Trulieve Secures Historic NYSE Listing
On 5 June, Trulieve Cannabis Corp. announced that its subordinate voting shares have been cleared for trading on the New York Stock Exchange. Trading is set to commence under the ticker TRLV at the opening bell on 10 June, marking the first time a U.S.-based cannabis operator has earned a spot on a major American exchange. The listing follows the Trump administration’s April rescheduling of state‑licensed medical cannabis to Schedule III of the Controlled Substances Act, which cleared a regulatory path for companies seeking broader market access.
Trulieve reported first‑quarter revenue of $287 million and adjusted EBITDA of $100 million. Chief Executive Kim Rivers described the milestone as “a historic moment that will broaden our shareholder base and deepen liquidity in a sector long excluded from mainstream capital markets.” Investors can follow the company’s performance via the Cannabis Stocks Tracker.
Legal Challenges Emerge Against Federal Rescheduling
The attorneys general of Indiana and Nebraska filed a lawsuit in the U.S. Court of Appeals for the District of Columbia Circuit on 4 June, contesting the Justice Department and DEA’s April 23 order that moved state‑authorized medical cannabis from Schedule I to Schedule III. The suit has been consolidated with an earlier challenge brought by the prohibitionist group SAM Inc. and the National Drug and Alcohol Screening Association, which argues that the rescheduling violates the Administrative Procedures Act and exceeds the Attorney General’s statutory authority.
The consolidated case will be heard alongside a formal DEA hearing scheduled to begin on 29 June. Observers note that the litigation represents the most significant legal threat to the rescheduling process to date and could shape the future of federal cannabis policy.
California Adjusts Licensing to Facilitate DEA Registration
In response to the federal rescheduling, California’s Department of Cannabis Control adopted emergency regulations on 5 June that permit retailers holding combined adult‑use and medical licences to split them into two distinct licences. This change enables businesses to pursue DEA Schedule III registration ahead of a 26 June priority deadline.
Licensees must submit modification requests using Form 9207 and ensure exact ownership matching between the newly created licences. The department emphasized that it is “not advising businesses on whether pursuing federal registration is the right decision” and urged operators to consult legal counsel. The move represents one of the most concrete state‑level responses to the April rescheduling order.
Alabama Launches Medical Cannabis Program
Alabama’s medical cannabis programme opened to patients on 4 June, with the first state‑sanctioned sale occurring at Callie’s Apothecary in Montgomery. The launch comes more than five years after lawmakers passed the Alabama Medical Cannabis Act in 2021, a delay caused by regulatory disputes and court challenges over the licensing process.
NORML noted that the milestone concludes years of patient advocacy for access to qualifying treatments. Alabama now joins over 40 states and the District of Columbia that permit medical cannabis in some form, reflecting a shifting federal enforcement outlook following the recent rescheduling.
WNBA Updates Cannabis Policy in New CBA
The Women’s National Basketball Association removed cannabis from its prohibited substances list under a new collective bargaining agreement with its players union, as reported by Marijuana Moment on 4 June. The revised policy allows WNBA players to hold passive ownership stakes in cannabis companies and to promote CBD products, although testing continues for athletes who enter treatment programmes or display signs of dependency.
In a notable shift, psychedelics such as psilocybin and DMT, along with synthetic cannabinoids like delta‑8‑THC, were added to the banned list. The change mirrors a broader trend in professional sports toward cannabis policy liberalisation in the wake of federal rescheduling.
Looking Ahead: DEA Hearing and Market Implications
The DEA’s formal hearing, set to begin on 29 June, will determine whether a broader rescheduling of all cannabis to Schedule III — beyond state‑licensed medical products — will proceed. Businesses operating in states with active licensing frameworks, including California, should monitor DEA registration guidance closely as the 26 June priority window approaches.
For ongoing updates, readers can refer to the Cannabis News Hub.
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