Last week, Trulieve Cannabis became the first U.S. cannabis operator to list on the New York Stock Exchange. The stock is now trading under the symbol “TRLV.” Although a publicly traded company moving up to the NYSE is not uncommon, it is in the cannabis industry.
You see, until now, major U.S. cannabis companies were largely shut out of the NYSE and Nasdaq Stock Market because marijuana remained federally illegal and was deemed a Schedule I drug, a classification reserved for the most addictive and dangerous drugs. As a result, many of these companies traded on Canadian exchanges or less stringently regulated over-the-counter (OTC) markets. That limited visibility and reduced liquidity kept most institutional investors on the sidelines.
