Kim A. Rivers, serving as both Chairman and CEO of Trulieve Cannabis Corp. (NASDAQ: TRLV), has executed a substantial transaction involving the company's equity. On June 26, 2026, Rivers sold 136,811 of Trulieve's Subordinate Voting Shares. The aggregate value of this divestment was approximately $1,197,917, based on a weighted average sale price of $8.756 per share. Individual transactions within this block were executed at prices ranging from $8.72 to $8.82.
This sale was not an isolated event but rather a component of a broader, pre-arranged trading strategy. Specifically, the transaction was carried out under a Rule 10b5-1 trading plan that Rivers adopted on March 16, 2026. The initial filing for this plan indicated an intention to sell up to 2.5 million shares. The recent transaction signifies the completion of the first tranche of shares under this plan, which initially covered 1,699,007 subordinate voting shares. A Form 144 covering this first tranche was filed on June 17, 2026, preceding the execution of the sale.
Looking ahead, the filing indicates that Rivers has formally notified the broker-dealer administering the plan of her intention to terminate the arrangement. This termination is scheduled to occur on August 11, 2026, during the next open trading window, and will happen prior to any additional share sales under the plan. Following the completion of this specific transaction, Rivers directly holds 1,476,913 Subordinate Voting Shares. Furthermore, her equity position includes Multiple Voting Shares, which are convertible into Subordinate Voting Shares on a one-for-100 basis and carry no expiration date. These include 151,667 Multiple Voting Shares held directly by Rivers and 9,867 Multiple Voting Shares held indirectly through Traunch IV LLC, an entity over which she may be deemed to exercise voting and investment control. It is noted that Rivers disclaims beneficial ownership of the Multiple Voting Shares (and the underlying Subordinate Voting Shares) held by Traunch IV, except to the extent of her pecuniary interest therein.
The timing of this sale occurs amidst recent fluctuations in Trulieve's stock price. As of the latest data, the stock trades at $8.99, which is above the price range of the recent transaction. However, InvestingPro data highlights that the shares have declined 15.6% over the past week, indicating near-term volatility. Despite this recent pullback, the stock has delivered a remarkable 135% return over the past year. Current market analysis suggests that the stock appears slightly undervalued at its current trading levels, a perspective that contrasts with the executive's divestment activity.