Trulieve Cannabis Corp. announced today that Chairman and CEO Kim Rivers plans to terminate an automatic securities disposition plan during the company’s next open trading window on August 11.
The plan, adopted on March 16, was created under Rule 10b5-1 of the Securities Exchange Act of 1934 and provided for the orderly sale of 2.5 million subordinate voting shares in two tranches.
According to Trulieve, sales under the first tranche began on June 17, with 1,699,007 subordinate voting shares sold as of June 26. The second tranche was scheduled to begin on September 15.
Rivers has notified the broker dealer administering the plan that she intends to terminate it on August 11, before any sales occur under the second tranche.
Trulieve, listed on the New York Stock Exchange under the symbol TRLV, said the plan was adopted during an open trading window and was consistent with the conditions of Rule 10b5-1.
The Florida-based marijuana company is a vertically integrated multistate operator with medical marijuana operations in Florida, Georgia, Pennsylvania and West Virginia. The company says its strategy is focused on expanding access to marijuana through scaled operations in targeted markets.
