Trulieve (OTCQX: TCNNF) CEO Kim Rivers gets options, RSUs and converts voting shares

Rhea-AI Filing Summary

Trulieve Cannabis Corp. Chairman and CEO Kim A. Rivers reported several equity-related transactions. On March 13, 2026, she received a grant of 155,561 stock options with an exercise price of $6.40 per share, expiring on March 13, 2033. She was also granted 218,750 restricted stock units (RSUs), each representing one subordinate voting share; 50% vest on December 1, 2027 and 50% on December 1, 2028.

On March 3, 2026, 8,200 Multiple Voting Shares were converted into 820,000 Subordinate Voting Shares on a one-for-100 basis. Following these transactions, she holds 3,175,920 subordinate voting shares directly. Footnotes state she also holds 151,667 Multiple Voting Shares directly, 9,867 Multiple Voting Shares through Traunch IV LLC (with beneficial ownership disclaimed except for her pecuniary interest), and stock options vested as of December 1, 2025 to acquire 1,152,960 subordinate voting shares.

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

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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 FL 32312

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

3. Date of Earliest Transaction (Month/Day/Year)
03/03/2026

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	03/03/2026		C		820,000(1)	A	$0	2,957,170	D
Subordinate Voting Shares	03/13/2026		A		218,750(2)	A	$0	3,175,920(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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Multiple Voting Shares	(4)	03/03/2026		C			8,200(1)	(4)	(4)	Subordinate Voting Shares	820,000	$0	151,667	D
Stock Option (Right to Buy)	$6.4	03/13/2026		A		155,561		(5)	03/13/2033	Subordinate Voting Shares	155,561	$0	155,561	D

Explanation of Responses:

1. Represents the conversion of 8,200 Multiple Voting Shares into 820,000 Subordinate Voting Shares. Each Multiple Voting Share is convertible into Subordinate Voting Shares on a one-for-100 basis.

2. Represents a grant of restricted stock units ("RSUs"). Each RSU represents a contingent right to receive one Trulieve Cannabis Corp. ("Trulieve") subordinate voting share. 50% of the RSUs will vest on December 1, 2027, and the remaining 50% of the RSUs will vest on December 1, 2028.

3. The reporting person also holds the following securities of Trulieve: (i) 151,667 Multiple Voting Shares held directly, (ii) 9,867 Multiple Voting Shares held by Traunch IV LLC ("Traunch IV"), over which the reporting person may be deemed to exercise voting and investment control, and (iii) stock options to acquire 1,152,960 Subordinate Voting Shares vested as of December 1, 2025 held directly. Multiple Voting Shares are convertible into Subordinate Voting Shares on a one-for-100 basis (or into an aggregate of 16,153,400 Subordinate Voting Shares). 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.

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

5. The option becomes exercisable in three annual installments, with one-third vesting on December 1, 2026, one-third vesting on December 1, 2027, and one-third vesting on December 1, 2028.

	/s/ Eric Powers, as Attorney-in-Fact	03/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What equity awards did Trulieve (TCNNF) CEO Kim Rivers receive?

Kim Rivers received a grant of 155,561 stock options at an exercise price of $6.40 and 218,750 restricted stock units. These RSUs each represent one subordinate voting share and vest in two equal installments in 2027 and 2028.

How do the new RSUs for Trulieve (TCNNF) CEO vest over time?

The 218,750 RSUs granted to Kim Rivers vest in two equal tranches. Half vest on December 1, 2027, and the remaining half vest on December 1, 2028, each settling in one Trulieve subordinate voting share per RSU.

What stock option terms were reported for Trulieve (TCNNF) CEO Kim Rivers?

Kim Rivers was granted 155,561 stock options with an exercise price of $6.40 per subordinate voting share. These options become exercisable in three equal annual installments starting December 1, 2026 and expire on March 13, 2033.

What share conversion did Trulieve (TCNNF) disclose for Kim Rivers?

Kim Rivers converted 8,200 Multiple Voting Shares into 820,000 Subordinate Voting Shares, using a one-for-100 conversion ratio. Multiple Voting Shares are convertible into subordinate voting shares at any time and have no expiration date, according to the footnotes.

How many Trulieve (TCNNF) subordinate voting shares does Kim Rivers hold after these transactions?

After the reported transactions, Kim Rivers directly holds 3,175,920 subordinate voting shares. This figure reflects her updated direct position following the March 2026 grants and the conversion of Multiple Voting Shares into subordinate voting shares.

What additional Trulieve (TCNNF) securities does Kim Rivers hold indirectly or as derivatives?

Footnotes state Kim Rivers holds 151,667 Multiple Voting Shares directly, 9,867 Multiple Voting Shares via Traunch IV LLC, and vested options to acquire 1,152,960 subordinate voting shares. She disclaims beneficial ownership of Traunch IV’s shares except for her pecuniary interest.