The stock hit $11.24 following the announcement, extending the company’s year-to-date gains to 29%. These federal registrations stem from an April order by Attorney General Todd Blanche, which laid the groundwork for qualifying medical-marijuana entities to seek federal status. Trulieve, which filed its application immediately after the order was issued, stands as one of the first beneficiaries of this policy.

Chief Executive Kim Rivers framed the development as a critical turning point for the industry. According to Rivers, federal reclassification effectively levels the playing field for companies like Trulieve while removing barriers that have historically hindered clinical research. By bridging the gap between state licensing and federal recognition, the move addresses structural challenges that have long complicated the operations of legal cannabis providers.