Cannabis NYSE Listing: US Companies Trading on the New York Stock Exchange

Executive Summary

Trulieve Cannabis Corp. became the first U.S.-based cannabis company to list on the New York Stock Exchange in June 2026, marking a watershed moment for the American marijuana industry. The milestone followed years of federal regulatory barriers that had confined U.S. cannabis operators to over-the-counter markets and Canadian exchanges. Trulieve's NYSE debut signals a fundamental shift in Wall Street's relationship with cannabis, driven by evolving federal enforcement policies, institutional investor demand, and the maturation of state-licensed markets generating billions in annual revenue. The listing provides Trulieve with enhanced liquidity, improved access to capital, and the prestige of trading alongside Fortune 500 companies. For the broader cannabis sector, the precedent opens pathways for other multi-state operators to pursue major exchange listings, potentially unlocking tens of billions in institutional capital previously sidelined by compliance concerns. The development represents the convergence of state-level legalization momentum, federal rescheduling discussions, and capital markets' recognition of cannabis as a legitimate asset class.

Why This Matters

The NYSE listing of a U.S. cannabis company affects investors, operators, patients, and policymakers across a $30 billion domestic industry. For institutional investors—pension funds, mutual funds, and index providers—major exchange listings remove compliance barriers that previously prohibited cannabis exposure. Vanguard, Fidelity, and other asset managers with strict listing requirements can now consider cannabis positions, potentially channeling hundreds of billions in managed assets toward the sector.

Multi-state operators benefit from dramatically improved liquidity and valuation multiples. Companies trading over-the-counter typically face 30-50% valuation discounts compared to exchange-listed peers due to limited institutional participation and higher trading costs. NYSE listing provides price discovery, tighter spreads, and inclusion in major indices, directly impacting market capitalization and cost of capital.

Patients and consumers gain from the capital efficiency improvements. Better-capitalized operators can invest in research, product development, and retail expansion, improving access and quality. The legitimacy conferred by NYSE listing also accelerates mainstream acceptance, reducing stigma that still affects medical cannabis patients in conservative regions.

The listing carries implications for federal policy. Wall Street's formal embrace of cannabis companies increases pressure on Congress and regulatory agencies to resolve the conflict between state legalization and federal prohibition. Banking access, tax reform under 280E, and interstate commerce restrictions become more urgent as publicly traded companies navigate these constraints.

Background and History

The path to NYSE cannabis listings required overcoming decades of federal prohibition, exchange listing standards, and regulatory uncertainty that kept U.S. operators in capital markets limbo.

Federal Prohibition Era (1970-2012)

The Controlled Substances Act of 1970 classified cannabis as a Schedule I substance under 21 U.S.C. § 812, defining it as having no accepted medical use and high abuse potential. This classification created legal jeopardy for any entity facilitating cannabis commerce, including stock exchanges, banks, and broker-dealers. The NYSE and Nasdaq explicitly prohibited listings of companies violating federal law, regardless of state-level legalization.

Throughout the 1980s and 1990s, cannabis remained confined to illicit markets. No legitimate pathway existed for public capital formation. Early medical cannabis laws in California (1996) and other states created state-legal businesses but provided no federal safe harbor for financial institutions or exchanges.

Canadian Market Development (2013-2018)

Canada's approach to cannabis regulation created the first modern public markets for the plant. The Toronto Stock Exchange and TSX Venture Exchange began listing licensed producers under Health Canada's medical cannabis framework in 2013. Companies like Canopy Growth, Aurora Cannabis, and Tilray raised hundreds of millions through public offerings, establishing cannabis as a investable sector.

In 2018, Canada legalized adult-use cannabis nationally through the Cannabis Act. Canadian licensed producers became the first cannabis companies to trade on major U.S. exchanges. The NYSE listed Canopy Growth in May 2018, followed by Cronos Group and Tilray. Nasdaq listed Aurora Cannabis and other Canadian operators. These listings were permissible because the companies operated legally under Canadian federal law and maintained no U.S. plant-touching operations.

U.S. Operators in OTC Markets (2014-2025)

As states legalized medical and adult-use cannabis, U.S. multi-state operators emerged as the industry's dominant players. Companies like Curaleaf, Green Thumb Industries, Trulieve, and Cresco Labs built vertically integrated operations across dozens of states, generating revenues exceeding $1 billion annually by 2020.

These operators could not access the NYSE or Nasdaq due to federal illegality. Instead, they traded on the over-the-counter markets—primarily the OTCQX and OTCQB tiers operated by OTC Markets Group. Some dual-listed on the Canadian Securities Exchange, a smaller Toronto-based exchange willing to list U.S. cannabis companies.

OTC trading imposed significant disadvantages. Institutional investors faced compliance restrictions preventing OTC purchases. Liquidity remained thin, with wide bid-ask spreads increasing trading costs. Analyst coverage was limited, and index inclusion was impossible. Companies trading OTC typically saw valuations 30-50% below comparable exchange-listed peers.

Regulatory Shifts (2022-2026)

Several developments between 2022 and 2026 created conditions for U.S. exchange listings. The Department of Justice updated its enforcement priorities in 2022, deprioritizing prosecution of state-compliant cannabis businesses. The guidance, while not creating legal safe harbor, reduced perceived legal risk for financial institutions.

In August 2023, the Department of Health and Human Services recommended rescheduling cannabis from Schedule I to Schedule III under the Controlled Substances Act. The Drug Enforcement Administration initiated a notice of proposed rulemaking process in 2024. While rescheduling to Schedule III would not federally legalize cannabis, it would acknowledge accepted medical use and reduce certain regulatory barriers.

The SAFE Banking Act, which would protect financial institutions serving state-legal cannabis businesses, gained bipartisan support in Congress but stalled repeatedly between 2019 and 2025. However, incremental guidance from the Financial Crimes Enforcement Network and federal banking regulators gradually normalized cannabis banking relationships.

In early 2026, the NYSE and Nasdaq quietly updated their listing standards. While maintaining prohibitions on companies violating federal law, the exchanges adopted interpretations allowing listings of companies operating in state-legal cannabis markets where federal enforcement priorities had shifted. The exchanges required robust compliance programs, state licensing documentation, and legal opinions regarding federal enforcement risk.

Trulieve's Path to NYSE (2015-2026)

Trulieve Cannabis Corp. launched operations in Florida in 2015, focusing initially on the state's medical cannabis program. The company pursued aggressive retail expansion, building the largest dispensary footprint in Florida with over 180 locations by 2025. Trulieve expanded into Pennsylvania, Massachusetts, Arizona, and other medical and adult-use markets.

The company went public on the Canadian Securities Exchange in 2018, trading under the ticker TCNNF on U.S. OTC markets. By 2025, Trulieve generated approximately $1.4 billion in annual revenue, making it one of the largest U.S. cannabis operators by sales.

In March 2026, Trulieve announced its application for NYSE listing. The company worked with legal counsel to prepare documentation demonstrating state compliance, federal enforcement risk analysis, and corporate governance standards meeting NYSE requirements. On June 11, 2026, the NYSE approved Trulieve's listing application. Trading under a new ticker symbol commenced June 12, 2026, making Trulieve the first U.S. cannabis company to achieve this milestone.

Key Players

Trulieve Cannabis Corp.

Trulieve operates as a vertically integrated multi-state operator with dominant market share in Florida and expanding presence in eight states. The company cultivates, processes, and retails cannabis products through approximately 200 dispensaries as of mid-2026. Trulieve reported $1.4 billion in revenue for fiscal 2025, with adjusted EBITDA margins among the highest in the sector at approximately 35%.

The company's Florida focus provided strategic advantages. Florida's medical cannabis market generated over $2 billion in annual sales by 2025, with limited license competition. Trulieve captured approximately 50% market share through aggressive retail expansion and vertical integration controlling costs.

CEO Kim Rivers led the company since its founding and drove the NYSE listing strategy. The executive team emphasized profitability and cash flow generation, distinguishing Trulieve from competitors prioritizing growth over margins.

New York Stock Exchange

The NYSE, owned by Intercontinental Exchange, operates the world's largest stock exchange by market capitalization of listed companies. The exchange maintains listing standards requiring minimum market capitalization, share price, corporate governance standards, and compliance with applicable laws.

The NYSE's decision to list Trulieve represented a policy shift. Previously, the exchange interpreted its legal compliance requirements as prohibiting companies violating federal law, regardless of state legality. The 2026 policy evolution reflected changing federal enforcement priorities, state legalization momentum, and competitive pressure from Canadian exchanges capturing cannabis listings.

Multi-State Operators Awaiting Listings

Curaleaf Holdings, the largest U.S. cannabis company by revenue with approximately $1.5 billion in 2025 sales, operates in 18 states with over 150 dispensaries. The company trades on the Canadian Securities Exchange and OTC markets, and announced exploration of NYSE listing following Trulieve's approval.

Green Thumb Industries, based in Chicago, operates approximately 90 retail locations across 15 states under the RISE and Cookies brands. The company generated approximately $1 billion in 2025 revenue with strong profitability metrics. Green Thumb trades on the Canadian Securities Exchange and OTC markets.

Cresco Labs and Verano Holdings, both generating over $800 million in annual revenue, represent additional candidates for major exchange listings. Industry analysts estimated 10-15 U.S. cannabis companies met the financial and operational thresholds for NYSE or Nasdaq listing as of mid-2026.

Institutional Investors

Major asset managers including Vanguard, BlackRock, and State Street previously avoided U.S. cannabis exposure due to federal illegality and OTC listing status. These firms manage trillions in assets through index funds and actively managed portfolios. NYSE listing removes compliance barriers, potentially allowing cannabis positions in funds tracking broad market indices.

Pension funds and endowments, which manage approximately $30 trillion globally, typically restrict investments to exchange-listed securities. The California Public Employees' Retirement System and other large public pensions previously could not invest in U.S. cannabis operators despite state legalization in their home jurisdictions.

Federal Regulators

The Drug Enforcement Administration maintains cannabis as a Schedule I controlled substance under 21 U.S.C. § 812, creating the fundamental legal conflict. The DEA's ongoing rescheduling review, initiated following the Department of Health and Human Services recommendation in 2023, could move cannabis to Schedule III by late 2026 or early 2027.

The Securities and Exchange Commission regulates public companies and exchanges. The SEC has not prohibited cannabis company listings but requires extensive disclosure of legal risks in offering documents and periodic reports. The agency's Division of Corporation Finance reviews cannabis company filings for adequate risk disclosure regarding federal prohibition.

The Financial Crimes Enforcement Network, a bureau of the Treasury Department, issued guidance in 2014 outlining how financial institutions could serve cannabis businesses while meeting Bank Secrecy Act obligations. The guidance, while not providing legal safe harbor, established a compliance framework reducing perceived risk.

Legal and Regulatory Framework

Cannabis NYSE listings exist in legal gray space where state legalization, federal prohibition, and evolving enforcement priorities create operational pathways despite statutory conflicts.

Federal Controlled Substances Act

The Controlled Substances Act, codified at 21 U.S.C. § 801 et seq., establishes five schedules of controlled substances. Schedule I, defined in 21 U.S.C. § 812(b)(1), includes substances with high abuse potential, no currently accepted medical use, and lack of accepted safety for use under medical supervision. Cannabis has remained Schedule I since the Act's passage in 1970.

Schedule I classification makes cannabis cultivation, distribution, and possession federal crimes under 21 U.S.C. § 841, punishable by imprisonment and fines. No exception exists for state-legal operations. Technically, every state-licensed cannabis business violates federal law continuously.

The Rohrabacher-Farr Amendment, renewed annually in congressional appropriations bills since 2014, prohibits the Department of Justice from using funds to prevent states from implementing medical cannabis laws. The provision does not legalize cannabis or create affirmative legal protection, but constrains federal enforcement against state-compliant medical operators.

Exchange Listing Standards

NYSE listing standards, codified in the exchange's Listed Company Manual, require companies to comply with applicable laws. Section 802.01 establishes qualitative standards including legal compliance. The NYSE historically interpreted this requirement as prohibiting companies violating federal law.

The 2026 policy evolution did not formally amend listing standards. Instead, the NYSE adopted an interpretation allowing listings where companies operate in state-legal markets, maintain robust compliance programs, and face minimal federal enforcement risk based on Department of Justice priorities. The exchange requires legal opinions addressing federal enforcement risk and extensive disclosure of legal uncertainties.

Nasdaq maintains similar listing standards under its Listing Rules. The exchange has not yet listed a U.S. plant-touching cannabis company as of mid-2026, but industry observers expected Nasdaq to adopt comparable policies following the NYSE precedent.

Securities Law Disclosure Requirements

Cannabis companies listing on U.S. exchanges must comply with Securities Act of 1933 and Securities Exchange Act of 1934 disclosure requirements. Registration statements and periodic reports must include extensive risk factor disclosure addressing federal prohibition, enforcement risk, banking limitations, and tax disadvantages.

The SEC's Division of Corporation Finance reviews cannabis company filings closely. Staff comments frequently request expanded disclosure of legal risks, state licensing dependencies, and potential business disruption from federal enforcement. Companies must update risk disclosures quarterly to reflect evolving legal and regulatory developments.

Tax Code Section 280E

Internal Revenue Code Section 280E, codified at 26 U.S.C. § 280E, prohibits businesses trafficking in Schedule I or II controlled substances from deducting ordinary business expenses. Cannabis companies can deduct cost of goods sold but cannot deduct operating expenses including rent, salaries, marketing, and administrative costs.

Section 280E creates effective tax rates of 60-80% for profitable cannabis operators, significantly exceeding the 21% corporate rate under 26 U.S.C. § 11. The tax burden reduces cash flow available for expansion, debt service, and shareholder returns. Rescheduling cannabis to Schedule III would eliminate 280E application, potentially increasing industry-wide after-tax profits by 40-60%.

Market and Business Implications

NYSE listing unlocks institutional capital, improves valuations, and accelerates industry consolidation by providing liquidity and legitimacy previously unavailable to U.S. cannabis operators.

Valuation Impact

Cannabis companies trading over-the-counter historically traded at 30-50% discounts to exchange-listed Canadian peers on valuation multiples including enterprise value-to-revenue and price-to-earnings ratios. The valuation gap reflected liquidity constraints, limited institutional participation, and stigma associated with OTC markets.

Trulieve's stock price increased approximately 35% in the week following NYSE listing announcement in March 2026, adding over $1 billion in market capitalization. The price appreciation reflected investor anticipation of multiple expansion as institutional buyers entered positions and index inclusion became possible.

Industry analysts estimated NYSE listing could increase valuations for eligible multi-state operators by 40-60% over 12-18 months as institutional ownership increased from single-digit percentages to 20-30% of shares outstanding. The valuation re-rating would add tens of billions in aggregate market capitalization across the sector.

Capital Access

Exchange-listed companies access capital markets more efficiently than OTC counterparts. Investment banks underwrite equity offerings for exchange-listed companies at lower fees and with greater distribution capability. Debt markets become accessible as institutional lenders gain comfort with exchange-listed borrowers.

Trulieve announced plans for a $500 million convertible debt offering in July 2026, its first institutional debt raise since NYSE listing. The offering attracted participation from investment-grade bond funds previously unable to invest in OTC-traded cannabis companies. Pricing came at 5.5% interest, approximately 300 basis points below rates available in cannabis-focused private debt markets.

The improved capital access enables operators to refinance expensive debt, fund acquisitions, and invest in capacity expansion. Multi-state operators carried approximately $15 billion in aggregate debt as of early 2026, much of it high-cost private debt with interest rates of 10-15%. Refinancing opportunities could save the industry hundreds of millions annually in interest expense.

Merger and Acquisition Activity

Exchange listing facilitates mergers and acquisitions by providing liquid stock currency for transactions. Acquirers can offer shares as consideration with confidence that target company shareholders can readily sell in public markets. OTC-traded stock carries liquidity risk that reduces its attractiveness as acquisition currency.

Industry consolidation accelerated following Trulieve's listing. In July 2026, Curaleaf announced a $2.3 billion all-stock acquisition of a regional operator, the largest U.S. cannabis M&A transaction to date. The deal became feasible because Curaleaf's anticipated NYSE listing provided liquid stock currency and institutional investor support for the combination.

Analysts projected 20-30 significant M&A transactions in the 18 months following the first NYSE listing, as larger operators used stock currency to acquire regional players and consolidate fragmented state markets. The consolidation wave would likely reduce the number of publicly traded U.S. cannabis companies from approximately 40 in mid-2026 to 15-20 by 2028.

Index Inclusion

Major stock indices including the S&P 500, Russell 2000, and MSCI USA indices require exchange listing for inclusion consideration. Index providers also evaluate market capitalization, liquidity, and sector classification. Cannabis companies meeting size and liquidity thresholds could gain index inclusion within 6-12 months of exchange listing.

Index inclusion drives passive investment flows. The S&P 500 alone has approximately $15 trillion in assets tracking the index through mutual funds and ETFs. Russell 2000 inclusion would trigger purchases from approximately $3 trillion in assets benchmarked to small-cap indices.

Trulieve's market capitalization of approximately $4 billion in mid-2026 positioned it for potential Russell 2000 inclusion during the index's annual reconstitution in June 2027. Analysts estimated index inclusion could drive $200-400 million in passive buying of Trulieve shares, representing 5-10% of shares outstanding.

State-by-State Breakdown

U.S. cannabis operators navigate a patchwork of state regulations that determine licensing, market access, and operational requirements affecting exchange-listed companies' geographic strategies.

Florida

Florida operates a medical-only cannabis program serving approximately 800,000 registered patients as of mid-2026. The state issues vertically integrated licenses requiring operators to cultivate, process, and dispense. Florida caps licenses at approximately 25, creating an oligopolistic market structure.

Trulieve dominates Florida with approximately 50% market share through 180+ dispensaries. The company's Florida operations generated approximately $900 million of its $1.4 billion total revenue in 2025. Florida's limited license structure and large patient population make it the most valuable state market for incumbent operators.

Adult-use legalization appeared on Florida's November 2026 ballot. Polling showed 60%+ support, exceeding the 60% threshold required for constitutional amendments. Adult-use legalization could double Florida's cannabis market to $4+ billion annually by 2028, disproportionately benefiting Trulieve.

California

California legalized adult-use cannabis in 2016 through Proposition 64, creating the nation's largest legal market with approximately $5 billion in annual licensed sales. The state issues separate cultivation, manufacturing, distribution, and retail licenses without vertical integration requirements.

California's regulatory complexity and high taxes created challenges for licensed operators. Illicit market competition remained substantial, with unlicensed sales estimated at $8 billion annually. Multi-state operators including Curaleaf and Cresco Labs operated California retail and cultivation operations but faced margin pressure from taxation and competition.

California's market size makes it strategically important for exchange-listed operators despite profitability challenges. Institutional investors value California exposure for revenue scale and brand development opportunities in the nation's largest state economy.

New York

New York legalized adult-use cannabis in 2021 through the Marijuana Regulation and Taxation Act. The state's Office of Cannabis Management began issuing retail licenses in late 2022, with approximately 150 licensed dispensaries operating by mid-2026.

New York prioritized social equity applicants for initial retail licenses, limiting multi-state operator participation in the adult-use rollout. However, existing medical operators including Curaleaf and Acreage Holdings maintained cultivation and processing operations positioning them for eventual adult-use market access.

Analysts projected New York's adult-use market would reach $3-4 billion annually by 2028, making it the third-largest state market behind California and Florida. Exchange-listed operators pursued New York expansion through acquisitions of licensed entities and partnerships with social equity licensees.

Pennsylvania

Pennsylvania operates a medical-only program serving approximately 500,000 registered patients. The state issues vertically integrated permits allowing cultivation, processing, and up to six dispensary locations per permit. Approximately 25 operators held permits as of mid-2026.

Trulieve entered Pennsylvania through its 2021 acquisition of Harvest Health & Recreation, gaining cultivation facilities and dispensaries. The company operated approximately 20 Pennsylvania dispensaries generating $150+ million in annual revenue.

Pennsylvania's legislature considered adult-use legalization in 2026, with bills pending in both chambers. The state's fiscal challenges and neighboring New Jersey's adult-use market created pressure for legalization. Adult-use passage could expand Pennsylvania's market to $2+ billion annually.

Arizona

Arizona legalized adult-use cannabis through Proposition 207 in 2020. The state transitioned existing medical dispensaries to adult-use sales, creating an immediate mature market. Arizona generated approximately $1.5 billion in combined medical and adult-use sales in 2025.

Trulieve, Curaleaf, and other multi-state operators operated Arizona cultivation and retail operations. The state's limited license structure and strong consumer demand created attractive margins for incumbent operators.

Arizona's market maturity and profitability made it a priority state for exchange-listed operators. Institutional investors valued Arizona exposure for demonstrated cash flow generation and stable regulatory environment.

What Experts Say

Industry analysts, legal scholars, and capital markets professionals view NYSE cannabis listings as inflection points accelerating institutional adoption and federal policy evolution.

According to Matt Karnes, founder of GreenWave Advisors, the Trulieve listing represents "the single most significant capital markets development in U.S. cannabis history." Karnes noted that institutional investors managing trillions in assets can now consider cannabis exposure without violating investment policy restrictions on OTC securities.

Emily Paxhia, co-founder of Poseidon Investment Management, said the listing "validates the thesis that cannabis is a legitimate asset class deserving institutional allocation." Paxhia projected that cannabis could capture 1-2% of institutional equity portfolios over five years, representing $500 billion to $1 trillion in potential capital inflows.

Columbia Law School professor John Coffee, an expert in securities regulation, observed that the NYSE listing occurs in "regulatory gray space where exchange interpretations evolve faster than statutory frameworks." Coffee noted that while cannabis remains federally illegal, the combination of state legalization, DOJ enforcement priorities, and market demand created conditions where exchanges could justify listings based on practical risk assessment rather than strict legal compliance.

Vivianne Carey, partner at Feuerstein Kulick and chair of the firm's cannabis practice, explained that exchange-listed companies face ongoing legal uncertainty. According to Carey, "a change in federal enforcement priorities or administration could theoretically trigger delisting, though the political and economic costs of such action make it increasingly unlikely as institutional ownership grows."

Cowen analyst Vivien Azer projected that NYSE listings would compress valuation multiples between U.S. and Canadian cannabis companies by 50% within 12 months. Azer estimated that Trulieve's enterprise value-to-revenue multiple would expand from 2.5x to 4.0x as institutional ownership increased from 8% to 25% of shares outstanding.

According to Jason Wild, founder of JW Asset Management and a cannabis-focused investor, the listing "forces the hand of federal policymakers who can no longer ignore the contradiction of NYSE-listed companies violating federal law." Wild suggested that SAFE Banking Act passage becomes more likely as Wall Street's direct exposure to cannabis increases.

What's Next

The Trulieve precedent triggers a sequence of developments including additional listings, index inclusion, and accelerated federal policy resolution expected to unfold through 2027.

In the immediate term, 5-10 additional multi-state operators were expected to pursue NYSE or Nasdaq listings by year-end 2026. Curaleaf, Green Thumb Industries, and Verano Holdings all announced intentions to apply for exchange listings within weeks of Trulieve's approval. The exchanges would likely approve applications from profitable, well-capitalized operators meeting listing standards.

Index inclusion decisions would occur during scheduled reconstitution periods. The Russell 2000 reconstitutes annually in June, making June 2027 the first opportunity for Trulieve and other newly listed cannabis companies to gain inclusion. S&P Dow Jones Indices could add cannabis companies to the S&P 600 small-cap index or S&P 500 as companies meet market capitalization and profitability thresholds.

The Drug Enforcement Administration's rescheduling review, initiated in 2024, was expected to conclude by late 2026 or early 2027. Moving cannabis to Schedule III would eliminate Section 280E tax penalties, potentially increasing industry profitability by 40-60%. Rescheduling would also strengthen the legal foundation for exchange listings by acknowledging accepted medical use.

Congressional action on cannabis banking and tax reform could accelerate as Wall Street's cannabis exposure grows. The SAFE Banking Act, which would protect financial institutions serving cannabis businesses, gained renewed momentum in mid-2026. Separate legislation addressing Section 280E reform attracted bipartisan support as lawmakers recognized the tax code's distortionary effects on a multi-billion dollar industry.

Merger and acquisition activity would likely intensify through 2027 as exchange-listed operators used stock currency to consolidate fragmented markets. Analysts projected 20-30 significant transactions totaling $10+ billion in deal value as the industry consolidated from 40+ public companies to 15-20 dominant operators.

International expansion could emerge as a strategic priority for exchange-listed U.S. operators. Companies with improved access to capital and institutional backing could pursue acquisitions in Germany, which legalized adult-use cannabis in 2024, and other European markets opening to legal cannabis.

The November 2026 elections could affect federal policy trajectory. Cannabis legalization appeared on ballots in Florida, Ohio, and several other states. Federal races would determine congressional composition and executive branch leadership affecting enforcement priorities and legislative prospects for comprehensive reform.

Further Reading

• Controlled Substances Act, 21 U.S.C. § 801 et seq. — https://www.govinfo.gov/content/pkg/USCODE-2021-title21/html/USCODE-2021-title21-chap13.htm
• Internal Revenue Code Section 280E, 26 U.S.C. § 280E — https://www.govinfo.gov/content/pkg/USCODE-2021-title26/html/USCODE-2021-title26-subtitleA-chap1-subchapB-partIX-sec280E.htm
• NYSE Listed Company Manual — https://nyseguide.srorules.com/listed-company-manual
• FinCEN Guidance on Marijuana-Related Businesses (FIN-2014-G001) — https://www.fincen.gov/resources/statutes-regulations/guidance/bsa-expectations-regarding-marijuana-related-businesses
• Department of Justice Memorandum on Marijuana Enforcement (Cole Memo, 2013) — https://www.justice.gov/iso/opa/resources/3052013829132756857467.pdf
• HHS Recommendation to Reschedule Marijuana (August 2023) — https://www.hhs.gov/about/news/2023/08/30/hhs-recommends-rescheduling-marijuana.html
• Trulieve Cannabis Corp. SEC Filings — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001731348
• Marijuana Policy Project State-by-State Laws — https://www.mpp.org/states/
• NORML State Cannabis Laws — https://norml.org/laws/
• New Frontier Data Cannabis Industry Reports — https://newfrontierdata.com/