Trulieve’s NYSE listing is a ” landmark milestone”, this analyst says

Haywood Securities analyst Neal Gilmer says Trulieve Cannabis’ (Trulieve Cannabis Stock Quote, Chart, News, Analysts, Financials CSE:TRUL) approval to list on the New York Stock Exchange is a landmark event for the company and the broader U.S. cannabis sector.

In a June 8 update, Gilmer raised his target on Trulieve to C$24.00 from C$19.00 and maintained a “Buy” on the stock, recommending investors accumulate shares at current levels.

On June 5, Trulieve said its subordinated voting shares had been approved for listing on the NYSE under the symbol “TRLV,” with trading expected to begin June 10. The approval followed a June 3 structural reorganization that saw Trulieve deconsolidate its mixed-use cannabis operations into a newly formed entity, Harvest Enterprises LLC.

“Trulieve is the first MSO to list on a major U.S. exchange, a landmark milestone that should act as a positive catalyst for Trulieve and the broader U.S. cannabis sector,” Gilmer said.

To meet NYSE listing requirements, Trulieve transferred operations in states with both medical and adult-use cannabis programs into Harvest. Trulieve, through a subsidiary, holds non-voting exchangeable units in Harvest that carry no economic rights until the NYSE permits consolidation of those operations, at which point they convert into voting and economic units.

As part of the reorganization, Whitley Holdings, an arm’s-length third party, acquired a 10% economic interest in Harvest for $14.8-million, while Trulieve retained the remaining 90% economic interest.

Gilmer said the deconsolidation creates a cleaner, higher-margin medical-only business. On a pro forma basis, Q1 2026 revenue was $214.0-million, compared with $286.8-million on a consolidated basis, while gross margin was about 64.4%, roughly 500 basis points above the prior consolidated entity. He estimates EBITDA margins will also improve by 200 to 300 basis points compared with the Q1 margin of 27.4%, excluding adjustments.

Trulieve’s pro forma cash balance declines to $318-million from $353-million, reflecting $50-million transferred with Harvest and $14.8-million received from Whitley. Its uncertain tax liability also falls to $538-million from $696-million, with the company’s medical-only operations exempt from 280E following medical rescheduling.

Gilmer said the NYSE listing gives Trulieve access to a broader institutional investor base, potential index eligibility and deeper trading liquidity.

The analyst revised his model using management’s pro forma financials for the new medical-only business and raised his valuation multiple to 13 times his fiscal 2027 EBITDA estimate from 7.5 times, discounted by 15%.

“We continue to view Trulieve favourably in the U.S. market,” Gilmer said. “The Company has demonstrated strong operational execution over the past several quarters and is positioned to expand its footprint to new geographic markets. We expect the uplisting to the NYSE to meaningfully broaden the Company’s investor base, improve liquidity and positions Trulieve well in the future.”

Gilmer expects Trulieve to generate Adjusted EBITDA of $341.5-million on revenue of $1.01-billion in fiscal 2026, declining to Adjusted EBITDA of $311.5-million on revenue of $930.9-million in fiscal 2027, reflecting the deconsolidation of Harvest from the new pro forma business.

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