When Trulieve executives ring the closing bell at the New York Stock Exchange (NYSE) on Aug. 18, it will be a clear sign that slowly, yet surely, rescheduling is increasing corporate cash flow for cannabis companies.
In the roughly four months since President Donald Trump moved medical cannabis to schedule 3, on April 23, 2026, multi-state operators have been testing the waters on new methods for financing, while investors are warming up to legal cannabis.
“We see greater access to greater investor bases in capital throughout U.S. capital markets,” said Cresco Labs CEO Charlie Bachtell during his company’s Aug. 6 earnings call.
Rescheduling did not create a clear-cut pathway to increased access to capital for cannabis companies, but it did eliminate 280E restrictions barring tax write-offs for business expenses, while also signaling to law makers that there was greater political will to reform federal cannabis policy.
Some companies, such as Trulieve and Glass House Brands, deconsolidated their holdings to create a clear divide between adult-use and medical operations.
This move allowed Trulieve to list on the New York Stock Exchange on June 10. Since then, the company has been promoting its stock to investors that may not have previously been involved in financing cannabis. Glass House Brands listed on June 30.
“Since listing on June 10th, we have conducted non-deal roadshows to meet investors in Chicago, Denver, New York, Montreal, and Toronto. We introduced Trulieve to a host of institutional investors who are new to the cannabis space. Over time, we expect to realize greater stability in our shareholder base, higher liquidity, broader analyst coverage, and index inclusion for our stock,” Trulieve CEO Kim Rivers during her company’s Aug. 7 earnings call.
Trulieve is scheduled to become the first U.S. cannabis company to ring the closing bell on the New York Stock Exchange on Aug. 18.
Other companies have been consolidating their shares in a way that could enable them to list in the near future, according to a July white paper released by AdvisorShares, which manages the Pure US Cannabis ETF (MSOS).
“Rescheduling does not reset the investment thesis overnight, and the transition will be measured in years, not quarters. The DOJ’s April 2026 Order begins to address structural constraints that have suppressed valuations and limited capital participation for the medical segment specifically,” explained AdvisorShares.
Curaleaf completed a 1-for-3 reverse split on June 5, 2026; Verano Holdings completed a 1-for-5 reverse split effective on June 11, 2026; and Vireo Growth consolidated its shares 30-for-1 effective June 5, 2026.
“During the second quarter, after our annual meeting, the company consolidated its subordinate voting shares. As of June 30th, Vireo had a total of 54.4 million subordinate voting shares outstanding on a treasury method basis using a share price of $15. This was comprised of 45.8 million subordinate voting shares outstanding on an as converted basis,” explained Vireo Growth CFO Tyson Macdonald, during his company’s Aug. 11 earnings call.
Financiers appear cautiously optimistic about the future prospects of cannabis investment.
“While the timing and ultimate scope of further federal action remain uncertain, we believe Safe Harbor remains well positioned to benefit as the addressable market for our compliance platform continues to expand,” said Terrance Mendez, chief executive officer and chief financial officer, in an Aug. 10 press release announcing his company’s quarterly earnings.
In the near future cannabis companies will continue to reach out to potential investors as the regulatory landscape continues to evolve.
“I think there’s a lot of investor education that has to happen. The cannabis story has been around for a while. It has gone through multiple cycles over the last eight to ten years and so for us to now have this potentially broad access to traditional capital markets in the U.S., we have to put that hat back on,” said Bachtell, who noted that although there are fewer regulatory hurdles for investors, there is still a need to convince them that cannabis is a good bet.
“We have to understand that the cannabis story needs to be reintroduced to a lot of investors, both that have seen it before and that never had an opportunity or the ability to look at it,” he added.
