[Form 4] Trulieve Cannabis Corp. Insider Trading Activity

Q: What insider transaction did Trulieve Cannabis Corp. (TCNNF) report on this Form 4?

The president of Trulieve Cannabis Corp. reported that 7,009 Subordinate Voting Shares were withheld on December 1, 2025 to pay taxes due on the vesting of previously granted restricted stock units.

Q: What was the price used for the Trulieve (TCNNF) RSU tax withholding?

The 7,009 Subordinate Voting Shares withheld for taxes were valued at $5.39 per share in connection with the RSU vesting on December 1, 2025 .

Q: Does the Trulieve Cannabis Corp. (TCNNF) insider hold additional voting shares through trusts?

Yes. The reporting person may be deemed to control 22,635 Multiple Voting Shares held by one trust and 22,636 Multiple Voting Shares held by another trust, both invested in Trulieve Cannabis Corp. .

Q: How are Trulieve Cannabis Corp. (TCNNF) Multiple Voting Shares convertible into Subordinate Voting Shares?

The filing states that Multiple Voting Shares are convertible into Subordinate Voting Shares on a one-for-100 basis , which in this case represents an aggregate of 4,527,100 Subordinate Voting Shares underlying the Multiple Voting Shares held in the two trusts.

Q: What is the reporting person’s role at Trulieve Cannabis Corp. (TCNNF)?

The reporting person is an officer of Trulieve Cannabis Corp. , serving in the role of President , and filed this Form 4 as a single reporting person.

Filing Impact

(Neutral)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Trulieve Cannabis Corp.'s president filed a Form 4 reporting an automatic share withholding tied to equity compensation. On December 1, 2025, 7,009 Subordinate Voting Shares were withheld at $5.39 per share to cover taxes due upon the vesting of previously granted restricted stock units. After this tax withholding, the reporting person directly owns 523,201 Subordinate Voting Shares.

The filing also notes indirect holdings of 22,635 Multiple Voting Shares in one trust and 22,636 Multiple Voting Shares in another trust, over which the reporting person may be deemed to have voting and investment control. These Multiple Voting Shares are convertible into Subordinate Voting Shares on a one-for-100 basis, representing an aggregate of 4,527,100 Subordinate Voting Shares.

Insider Trade Summary

Net Seller: 7,009 shares

Net Sell 1 txn

Insider Pernell Jason

Role President

Type	Security	Shares	Price	Value
Exercise Price or Tax Liability	Subordinate Voting Shares	7,009	$5.39	$38K

Holdings After Transaction: Subordinate Voting Shares — 523,201 shares (Direct)

Footnotes (2)

F1. Represents shares withheld for payment of tax liability in connection with vesting of restricted stock units ("RSUs") on December 1, 2025, the grant of which RSUs to the reporting person were previously reported on Form 4.
F2. The reporting person also holds the following securities of the issuer: (i) 22,635 Multiple Voting Shares held by the JASON B PERNELL TR KFP IRREVOCABLE TRUST DTD 03/02/2020, over which the reporting person may be deemed to exercise voting and investment control, and (ii) 22,636 Multiple Voting Shares held by the KATHRYN FIELD PERNELL & TY ROOFNER TR JBP 2020 IRREVOCABLE TRUST DTD 01/06/2020, over which the reporting person may be deemed to exercise voting and investment control. Multiple Voting Shares are convertible into Subordinate Voting Shares on a one-for-100 basis (or into an aggregate of 4,527,100 Subordinate Voting Shares).

FAQ

What insider transaction did Trulieve Cannabis Corp. (TCNNF) report on this Form 4?

The president of Trulieve Cannabis Corp. reported that 7,009 Subordinate Voting Shares were withheld on December 1, 2025 to pay taxes due on the vesting of previously granted restricted stock units.

How many Trulieve Cannabis Corp. (TCNNF) shares does the insider own after the reported transaction?

Following the tax withholding event, the reporting person directly owns 523,201 Subordinate Voting Shares of Trulieve Cannabis Corp..

What was the price used for the Trulieve (TCNNF) RSU tax withholding?

The 7,009 Subordinate Voting Shares withheld for taxes were valued at $5.39 per share in connection with the RSU vesting on December 1, 2025.

Does the Trulieve Cannabis Corp. (TCNNF) insider hold additional voting shares through trusts?

Yes. The reporting person may be deemed to control 22,635 Multiple Voting Shares held by one trust and 22,636 Multiple Voting Shares held by another trust, both invested in Trulieve Cannabis Corp..

How are Trulieve Cannabis Corp. (TCNNF) Multiple Voting Shares convertible into Subordinate Voting Shares?

The filing states that Multiple Voting Shares are convertible into Subordinate Voting Shares on a one-for-100 basis, which in this case represents an aggregate of 4,527,100 Subordinate Voting Shares underlying the Multiple Voting Shares held in the two trusts.

What is the reporting person’s role at Trulieve Cannabis Corp. (TCNNF)?

The reporting person is an officer of Trulieve Cannabis Corp., serving in the role of President, and filed this Form 4 as a single reporting person.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 12/08/2025 - 04:42 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Pernell Jason

(Last)

(First)

(Middle)

C/O TRULIEVE CANNABIS CORP.

6749 BEN BOSTIC ROAD

(Street)

QUINCY

32351

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Trulieve Cannabis Corp. [ TRUL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	President

3. Date of Earliest Transaction (Month/Day/Year)
12/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Subordinate Voting Shares	12/01/2025		F		7,009⁽¹⁾	D	$5.39	523,201⁽²⁾	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Represents shares withheld for payment of tax liability in connection with vesting of restricted stock units ("RSUs") on December 1, 2025, the grant of which RSUs to the reporting person were previously reported on Form 4.

2. The reporting person also holds the following securities of the issuer: (i) 22,635 Multiple Voting Shares held by the JASON B PERNELL TR KFP IRREVOCABLE TRUST DTD 03/02/2020, over which the reporting person may be deemed to exercise voting and investment control, and (ii) 22,636 Multiple Voting Shares held by the KATHRYN FIELD PERNELL & TY ROOFNER TR JBP 2020 IRREVOCABLE TRUST DTD 01/06/2020, over which the reporting person may be deemed to exercise voting and investment control. Multiple Voting Shares are convertible into Subordinate Voting Shares on a one-for-100 basis (or into an aggregate of 4,527,100 Subordinate Voting Shares).

	/s/ Eric Powers, as Attorney-in-Fact	12/08/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR