Trulieve Cannabis Corp. Chair and CEO Kim Rivers has reported selling 482,196 subordinate voting shares of the company, a transaction valued at approximately $4.53 million based on weighted average prices disclosed in a new SEC filing.
The Form 4, filed with the Securities and Exchange Commission on June 22, lists three separate sales: 137,535 shares on June 17 at a weighted average price of $9.359, 139,846 shares on June 18 at $9.46, and 204,815 shares on June 22 at $9.354. The filing identifies Rivers as Trulieve’s chair and CEO, as well as a director and 10% owner.
“Kim Rivers is selling a small portion of shares for personal diversification, through an arranged plan that has specific daily volume limits”, Christine Hersey, Trulieve’s Chief Corporate Affairs & Strategy Officer, told The Marijuana Herald. “She remains the largest shareholder and is excited by Trulieve’s prospects for shareholder value creation as we expand in GA and TX and as non-medical rescheduling is underway.”
The transactions were conducted under a Rule 10b5-1 plan adopted by Rivers on March 16. According to the filing, the plan covers the sale of 2.5 million shares. A Form 144 covering the first tranche of 1,699,007 subordinate voting shares was filed June 17, while the second tranche of remaining shares will be eligible for sale after September 15.
Following the reported transactions, Rivers directly beneficially owned 2,693,724 subordinate voting shares. The filing also lists multiple voting shares convertible into 15,166,700 subordinate voting shares directly, along with multiple voting shares convertible into 986,700 subordinate voting shares held indirectly through Traunch IV LLC.
The filing comes shortly after Trulieve’s subordinate voting shares began trading on the New York Stock Exchange under the ticker symbol TRLV. The company announced earlier this month that its shares had been approved for listing on the NYSE, with trading expected to begin June 10.
