Trulieve Announces Share Buyback Program

TALLAHASSEE – Trulieve Cannabis Corp. announced that its Board of Directors has authorized a share repurchase program, allowing the company to buy back up to the lesser of $50 million in aggregate value or 8,495,038 subordinate voting shares, representing 5% of issued and outstanding subordinate voting shares as of June 8, 2026, over a 12-month period.

The announcement came just one day before Trulieve’s subordinate voting shares began trading on the New York Stock Exchange under the ticker TRLV, making the company the first U.S. Cannabis operator to list on a major American exchange.

Repurchases under the program will be executed in accordance with applicable securities laws and regulations. The program does not obligate the company to acquire any specific number of shares and may be suspended, modified, or discontinued at any time at the company’s discretion. The repurchase program will expire June 16, 2027, and any subordinate voting shares purchased will be cancelled.

The buyback program arrives in a compressed timeframe of corporate activity for the company. Following medical Cannabis rescheduling in April 2026, formally enacted by Acting Attorney General Todd Blanche, Trulieve completed a corporate restructuring that resulted in the deconsolidation of operations serving both medical and adult-use customers. The company’s remaining consolidated operations consist only of state-licensed medical Cannabis facilities, including 206 dispensaries supported by 3.5 million square feet of DEA-registered production capacity.

That restructuring was the operative step that cleared Trulieve’s path to the NYSE. The company’s approach, surgically separating its medical and adult-use operations, gave it a cleaner path under current rules than competitors who have acknowledged needing additional regulatory guidance before uplisting becomes viable.

Trulieve shares have been trading near their 52-week high, with analysts projecting a return to profitability this year. The company reported Q1 2026 revenue of $287 million, a 59% gross margin, and $100 million in adjusted EBITDA. Kim Rivers, Trulieve Founder and CEO, has cited expansion in Georgia and Texas as near-term growth priorities.

The $50 million ceiling on repurchases is not a commitment to spend. As the SEC 8-K filing makes clear, the program is discretionary. Management can deploy it, pause it, or walk away from it entirely. For now, it functions as an authorization, not an instruction.

The back-to-back NYSE listing and buyback authorization tell a single story about Trulieve’s capital posture. The company has spent the better part of a year restructuring around a regulatory opening, and it is now using that clean balance sheet to signal conviction in its own valuation. The deployment of the buyback depends entirely on price action and competing capital demands. The buildouts in Georgia and Texas are not cheap. However, the combination of institutional exchange access and an active repurchase authorization gives Trulieve more tools than any other publicly held U.S. Cannabis company has had before. This alone changes the conversation.