[Form 4] Trulieve Cannabis Corp. Insider Trading Activity

Rhea-AI Filing Summary

Trulieve Cannabis Corp. (TCNNF): Director equity grants reported. On 11/04/2025, a director reported receiving 11,329 subordinate voting shares via a grant of restricted stock units at a stated price of $0. Following the grant, beneficial ownership of subordinate voting shares was 11,329, held directly.

The filing also reports an award of stock options for 18,859 subordinate voting shares with an exercise price of $6.62; the options are fully vested. The RSUs vest on the earliest of the end of board service, a change of control, or December 1, 2031.

Insights

Equity Compensation & Governance Analyst

Routine director equity awards; neutral governance signal.

The report lists standard board compensation: 11,329 RSUs (share-settled at 1:1) and 18,859 fully vested stock options with a $6.62 exercise price. RSUs often align director incentives with long-term company performance.

Vesting terms state RSUs vest at the earliest of end of board service, a change of control, or December 1, 2031. This introduces service and control-related triggers typical for director grants.

Form 4s record ownership changes; the impact depends on subsequent exercises or share deliveries. No cash flow to the issuer is indicated in the excerpt for these awards.

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^*

Foulston Matthew J.

(Last) (First) (Middle)

C/O TRULIEVE CANNABIS CORP.

6749 BEN BOSTIC ROAD

(Street)

QUINCY FL 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)

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

3. Date of Earliest Transaction (Month/Day/Year)
11/04/2025

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)
			Code	V	Amount	(A) or (D)	Price
Subordinate Voting Shares	11/04/2025		A		11,329(1)	A	$0	11,329	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
Stock Option (Right to Buy)	$6.62	11/04/2025		A		18,859		11/04/2025(2)	12/01/2032	Subordinate Voting Shares	18,859	$0	18,859	D

Explanation of Responses:

1. Represents a grant of restricted stock units ("RSUs"). Each RSU represents a contingent right to receive one Trulieve Cannabis Corp. ("Trulieve") subordinate voting share. The RSUs will vest on the earliest of (i) the end of the reporting person's service on the board of directors of Trulieve, (ii) a change of control of Trulieve, or (iii) December 1, 2031.

2. The options are fully vested.

	/s/ Eric Powers, as Attorney-in-Fact	11/05/2025
	** 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.

FAQ

What did Trulieve (TCNNF) report in this Form 4?

A director reported 11,329 subordinate voting shares via RSU grant and 18,859 fully vested stock options.

What is the exercise price of the Trulieve director’s options?

The stock options have an exercise price of $6.62 per subordinate voting share.

When do the Trulieve RSUs vest for the director?

On the earliest of the end of board service, a change of control, or December 1, 2031.

How many Trulieve shares did the director beneficially own after the transaction?

Beneficial ownership of subordinate voting shares was 11,329, held directly.

Were the Trulieve options vested at grant?

Yes. The filing states the options are fully vested.

What was the reported price for the RSU-related share acquisition?

The non-derivative acquisition of 11,329 subordinate voting shares was reported at a stated price of $0.