On June 3, 2026, Trulieve completed a structural reorganization to meet NYSE listing requirements. It transferred its mixed-use (medical and adult-use) operations into a newly formed entity, Harvest Enterprises LLC, retaining a 90% non-voting economic interest with no operational control. This created a clean, medical-only consolidated business focused on Florida, Georgia, Pennsylvania, and West Virginia.

Expected impact: Enables listing on a major U.S. exchange, improves gross margins (pro forma Q1 2026 gross margin rose to 64.4% from 59%), and reduces uncertain tax liabilities to $538 million from $696 million.

Following the federal rescheduling of medical marijuana to Schedule III in April 2026, Trulieve filed applications for Drug Enforcement Administration (DEA) registration of its 206 state-licensed medical locations.

Expected impact: Legitimizes operations under federal law, facilitates research, and supports the transition away from 280E tax restrictions.

Trulieve continues to expand its retail footprint using a regional hub model, focusing on high-density medical markets like Florida (growing to 240 dispensaries as of Q1 2026) and expanding access in early-stage markets like Georgia and Texas.

Expected impact: Maintains dominant market share in Florida and establishes early-mover advantages in Texas (where it won a conditional dispensing license) and Georgia.