Trulieve (TRLV) CEO Kim Rivers sells 482K shares, keeps large voting stake

Rhea-AI Filing Summary

Trulieve Cannabis Corp. Chairman and CEO Kim A. Rivers reported open-market sales of 482,196 Subordinate Voting Shares. These sales occurred on June 17, 18 and 22, 2026 at weighted average prices around $9.35–$9.46 per share under transaction code S.

The filing notes these transactions were effected pursuant to a Rule 10b5-1 plan to sell 2.5 million shares adopted on March 16, 2026, with a Form 144 covering a first tranche of 1,699,007 Subordinate Voting Shares filed on June 17, 2026. Following the reported sales, Rivers directly holds 2,693,724 Subordinate Voting Shares.

She also has Multiple Voting Shares convertible into 15,166,700 Subordinate Voting Shares directly and 986,700 Subordinate Voting Shares indirectly through Traunch IV LLC, as disclosed in the derivative holdings and related footnotes.

Insights

Equity analyst

CEO’s pre-planned share sales are sizable but leave a large remaining stake.

Kim A. Rivers, Chairman, CEO and ten-percent owner of Trulieve Cannabis Corp., reported net open-market sales of 482,196 Subordinate Voting Shares at prices near $9.4 per share. The filing states these transactions were made under a Rule 10b5-1 trading plan to sell 2.5 million shares.

After the reported sales, Rivers still directly holds 2,693,724 Subordinate Voting Shares and Multiple Voting Shares convertible into 15,166,700 Subordinate Voting Shares, plus an additional 986,700 underlying Subordinate Voting Shares indirectly via Traunch IV LLC. This indicates she retains a substantial equity position despite the sales.

The Rule 10b5-1 plan, adopted on March 16, 2026, and the reference to a Form 144 for a first tranche of 1,699,007 shares suggest a structured, pre-arranged liquidation process rather than ad hoc selling. Future company filings can clarify progress against the stated 2.5 million share plan total.

Insider Trade Summary 10b5-1

Net Seller: 482,196 shares ($4,525,973)

Net Sell 5 txns

Insider Rivers Kim A.

Role Chairman and CEO

Sold 482,196 shs ($4.53M)

Type	Security	Shares	Price	Value
Sale	Subordinate Voting Shares	204,815	$9.354	$1.92M
Sale	Subordinate Voting Shares	139,846	$9.46	$1.32M
Sale	Subordinate Voting Shares	137,535	$9.359	$1.29M
holding	Multiple Voting Shares	--	--	--
holding	Multiple Voting Shares	--	--	--

Holdings After Transaction: Subordinate Voting Shares — 2,693,724 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)

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. The second tranche of remaining shares will be eligible for sale after September 15, 2026. Represents a weighted average sales price per share. These shares were sold in multiple transactions at prices ranging from $9.11 to $9.65. 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. Represents a weighted average sales price per share. These shares were sold in multiple transactions at prices ranging from $9.27 to $9.72. 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. Represents a weighted average sales price per share. These shares were sold in multiple transactions at prices ranging from $9.22 to $9.52. 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: 482,196 shares Sale prices: $9.359, $9.460, $9.354 per share Direct SVS holding: 2,693,724 shares +4 more

7 metrics

Shares sold 482,196 shares Net Subordinate Voting Shares sold in reported transactions

Sale prices $9.359, $9.460, $9.354 per share Weighted average sale prices on June 17, 18 and 22, 2026

Direct SVS holding 2,693,724 shares Subordinate Voting Shares directly held after transactions

10b5-1 plan size 2,500,000 shares Planned shares to be sold under Rule 10b5-1 plan

First tranche Form 144 1,699,007 shares Subordinate Voting Shares covered by Form 144 filed June 17, 2026

Direct Multiple Voting conversion 15,166,700 shares Subordinate Voting Shares underlying direct Multiple Voting Shares

Indirect Multiple Voting conversion 986,700 shares Subordinate Voting Shares underlying Multiple Voting Shares via Traunch IV LLC

Key Terms

Rule 10b5-1 plan, Form 144, Multiple Voting Shares, Subordinate Voting Shares, +2 more

6 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.

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.

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

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

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.

weighted average sales price financial

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

pecuniary interest financial

"disclaims beneficial ownership ... except to the extent of her pecuniary interest therein"

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Form 4 Insider Transactions: What Each Field Means →

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).

X

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)
06/17/2026

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)
			Code	V	Amount	(A) or (D)	Price
Subordinate Voting Shares	06/17/2026		S(1)		137,535	D	$9.359(2)	3,038,385	D
Subordinate Voting Shares	06/18/2026		S(1)		139,846	D	$9.46(3)	2,898,539	D
Subordinate Voting Shares	06/22/2026		S(1)		204,815	D	$9.354(4)	2,693,724(5)	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Multiple Voting Shares	$0							(6)	(6)	Subordinate Voting Shares	15,166,700		151,667	D
Multiple Voting Shares	$0							(6)	(6)	Subordinate Voting Shares	986,700		9,867	I	By Traunch IV LLC(7)

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. The second tranche of remaining shares will be eligible for sale after September 15, 2026.

2. Represents a weighted average sales price per share. These shares were sold in multiple transactions at prices ranging from $9.11 to $9.65. 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. Represents a weighted average sales price per share. These shares were sold in multiple transactions at prices ranging from $9.27 to $9.72. 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.

4. Represents a weighted average sales price per share. These shares were sold in multiple transactions at prices ranging from $9.22 to $9.52. 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.

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

6. 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.

7. 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	06/22/2026
	** 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)

FAQ

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

Kim A. Rivers reported open-market sales of 482,196 Subordinate Voting Shares of Trulieve at weighted average prices around $9.35–$9.46 per share. These transactions reduced, but did not eliminate, her direct holdings in the company.

Were Kim A. Rivers’ Trulieve (TRLV) share sales pre-planned under a Rule 10b5-1 plan?

Yes. The filing states the transactions were effected under a Rule 10b5-1 plan to sell 2.5 million shares adopted on March 16, 2026. This indicates the sales followed a pre-arranged schedule rather than discretionary timing.

How many Trulieve (TRLV) shares does Kim A. Rivers still hold after these sales?

After the reported sales, Kim A. Rivers directly holds 2,693,724 Subordinate Voting Shares. She also holds Multiple Voting Shares convertible into 15,166,700 Subordinate Voting Shares directly and 986,700 Subordinate Voting Shares indirectly through Traunch IV LLC, according to the filing’s derivative holdings.

What prices were the Trulieve (TRLV) shares sold for in Kim A. Rivers’ Form 4?

The Form 4 reports weighted average sales prices per share of $9.359, $9.460, and $9.354 for the three sale dates. Footnotes note these averages reflect multiple trades within ranges from about $9.11 to $9.72 per share.

What is the size and structure of Kim A. Rivers’ 10b5-1 selling plan for Trulieve (TRLV)?

The footnotes describe a Rule 10b5-1 plan to sell 2.5 million shares. A Form 144 covered a first tranche of 1,699,007 Subordinate Voting Shares filed on June 17, 2026, with a second tranche of remaining shares eligible for sale after September 15, 2026.

What are Trulieve (TRLV) Multiple Voting Shares and how are they convertible?

The filing explains that Multiple Voting Shares are convertible into Subordinate Voting Shares on a one-for-100 basis. They are convertible at any time and have no expiration date, providing Kim A. Rivers with significant potential Subordinate Voting Share exposure through these securities.