Trulieve Cannabis Corp. (TRLV) has just been added to the S&P Total Market Index, giving passive funds that track the U.S. market direct exposure to a cannabis company.
Shares jumped 3.1% to $11.86 by 1:04 p.m. New York time on Tuesday, matching the previous session’s volume of 1.6 million shares, which equaled the whole day’s trading activity.
Based in Tallahassee, Florida, Trulieve operates dispensaries and cultivation facilities in Florida, Georgia, Pennsylvania and West Virginia, making it a vertically integrated medical cannabis operator.
The inclusion applies to the Total Market Index, the S&P Completion Index and the health‑care sub‑index of each, according to the company’s announcement.
“Trulieve’s addition to S&P indices marks a crucial step after its NYSE debut and U.S. domestication,” CEO Kim Rivers said in a press release, adding that higher visibility should improve liquidity and attract institutional investors.
Eligibility Requirements
S&P’s U.S. indices require companies to be domiciled in the United States and to trade on an eligible American exchange; over‑the‑counter listings are excluded.
Trulieve’s subordinate voting shares began trading on the NYSE on June 10, and the firm completed its move from British Columbia to Delaware on August 11 after shareholder approval on August 5 and a final court order on August 10.
S&P re‑constitutes the Total Market Index after the third Friday in September; the reference date for screening was five weeks earlier, September 13.
On September 18, Trulieve recorded 12.7 million shares traded, roughly eight times the average volume and the highest since its June listing.
Peer Landscape
Glass House Brands Inc. (GLAS) became the second U.S. cannabis firm listed on the NYSE on June 30, while Curaleaf Holdings (CURA) trades on the Toronto Stock Exchange and OTCMKTS in the United States, and Green Thumb Industries (GTII) operates on the Canadian Securities Exchange and OTCMKTS in the U.S., none of which meet S&P’s exchange criteria.
Green Thumb announced on September 21 a US$50 million share buyback slated to begin September 23.
Trulieve’s stock has remained near its June 10 debut price of $11.50, trading between $7.82 and $12.76 over the past year, and posted second‑quarter revenue of $271 million with a 60% gross margin, $98 million adjusted EBITDA and $325 million cash on hand as of June 30.
The Total Market Index will rebalance again on the third Friday of December, weighing any domicile or listing changes since the September review.
