatory compliance according to Josh Hamlet, the founder New York-based Clarity Tax Counsel.

There are also share price requirements involved. Bigger U.S. exchanges need companies to maintain a minimum share price of $4 per share for a certain period of time before they list.

But satisfying the exchanges “are only one part of what needs to be done,” said Darren Gleeman, managing partner at MBO Ventures, a New York-based investment firm.

“Other market participants like banks, clearing firms, underwriters, and transfer agents need to be comfortable with an operator’s status,” he said.

In addition, exchanges usually require a legal opinion from outside legal counsel to confirm an applicant’s compliance with federal laws to uplist, according to Charlie Alovisetti, a partner at cannabis-centric law firm Vicente LLP.

How was cannabis MSO Trulieve allowed to uplist to the NYSE?

Trulieve restructured itself into a medical cannabis only company after the April 23 Justice Department final order reclassifying medical marijuana – but not adult-use cannabis — as a Schedule 3 drug.

At the same time the U.S. Drug Enforcement Administration (DEA) relaxed restrictions on MMJ, it allowed medical operators to apply for a DEA registration, which Trulieve quickly pursued.

“What we have today in the TRLV listing is 100% DEA-registered assets that are ring-fenced and separated from our adult-use assets,” company CEO Kim Rivers explained during an appearance on CNBC’s “Fast Money.”

Trulieve operates 206 DEA-registered medical dispensaries in five medical marijuana-only states, with planned expansion in Texas.

It was those unique circumstances that positioned Trulieve to uplist, attorney Charlie Alovisetti, a partner at Vicente LLP, told MJBizDaily.

“Trulieve was able to uplist because so much of its revenue is on the medical cannabis side,” he added.

“That allowed it to spin off adult use (to ensure legality) while remaining attractive to investors. Other companies that have similar high quality medical earnings could replicate.”

Though other cannabis MSOs are making preparations, not every company may be able to follow suit unless cannabis is further rescheduled, experts warned.

What cannabis companies could be next to uplist?

Some experts think the best-positioned companies will be able to satisfy different requirements simultaneously if the framework changes.

“The MSOs best positioned for uplisting are likely the ones that can do two things at the same time: meet normal public-company listing standards and clearly prove that their cannabis operations are federally compliant,” Gleeman said.

According to Dasheeda Dawson, the former cannabis czar of New York City and the board chair of Cannabis Regulators of Color Coalition (CRCC),  the multi-state operators (MSOs) best positioned to uplist are:

• Chicago-based Green Thumb Industries
• Connecticut-based Curaleaf Holdings
• Chicago-based Cresco Labs
• Chicago-based Verano Holding Corp.

That’s based on their scale, profitability, governance, and market presence, although notably, these companies all maintain significant presences in adult-use markets, Dawson said.

“While the federal government moved FDA-approved cannabis products and state-licensed medical marijuana to Schedule III in April 2026, adult-use cannabis remains federally prohibited,” Dawson told MJBizDaily.

“Interstate commerce restrictions, banking and compliance concerns, and exchange-level discretion all remain factors. Until those issues are resolved, uplisting is not guaranteed.”

At least two of these operators are taking some preparations – in two cases using stock splits as a possible path forward.

What are cannabis companies doing to prepare for uplisting?

In addition to the legality and compliance requirements, there are also minimum share price requirements.  Bigger U.S. exchanges need companies to maintain a minimum share price of $4 for a certain period of time before they list.

In order to meet this threshold, late last month, multistate operator Curaleaf announced a 1-for-3 reverse stock split, which took effect June 5.

Verano followed suit shortly after, announcing a 1-for-5 reverse stock split expected to take effect June 11.

The stock split raised Curaleaf’s share price to meet exchange requirements without changing its market value.

“Curaleaf’s reverse stock split is intended to help position the company to meet those requirements as potential uplisting opportunities emerge,” said Camilo Lyon, chief investment officer at Curaleaf.

Will more marijuana rescheduling be needed for uplisting?

But experts warn that the New York Stock Exchange and Nasdaq value obedience to federal law above all. And though medical cannabis is a Schedule 3 drug, adult-use cannabis remains Schedule 1.

That could change pending the outcome of DEA hearings set to begin June 29, but for now adult-use companies face a higher bar.

“The exchanges’ bar is federal-law compliance, not schedule classification,” Hamlet said.

And that could be a sticking point for adult-use operators until they enjoy the same protections now afforded to medical cannabis operators whose businesses fall under Schedule 3.

“It’s not certain that rescheduling will automatically open the door to uplisting,” Alovisetti said. “Under the current Schedule 3 framework, medical cannabis seems to have a better path toward compliance.”

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