Why Trulieve Cannabis Skyrocketed 14.1% Today
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A shift in federal marijuana policy could be coming.Shares of Trulieve Cannabis Corp (TCNNF +14.13%) soared on Tuesday, finishing the day up 14.1%. The jump comes as the S&P 500 lost 0.3% and the Nasdaq Composite gained 0.2%. The cannabis stock is surging after President Donald Trump confirmed a report that his administration is exploring marijuana reclassification -- a shift that could reshape the cannabis industry and have an immediate impact on Trulieve's business. ExpandOTC: TCNNFTrulieve CannabisToday's Change(14.13%) $1.31Current Price$10.58Key Data PointsMarket Cap$1.8BDay's Range$8.50 - $10.8652wk Range$3.02 - $10.86Volume3.4MAvg Vol702KGross Margin50.98% Trump opens door to cannabis reclassification Speaking to reporters from the Oval Office on Monday, Trump said he is considering moving cannabis and cannabis-related products to Schedule III controlled substance status, noting that "a lot of people want to see it." Image source: Getty Images. Truelieve would benefit greatly from a rule change For Trulieve specifically, the implications would be significant. It's one of the few cannabis companies that actually turns a profit before taxes, thanks largely to its dominant position in Florida's medical marijuana market. Reclassification would allow the company to drastically reduce its tax burden. Of course, there's no guarantee that any of this will happen, and the stock will likely remain volatile until there's more regulatory clarity. However, for investors comfortable with that uncertainty, it is one of the companies that would benefit most from reclassification in the near term.About the AuthorJohnny Rice is a contributing writer for The Motley Fool covering tech stocks. He previously contributed to various financial publications.TMFJohnnyRiceRead NextNov 5, 2025 •By Eric VolkmanWhy Investors Were High on Trulieve Cannabis Stock TodayOct 27, 2025 •By Eric VolkmanWhy Trulieve Cannabis Stock Sank by 4% TodayNov 13, 2024 •By Eric VolkmanDoes the Rejection of Top Marijuana Legalization Measures Mean the Pot Industry Is Done Now?Nov 6, 2024 •By Sean WilliamsFlorida's Recreational Marijuana Measure Flames Out -- but There Is a Silver LiningOct 5, 2023 •By James Halley3 Top Pot Stocks to Watch in OctoberAug 23, 2023 •By Sushree MohantyThese 2 Stocks Carry a Lot of Risk, but Their Upside Is Huge