Trulieve Cannabis Corp. says 100% of its state-licensed medical marijuana facilities have been registered with the U.S. Drug Enforcement Administration (DEA), according to a corporate presentation filed with the Securities and Exchange Commission on Friday.
The company said its consolidated operations now consist of DEA-registered, state-licensed facilities serving only medical marijuana patients. Those operations include 207 dispensaries and approximately 3.5 million square feet of cultivation and processing capacity across Florida, Georgia, Pennsylvania and West Virginia. Trulieve also holds conditional medical marijuana license awards in Alabama and Texas.
The registrations follow the federal government’s April decision to move state-licensed medical marijuana to Schedule III under the Controlled Substances Act. Trulieve said the change created a pathway for state-licensed medical marijuana companies to register with the DEA, with applications submitted within 60 days of the final order deemed approved unless otherwise rejected by the agency.
Trulieve initially announced in April that it had submitted DEA applications for its medical marijuana operations. Friday’s filing goes further, stating that 100% of the company’s state-licensed medical marijuana facilities are now registered and describing its consolidated operations as federally legal under the new framework.
The company reorganized its operations in June, separating businesses in states with both medical and adult-use marijuana into an entity known as Harvest. Those operations include 34 dispensaries in Arizona, Connecticut, Maryland and Ohio. An independent third-party investor controls Harvest, while Trulieve retains a 90% economic interest.
The restructuring helped clear the way for Trulieve to list its shares on the New York Stock Exchange in June.
Trulieve also said the Schedule III change removed the federal 280E tax burden from its medical marijuana operations. Its second-quarter income tax expense included $13 million in ordinary taxes and $20 million in interest tied to its uncertain tax position, but no 280E tax liability. The company continues to challenge the applicability of 280E for tax years dating back to 2019.