Trulieve Cannabis has become the first U.S. plant-touching cannabis business to list on the New York Stock Exchange, marking a historic milestone for the industry. The company operates 240 retail dispensaries and over 4 million square feet of cultivation and processing capacity, making it one of the largest cannabis retailers in the United States. Unlike many peers, Trulieve has been profitable and free cash flow positive since 2021, reporting a GAAP gross profit of $170 million, a 59% gross margin, and $42 million in free cash flow in its most recent quarter. Revenue was essentially flat at $1.18 billion in 2025, and the stock trades at a market value of roughly $2.2 billion, or less than 2 times annual revenue and just over 5 times adjusted EBITDA. The NYSE listing could improve liquidity and institutional participation, but the company still faces challenges including slowed revenue growth, price compression, and regulatory uncertainty.
Trulieve Cannabis Corp.NYSE listing improves liquidity and institutional access, a financial/valuation event
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