Trulieve Cannabis Corp. made history Wednesday as the first U.S. cannabis company to begin trading on the New York Stock Exchange.
The Tallahassee, Florida-based operator closed at $11.55 on Thursday, after hitting a high of $12 and a low of $10.26. Volume reached 1,109,298 shares.
It finished its debut session Wednesday at $11.50, after touching a high of $12.30 and a low of $10.85. Volume reached 831,969 shares.
When will Trulieve reach profitability?
CEO Kim Rivers framed the listing as a turning point for the entire cannabis sector.
“It is a historic day not only for Trulieve but for the U.S. cannabis industry,” she said during a Wednesday appearance on CNBC’s “Fast Money.”
“What we have today in the TRLV listing is 100% DEA-registered assets that are ring-fenced and separated from our adult-use assets.”
Analysts covering the pharmaceutical industry expect Trulieve to reach profitability soon. Based on consensus estimates from seven analysts, Trulieve is projected to post its final loss in 2025 before delivering about $58 million in positive earnings in 2026, according to a Simply Wall St report.
The company is expected to break even within the next year. To meet those forecasts, the company would need to grow at an average annual rate of about 125%, Simply Wall St reported.
The uplisting follows April’s federal rescheduling of medical marijuana, when Acting Attorney General Todd Blanche reclassified it as a Schedule 3 substance. The final order created a pathway to Drug Enforcement Administration (DEA) registration for state-licensed medical marijuana businesses.
The regulatory shift gives Trulieve a path to institutional capital and traditional banking that previously was unavailable to plant-touching companies, Rivers said.
Following rescheduling, Trulieve completed a corporate restructuring that separated its medical operations from markets serving adult-use customers.
The company’s consolidated business includes 206 DEA-registered medical dispensaries supported by 3.5 million square feet of production capacity.
Why should investors care about Trulieve?
Rivers pointed to the company’s financial track record as a selling point for new shareholders. Trulieve has posted roughly 60% gross margins, which Rivers said is the best in the industry, and she credited financial discipline maintained since the company’s earliest days.
Subscribe to the MJBiz Factbook
Exclusive industry data and analysis to help you make informed business decisions and avoid costly missteps. All the facts, none of the hype.
What you will get:
- Monthly and quarterly updates, with new data & insights
- Financial forecasts + capital investment trends
- State-by-state guide to regulations, taxes & market opportunities
- Annual survey of cannabis businesses
- Consumer insights
- And more!
Trulieve operates medical cannabis businesses in Florida, Pennsylvania, Georgia and West Virginia, with expansion planned in Texas.
With federal hearings related to cannabis rescheduling set to begin June 29, Rivers said there could be more federal movement on the horizon. The hearing is expected to conclude by mid-July.
“It really is going to be the summer of cannabis,” she said.
