Trulieve (TRLV) CEO Kim Rivers sells 1.08M shares in Rule 10b5-1 plan

Q: What is the size and timing of Kim Rivers’ Rule 10b5-1 share sale plan at Trulieve?

The Rule 10b5-1 plan covers approximately 2.5 million shares. A Form 144 for the first tranche of 1,699,007 Subordinate Voting Shares was filed on June 17, 2026, and the footnote states the remaining tranche becomes eligible for sale after September 15, 2026.

Filing Impact

(Very High)

Filing Sentiment

(Very Negative)

Form Type

Rhea-AI Filing Summary

Trulieve Cannabis Corp. Chairman and CEO Kim A. Rivers reported open-market sales of 1,080,000 Subordinate Voting Shares. She sold 380,000 shares at a weighted average price of $8.469 per share, 400,000 shares at $8.169 per share, and 300,000 shares also at $8.169 per share.

These sales were made under a Rule 10b5-1 plan adopted on March 16, 2026 to sell approximately 2.5 million shares, with a first tranche of 1,699,007 shares covered by a Form 144 filed on June 17, 2026. After these transactions, Rivers directly holds 1,613,724 Subordinate Voting Shares.

She also holds Multiple Voting Shares convertible into 15,166,700 Subordinate Voting Shares directly, and an additional 986,700 underlying Subordinate Voting Shares are held indirectly through Traunch IV LLC, where she may be deemed to exercise voting and investment control but disclaims beneficial ownership except for her pecuniary interest.

Insights

CEO Kim Rivers sold 1.08M shares under a pre-set plan while retaining a large multi-voting stake.

Trulieve Cannabis Corp.’s Chairman and CEO, Kim A. Rivers, executed open-market sales totaling 1,080,000 Subordinate Voting Shares at weighted average prices between $8.00 and $8.75 per share. The filing shows these trades were made under a Rule 10b5-1 trading plan to sell approximately 2.5 million shares.

Following the sales, Rivers directly holds 1,613,724 Subordinate Voting Shares and retains significant Multiple Voting Shares convertible into 15,166,700 Subordinate Voting Shares, plus 986,700 underlying Subordinate Voting Shares held indirectly through Traunch IV LLC, for which she disclaims beneficial ownership beyond her pecuniary interest.

The Rule 10b5-1 structure indicates the timing was pre-arranged rather than discretionary. Future disclosures related to the second tranche, which the footnote states is eligible for sale after September 15, 2026, may further clarify how much of her position she ultimately reallocates.

Insider Trade Summary 10b5-1

Net Seller: 1,080,000 shares ($8,936,520)

Net Sell 5 txns

Insider Rivers Kim A.

Role Chairman and CEO

Sold 1,080,000 shs ($8.94M)

Type	Security	Shares	Price	Value
Sale	Subordinate Voting Shares	300,000	$8.169	$2.45M
Sale	Subordinate Voting Shares	400,000	$8.169	$3.27M
Sale	Subordinate Voting Shares	380,000	$8.469	$3.22M
holding	Multiple Voting Shares	--	--	--
holding	Multiple Voting Shares	--	--	--

Holdings After Transaction: Subordinate Voting Shares — 1,613,724 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)

This transaction was effected pursuant to a Rule 10b5-1 plan to sell approximately 2.5 million shares adopted by the reporting person on March 16, 2026 (the "Plan"). 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 $8.30 to $8.75. 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 $8.00 to $8.45. 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 $8.15 to $8.53. 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 June 23, 2026: 380,000 shares at $8.469 Shares sold June 24, 2026: 400,000 shares at $8.169 Shares sold June 25, 2026: 300,000 shares at $8.169 +5 more

8 metrics

Shares sold June 23, 2026 380,000 shares at $8.469 Subordinate Voting Shares, open-market sale

Shares sold June 24, 2026 400,000 shares at $8.169 Subordinate Voting Shares, open-market sale

Shares sold June 25, 2026 300,000 shares at $8.169 Subordinate Voting Shares, open-market sale

Total shares sold in filing 1,080,000 shares Net-sell across three transactions

Direct Subordinate Voting holdings after 1,613,724 shares Direct ownership post-transactions

Direct Multiple Voting exposure 15,166,700 underlying shares Convertible into Subordinate Voting Shares, 1-for-100

Indirect Multiple Voting exposure 986,700 underlying shares Held by Traunch IV LLC, pecuniary interest only

Planned sale size ≈2.5 million shares Rule 10b5-1 plan adopted March 16, 2026

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 approximately 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 on June 17, 2026"

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 as reported on Table II of this Form 4"

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.

beneficial ownership regulatory

"The reporting person disclaims beneficial ownership of the Multiple Voting Shares"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"except to the extent of her pecuniary interest therein"

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/25/2026 - 07:43 PM Accepted by SEC EDGAR 06/25/2026 - 07:42 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^*

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)
06/23/2026

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	06/23/2026		S⁽¹⁾		380,000	D	$8.469⁽²⁾	2,313,724	D
Subordinate Voting Shares	06/24/2026		S⁽¹⁾		400,000	D	$8.169⁽³⁾	1,913,724	D
Subordinate Voting Shares	06/25/2026		S⁽¹⁾		300,000	D	$8.169⁽⁴⁾	1,613,724⁽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)
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							⁽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 approximately 2.5 million shares adopted by the reporting person on March 16, 2026 (the "Plan"). 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 $8.30 to $8.75. 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 $8.00 to $8.45. 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 $8.15 to $8.53. 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	06/25/2026
	** 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 Rivers report in this Form 4?

Kim A. Rivers reported selling 1,080,000 Subordinate Voting Shares in open-market transactions. The shares were sold at weighted average prices between $8.00 and $8.75 per share, and the transactions were executed under a pre-arranged Rule 10b5-1 trading plan.

At what prices did Trulieve CEO Kim Rivers sell her TRLV shares?

Rivers’ reported sales occurred at weighted average prices around $8.17–$8.47 per share. Specifically, 380,000 shares were sold at $8.469, and two blocks of 400,000 and 300,000 shares were sold at $8.169, within disclosed intraday price ranges.

How many Trulieve shares does Kim Rivers hold after these Form 4 sales?

After the reported transactions, Rivers directly holds 1,613,724 Subordinate Voting Shares. She also holds Multiple Voting Shares convertible into 15,166,700 Subordinate Voting Shares directly, plus 986,700 underlying Subordinate Voting Shares indirectly through Traunch IV LLC, subject to her pecuniary interest.

What are Trulieve Multiple Voting Shares held by Kim Rivers and Traunch IV LLC?

Multiple Voting Shares are convertible into Subordinate Voting Shares on a one-for-100 basis with no expiration. Rivers holds such shares convertible into 15,166,700 Subordinate Voting Shares directly, and Traunch IV LLC holds additional shares convertible into 986,700 Subordinate Voting Shares.

Does Kim Rivers fully own the Trulieve shares held by Traunch IV LLC?

The filing states the Multiple Voting Shares are held by Traunch IV LLC, over which Rivers may exercise voting and investment control. She disclaims beneficial ownership of those shares and their underlying Subordinate Voting Shares except to the extent of her pecuniary interest.