Company Announcements

Reclassification Enables Research and Supports State Licensed Medical Marijuana Operators 

TALLAHASSEE, Fla. , April 23, 2026 /PRNewswire/ -- Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the U.S., applauds the rescheduling of medical marijuana to Schedule III under the Controlled Substances Act. 

"The Administration is delivering on its promise to address long overdue cannabis reform by rescheduling medical marijuana," said Trulieve Chief Executive Officer Kim Rivers. "President Trump and Attorney General Blanche have, through this final order, completed the first ever meaningful policy shift related to cannabis in the history of America. By rescheduling medical marijuana to Schedule III, American-led research, utilizing products that Americans are consuming, can begin in earnest and will shape the future state of cannabis in this country. Trulieve welcomes this decisive action to more closely align federal policy with current medical practice and state laws."

Reclassification of marijuana to Schedule III does not legalize marijuana but it is an important first step in achieving common sense cannabis reform. Rescheduling medical marijuana to Schedule III opens the door for more robust research, provides a pathway for registration, and removes the punitive tax burden imposed by Section 280E of the tax code.

The final order was issued under the authority of the Attorney General pursuant to the United Nations Single Convention on Narcotic Drugs. This order reschedules any FDA approved marijuana products and state licensed medical marijuana products. Simultaneously, the department announced the continuation of the rulemaking process that began in 2024 to reschedule marijuana. This process contemplates an expedited timeline with a planned hearing this summer.

Enables Scientific Research Using Medical Marijuana  
Reclassifying marijuana to Schedule III acknowledges the medical benefits of marijuana and eases restrictions on conducting medical research in the U.S. Clinical studies using medical marijuana that is available through state licensed operators can yield results more comparable to real world applications.

Provides Pathway for State Licensed Medical Marijuana Operators to Register with the Drug Enforcement Agency
The final order published today provides an expedited process for state licensed medical marijuana operators to obtain a manufacturer, distributor, and/or dispenser registration.  

Removes Punitive 280E Tax Burden Imposed on State Licensed Medical Marijuana Operators
Section 280E of the tax code was implemented to prohibit drug traffickers selling Schedule I or Schedule II substances from taking tax deductions for ordinary business expenses. As noted in the final order, Section 280E does not apply to Schedule III substances.

About Trulieve
Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S., with established hubs in the Northeast, Southeast, and Southwest, anchored by cornerstone markets in Arizona, Florida, Ohio, and Pennsylvania. Driven by a core mission to expand access to cannabis, Trulieve serves customers with innovative, high-quality branded products and exceptional experiences. With scaled operations in attractive markets and targeted expansion through its hub strategy, Trulieve is poised for accelerated growth. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. For more information, please visit Trulieve.com.

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Investor and Media Contact
Christine Hersey, Chief Corporate Affairs and Strategy Officer
+1 (424) 202-0210
Christine.Hersey@Trulieve.com

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SOURCE Trulieve Cannabis Corp.