Was the Trulieve (TRLV) CEO share sale part of a Rule 10b5-1 plan?

Yes. The sale was executed under a Rule 10b5-1 trading plan to sell 2.5 million shares adopted on March 16, 2026. This indicates the transactions were pre-planned rather than timed discretionarily based on short-term market developments.

Trulieve (TRLV) CEO plans 2.5M-share 10b5-1 sale, completes first tranche

Q: What did Trulieve (TRLV) CEO Kim A. Rivers report in this Form 4?

Kim A. Rivers reported selling 136,811 Subordinate Voting Shares of Trulieve Cannabis Corp. at a weighted average price of $8.756 per share. Following the sale, she directly holds 1,476,913 Subordinate Voting Shares , plus additional exposure through Multiple Voting Shares.

Q: How many Trulieve (TRLV) shares has the CEO sold under the first tranche?

The filing states that a first tranche of 1,699,007 Subordinate Voting Shares has been completed under the Rule 10b5-1 plan. The reported sale of 136,811 shares is part of this broader pre-arranged selling program.

Q: What is the significance of the Multiple Voting Shares in Trulieve (TRLV)?

Multiple Voting Shares are described as convertible into Subordinate Voting Shares on a one-for-100 basis with no expiration date. Some are held directly, and others indirectly via Traunch IV LLC, for which Rivers disclaims beneficial ownership except for her pecuniary interest.

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Trulieve Cannabis Corp. Chairman and CEO Kim A. Rivers reported an open-market sale of 136,811 Subordinate Voting Shares at a weighted average price of $8.756 per share. After this sale, she directly holds 1,476,913 Subordinate Voting Shares.

The sale was effected under a Rule 10b5-1 plan to sell 2.5 million shares that she adopted on March 16, 2026. A first tranche of 1,699,007 Subordinate Voting Shares under this plan has been completed, and she has notified the administering broker-dealer of her intention to terminate the plan on August 11, 2026 before any additional sales.

Rivers also has exposure through Multiple Voting Shares that are convertible into Subordinate Voting Shares on a one-for-100 basis, including holdings reported directly and indirectly via Traunch IV LLC, for which she disclaims beneficial ownership except to the extent of her pecuniary interest.

Insights

CEO’s pre-planned share sale looks routine relative to remaining holdings.

Kim A. Rivers sold 136,811 Subordinate Voting Shares of Trulieve Cannabis Corp. at a weighted average of $8.756 per share. The filing shows she still directly holds 1,476,913 Subordinate Voting Shares, plus substantial exposure through Multiple Voting Shares convertible into Subordinate Voting Shares.

The transactions occurred under a Rule 10b5-1 plan to sell 2.5 million shares adopted on March 16, 2026, with a first tranche of 1,699,007 shares now completed. Because the sales were pre-scheduled and the CEO retains large equity exposure, the informational signal from this net-sell filing appears limited.

The filing notes that Multiple Voting Shares are convertible into Subordinate Voting Shares on a one-for-100% basis and have no expiration date, and that some are held via Traunch IV LLC with a partial beneficial ownership disclaimer. Future Form 4 filings may further detail any additional trades if the plan were not terminated as indicated for August 11, 2026.

Insider Trade Summary 10b5-1

Net Seller: 136,811 shares ($1,197,917)

Net Sell 3 txns

Insider Rivers Kim A.

Role Chairman and CEO

Sold 136,811 shs ($1.20M)

Type	Security	Shares	Price	Value
Sale	Subordinate Voting Shares	136,811	$8.756	$1.20M
holding	Multiple Voting Shares	--	--	--
holding	Multiple Voting Shares	--	--	--

Holdings After Transaction: Subordinate Voting Shares — 1,476,913 shares (Direct, null); Multiple Voting Shares — 15,166,700 shares (Direct, null); Multiple Voting Shares — 986,700 shares (Indirect, By Traunch IV LLC)

Footnotes (1)

This transaction was effected pursuant to a Rule 10b5-1 plan to sell 2.5 million shares adopted by the reporting person on March 16, 2026. A Form 144 covering the first tranche of 1,699,007 subordinate voting shares was filed on June 17, 2026. As of June 26, 2026, share sales under the first tranche have been completed. The reporting person has notified the broker dealer administering the plan of her intention to terminate the plan on August 11, 2026, during the next open trading window, prior to any additional share sales. Represents a weighted average sales price per share. These shares were sold in multiple transactions at prices ranging from $8.72 to $8.82. The reporting person has provided to the issuer, and undertakes to provide to the staff of the Commission or any security holder of the issuer, upon request, full information regarding the number of shares sold at each separate price within the range. The reporting person also holds Multiple Voting Shares convertible into Subordinate Voting Shares as reported on Table II of this Form 4. The Multiple Voting Shares are convertible into Subordinate Voting Shares on a one-for-100 basis. The Multiple Voting Shares are convertible at any time and have no expiration date. The Multiple Voting Shares are held by Traunch IV LLC ("Traunch IV"), over which the reporting person may be deemed to exercise voting and investment control. The reporting person disclaims beneficial ownership of the Multiple Voting Shares (and the Subordinate Voting Shares into which they are convertible) held by Traunch IV, except to the extent of her pecuniary interest therein.

Key Figures

Shares sold: 136,811 shares Average sale price: $8.756 per share Direct holdings after sale: 1,476,913 shares +5 more

8 metrics

Shares sold 136,811 shares Subordinate Voting Shares sold in open market on June 26, 2026

Average sale price $8.756 per share Weighted average price; trades ranged from $8.72 to $8.82

Direct holdings after sale 1,476,913 shares Subordinate Voting Shares held directly following the transaction

Indirect underlying shares 986,700 shares Underlying Subordinate Voting Shares from Multiple Voting Shares held indirectly

Direct underlying shares 15,166,700 shares Underlying Subordinate Voting Shares from Multiple Voting Shares held directly

Planned 10b5-1 sales 2,500,000 shares Total shares covered by Rule 10b5-1 plan adopted March 16, 2026

First tranche completed 1,699,007 shares Subordinate Voting Shares sold under first tranche of the plan

Planned plan termination date August 11, 2026 Intended termination date of Rule 10b5-1 plan before further sales

Key Terms

Rule 10b5-1 plan, Multiple Voting Shares, Subordinate Voting Shares, Form 144, +1 more

5 terms

Rule 10b5-1 plan regulatory

"This transaction was effected pursuant to a Rule 10b5-1 plan to sell 2.5 million shares"

A Rule 10b5-1 plan is a prearranged, written schedule that lets corporate insiders buy or sell company stock at set times or amounts, even if they later learn material nonpublic information. Think of it like setting an automatic thermostat for trades: it creates a clear record that trades were planned in advance, reducing the risk of insider-trading accusations and helping investors trust that insider transactions are routine rather than based on secret information.

Multiple Voting Shares financial

"The reporting person also holds Multiple Voting Shares convertible into Subordinate Voting Shares"

Shares that carry more votes per share than regular shares, giving their holders greater control over corporate decisions such as board elections and major strategic moves. For investors this matters because a small group holding multiple voting shares can steer the company’s direction irrespective of economic ownership, similar to a few people holding the keys to a car even if many others own parts of it, which affects governance risk and influence on value.

Subordinate Voting Shares financial

"Multiple Voting Shares are convertible into Subordinate Voting Shares on a one-for-100 basis"

Subordinate voting shares are a type of company stock that typically carry fewer voting rights than regular shares, meaning holders have less influence over company decisions. They are often used to raise capital while allowing founders or main shareholders to retain control. For investors, understanding the difference helps assess their level of influence in company decisions and the potential risks or benefits of holding different types of shares.

Form 144 regulatory

"A Form 144 covering the first tranche of 1,699,007 subordinate voting shares was filed"

Form 144 is a document that investors must file with the government when they plan to sell a large number of shares of a company's stock. It helps ensure transparency so everyone knows how many shares are being sold and when, which can impact the stock's price.

weighted average sales price financial

"Represents a weighted average sales price per share. These shares were sold in multiple transactions"

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/26/2026 - 04:38 PM Accepted by SEC EDGAR 06/26/2026 - 04:38 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^*

Rivers Kim A.

(Last)

(First)

(Middle)

C/O TRULIEVE CANNABIS CORP.

3494 MARTIN HURST ROAD

(Street)

TALLAHASSEE

FLORIDA

32312

(City)

(State)

(Zip)

UNITED STATES

(Country)

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

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

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Chairman and CEO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/26/2026

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

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

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

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	06/26/2026		S⁽¹⁾		136,811	D	$8.756⁽²⁾	1,476,913⁽³⁾	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)
Multiple Voting Shares	$0							⁽⁴⁾	⁽⁴⁾	Subordinate Voting Shares	15,166,700		151,667	D
Multiple Voting Shares	$0							⁽⁴⁾	⁽⁴⁾	Subordinate Voting Shares	986,700		9,867	I	By Traunch IV LLC⁽⁵⁾

Explanation of Responses:

1. This transaction was effected pursuant to a Rule 10b5-1 plan to sell 2.5 million shares adopted by the reporting person on March 16, 2026. A Form 144 covering the first tranche of 1,699,007 subordinate voting shares was filed on June 17, 2026. As of June 26, 2026, share sales under the first tranche have been completed. The reporting person has notified the broker dealer administering the plan of her intention to terminate the plan on August 11, 2026, during the next open trading window, prior to any additional share sales.

2. Represents a weighted average sales price per share. These shares were sold in multiple transactions at prices ranging from $8.72 to $8.82. The reporting person has provided to the issuer, and undertakes to provide to the staff of the Commission or any security holder of the issuer, upon request, full information regarding the number of shares sold at each separate price within the range.

3. The reporting person also holds Multiple Voting Shares convertible into Subordinate Voting Shares as reported on Table II of this Form 4.

4. The Multiple Voting Shares are convertible into Subordinate Voting Shares on a one-for-100 basis. The Multiple Voting Shares are convertible at any time and have no expiration date.

5. The Multiple Voting Shares are held by Traunch IV LLC ("Traunch IV"), over which the reporting person may be deemed to exercise voting and investment control. The reporting person disclaims beneficial ownership of the Multiple Voting Shares (and the Subordinate Voting Shares into which they are convertible) held by Traunch IV, except to the extent of her pecuniary interest therein.

	/s/ Eric Powers, as Attorney-in-Fact	06/26/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What did Trulieve (TRLV) CEO Kim A. Rivers report in this Form 4?

Kim A. Rivers reported selling 136,811 Subordinate Voting Shares of Trulieve Cannabis Corp. at a weighted average price of $8.756 per share. Following the sale, she directly holds 1,476,913 Subordinate Voting Shares, plus additional exposure through Multiple Voting Shares.

How many Trulieve (TRLV) shares has the CEO sold under the first tranche?

The filing states that a first tranche of 1,699,007 Subordinate Voting Shares has been completed under the Rule 10b5-1 plan. The reported sale of 136,811 shares is part of this broader pre-arranged selling program.

What are Kim A. Rivers’ remaining direct holdings in Trulieve (TRLV)?

After the reported transaction, Kim A. Rivers directly holds 1,476,913 Subordinate Voting Shares of Trulieve Cannabis Corp. She also has significant exposure through Multiple Voting Shares that are convertible into Subordinate Voting Shares.

What is the significance of the Multiple Voting Shares in Trulieve (TRLV)?

Multiple Voting Shares are described as convertible into Subordinate Voting Shares on a one-for-100 basis with no expiration date. Some are held directly, and others indirectly via Traunch IV LLC, for which Rivers disclaims beneficial ownership except for her pecuniary interest.

Does the Trulieve (TRLV) CEO plan to continue selling shares under the 10b5-1 plan?

The filing notes that Rivers has notified the broker-dealer administering the Rule 10b5-1 plan of her intention to terminate the plan on August 11, 2026 during the next open trading window, before any additional share sales beyond the completed first tranche.