Trulieve Applauds Trump Administration For Rescheduling Medical Marijuana to Schedule III

Rhea-AI Summary

Trulieve (OTCQX: TCNNF) applauded the April 23, 2026 federal rescheduling of medical marijuana to Schedule III under the Controlled Substances Act. The final order permits FDA‑approved and state licensed medical marijuana products to be reclassified, opens a DEA registration pathway for state operators, and notes Section 280E tax relief for Schedule III sales. The Department announced continued rulemaking with an expedited process and a planned hearing this summer.

AI-generated analysis. Not financial advice.

Positive

• Rescheduling to Schedule III creates a federal classification change for medical marijuana
• Expedited DEA registration pathway for state licensed manufacturer/distributor/dispenser operations
• Section 280E no longer applies to Schedule III sales, potentially removing punitive tax restrictions
• Easier clinical research using state‑available medical marijuana products aligned with real‑world use

Negative

• Not legalization: rescheduling does not legalize recreational marijuana at the federal level
• Rulemaking continues with an announced hearing this summer, leaving some regulatory details unresolved
• Implementation timing and DEA registration processes remain uncertain and may create short‑term operational ambiguity

News Market Reaction – TCNNF

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-6.58% News Effect

On the day this news was published, TCNNF declined 6.58%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Reclassification Enables Research and Supports State Licensed Medical Marijuana Operators 

TALLAHASSEE, Fla., April 23, 2026 /PRNewswire/ -- Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the U.S., applauds the rescheduling of medical marijuana to Schedule III under the Controlled Substances Act. 

"The Administration is delivering on its promise to address long overdue cannabis reform by rescheduling medical marijuana," said Trulieve Chief Executive Officer Kim Rivers. "President Trump and Attorney General Blanche have, through this final order, completed the first ever meaningful policy shift related to cannabis in the history of America. By rescheduling medical marijuana to Schedule III, American-led research, utilizing products that Americans are consuming, can begin in earnest and will shape the future state of cannabis in this country. Trulieve welcomes this decisive action to more closely align federal policy with current medical practice and state laws."

Reclassification of marijuana to Schedule III does not legalize marijuana but it is an important first step in achieving common sense cannabis reform. Rescheduling medical marijuana to Schedule III opens the door for more robust research, provides a pathway for registration, and removes the punitive tax burden imposed by Section 280E of the tax code.

The final order was issued under the authority of the Attorney General pursuant to the United Nations Single Convention on Narcotic Drugs. This order reschedules any FDA approved marijuana products and state licensed medical marijuana products. Simultaneously, the department announced the continuation of the rulemaking process that began in 2024 to reschedule marijuana. This process contemplates an expedited timeline with a planned hearing this summer.

Enables Scientific Research Using Medical Marijuana  
Reclassifying marijuana to Schedule III acknowledges the medical benefits of marijuana and eases restrictions on conducting medical research in the U.S. Clinical studies using medical marijuana that is available through state licensed operators can yield results more comparable to real world applications.

Provides Pathway for State Licensed Medical Marijuana Operators to Register with the Drug Enforcement Agency
The final order published today provides an expedited process for state licensed medical marijuana operators to obtain a manufacturer, distributor, and/or dispenser registration.  

Removes Punitive 280E Tax Burden Imposed on State Licensed Medical Marijuana Operators
Section 280E of the tax code was implemented to prohibit drug traffickers selling Schedule I or Schedule II substances from taking tax deductions for ordinary business expenses. As noted in the final order, Section 280E does not apply to Schedule III substances.

About Trulieve
Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S., with established hubs in the Northeast, Southeast, and Southwest, anchored by cornerstone markets in Arizona, Florida, Ohio, and Pennsylvania. Driven by a core mission to expand access to cannabis, Trulieve serves customers with innovative, high-quality branded products and exceptional experiences. With scaled operations in attractive markets and targeted expansion through its hub strategy, Trulieve is poised for accelerated growth. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. For more information, please visit Trulieve.com.

Facebook: @Trulieve   
Instagram: @Trulieve
X: @Trulieve

Investor and Media Contact
Christine Hersey, Chief Corporate Affairs and Strategy Officer
+1 (424) 202-0210
Christine.Hersey@Trulieve.com

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SOURCE Trulieve Cannabis Corp.

FAQ

What does the April 23, 2026 Schedule III rescheduling mean for Trulieve (TCNNF)?

It means medical marijuana products are now classified as Schedule III at the federal level. According to the company, this opens DEA registration pathways for state licensed operators and may remove Section 280E tax limitations for Schedule III sales, enabling broader research and registration.

Will the Schedule III rescheduling legalize marijuana for recreational use for TCNNF shareholders?

No — the rescheduling does not legalize recreational marijuana at the federal level. According to the company, the order applies to FDA‑approved and state licensed medical products only; broader legalization would require separate legislative or regulatory action.

How does rescheduling affect Section 280E tax treatment for Trulieve (TCNNF)?

Schedule III classification removes Section 280E's bar on ordinary business deductions for those sales. According to the company, Section 280E does not apply to Schedule III substances, which could reduce the punitive tax burden on qualifying medical marijuana operations.

Can Trulieve (TCNNF) register with the DEA after this rescheduling order?

Yes — the final order provides an expedited registration pathway for state licensed operators. According to the company, state licensed manufacturers, distributors, and dispensers can pursue DEA registration under the published process, subject to DEA rules and timelines.

How will rescheduling to Schedule III impact medical research relevant to Trulieve (TCNNF)?

Rescheduling eases federal research restrictions and enables studies using state‑available products. According to the company, clinical research using real‑world medical marijuana can proceed more readily and may yield results that better reflect patient use.

What are the next regulatory steps and timing after the April 23, 2026 order for Trulieve (TCNNF)?

The Department announced continued rulemaking with an expedited timeline and a planned hearing this summer. According to the company, this ongoing process will address implementation details and timelines for registration and regulatory changes.