July 14, 2026
A month after cannabis stocks reached the NYSE, both pioneers trade below their debut prices. Trulieve closed its first day at $11.50 on June 10 and sits near $8.69 as of July 13, roughly 24% lower. Glass House closed its June 30 debut at $13.00 and has drifted to about $11.55, down around 11% (price history via StockAnalysis). The listings were historic. The trading since has been a lesson in what a listing does and doesn't buy.
Trulieve began trading under TRLV on June 10, the first US plant-touching operator on a major American exchange (company announcement). The stock ran hard into the event, hitting a 52-week high of $13.28 the day before the debut, and has faded since. By mid-June it was already about 10% below the listing price (Business of Cannabis).
Glass House followed on June 30 under GLAS, popping 5% on day one before sliding through early July (StockAnalysis). Debut-week volume above 1.3 million shares has thinned to a few hundred thousand a day.
Classic sell-the-news, in other words. Both names are still up enormously over a year (Glass House's trailing 12-month return exceeds 100%, per Simply Wall St); the listings were the culmination of that run, not the start of a new one. And no wave of big-bank coverage has materialized yet. Glass House has all of three covering analysts, and the most notable new Trulieve rating since the uplist was a sell from Weiss Ratings (MarketBeat).
Nobody uplists for a good first month. The point is cheaper, broader capital over years, and the housekeeping both companies did on the way tells you they're playing that long game. Trulieve moved its adult-use operations into a separate entity and announced a $50 million buyback the day before listing. Glass House deconsolidated its retail arm and filed a fresh shelf registration to be able to raise money quickly (SEC filing).
The cheap-debt payoff hasn't shown up yet anywhere in the sector. Curaleaf's big February refinancing priced at 11.5%, a higher rate than the notes it replaced (Curaleaf IR). If exchange listings eventually compress cannabis borrowing costs, that's a 2027 story.
The more telling signal is how many operators are doing pre-listing paperwork. Curaleaf executed a 1-for-3 reverse split in June and says it will uplist if regulations allow (Cannabis Business Times). Verano completed a 1-for-5 split, TerrAscend votes on a consolidation August 24, and Jushi redomiciled to Nevada (Business of Cannabis). Reverse splits and redomiciles have exactly one purpose in this context: meeting exchange requirements.
Hanging over all of it is the DEA's expedited rescheduling hearing, which must wrap by July 15 (Investor Ideas). A full move to Schedule III would widen the uplist lane the April medical-only reclassification opened.
Stock prices wobble; balance-sheet capacity is what funds purchase orders. Two listed operators with buyback authority and shelf registrations, plus four more restructuring to follow them, describes an industry preparing to spend. Meanwhile the same month produced a distress signal on the other end of the market: AYR Wellness handed its Florida, New Jersey, and Nevada operations to its lenders' entities in June (cann.dev).
That spread is the real story for vendors. The top of the market is getting richer and the bottom is changing hands, which means account priorities and ownership records are moving at the same time. Public tickers tell you about a dozen companies; license-level ownership data tells you about the other nine thousand.
Which cannabis stocks trade on the NYSE? As of July 2026, Trulieve (TRLV, listed June 10) and Glass House Brands (GLAS, listed June 30) are the two US plant-touching operators on the NYSE.
How have they performed since listing? Both trade below their debut closes: Trulieve roughly 24% lower and Glass House roughly 11% lower as of July 13, 2026, though both remain far above where they traded a year ago.
Who might uplist next? Curaleaf, Verano, TerrAscend, and Jushi have all completed reverse splits, redomiciles, or scheduled shareholder votes consistent with preparing for a major-exchange listing. None has announced a date.
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