Trulieve Cannabis (TRUL) Canaccord Genuity’s 45th Annual Growth Conference summary

Regulatory reform and rescheduling

• Cannabis remains federally classified as Schedule I, despite 40 states having medical or adult use programs, creating a disconnect between federal and state laws.

• The Biden administration initiated a review in 2022, leading to an HHS recommendation in August 2023 to reclassify cannabis as Schedule III.

• DEA opened a public comment period in 2024, receiving 43,000 comments, mostly supporting rescheduling or de-scheduling.

• The process is now in the executive branch's hands, with President Trump recently confirming consideration of rescheduling and an update expected in weeks.

• Rescheduling would acknowledge medical value, ease research barriers, and remove punitive tax burdens, but not legalize cannabis federally.

State-level reform and Florida ballot initiative

• Smart & Safe Florida launched a revised campaign for adult use legalization, addressing concerns about child protection, public use, licensing, and home grow.

• Over 660,000 signatures have been gathered, surpassing 75% of the requirement, with a deadline in February 2026.

• The Florida Supreme Court is reviewing the ballot language, with a decision expected by April 1, 2026.

• The 2026 vote coincides with a gubernatorial race, which may impact turnout and support.

Consumer trends and product strategy

• Data and technology investments enable rapid response to shifts in consumer preferences, such as increased demand for value and mid-tier products during inflationary periods.

• Promotional strategies have adapted to offer savings on individual units, catering to more frequent, lower-value purchases.

• Consumers are highly price-aware and selective, often trading down but not reducing overall consumption.