Form 4: Trulieve CEO Kim Rivers Reports Tax-Related Share Disposition

Trulieve Cannabis Corp. CEO Kim Rivers reported the disposition of 63,237 Subordinate Voting Shares for tax liability related to RSU vesting.

Summary

• Kim A. Rivers, Chairman and CEO of Trulieve Cannabis Corp. (TRUL), reported a transaction on December 1, 2025.
• The transaction involved the disposition of 63,237 Subordinate Voting Shares at a price of $5.39 per share.
• These shares were withheld for the payment of tax liability in connection with the vesting of restricted stock units (RSUs) on December 1, 2025.
• Following this transaction, Kim A. Rivers directly beneficially owns 2,137,170 Subordinate Voting Shares.
• Additionally, Rivers directly holds 159,867 Multiple Voting Shares and stock options to acquire 772,495 Subordinate Voting Shares, which vested as of December 1, 2024.
• 9,867 Multiple Voting Shares are held by Traunch IV LLC, over which Rivers may exercise voting and investment control, though she disclaims beneficial ownership except for her pecuniary interest.
• Multiple Voting Shares are convertible into Subordinate Voting Shares on a one-for-100 basis, representing an aggregate of 16,973,400 Subordinate Voting Shares from all Multiple Voting Shares held.

Sentiment

Score: 5

Explanation: The filing reports a routine insider transaction (tax withholding upon RSU vesting) which is neither inherently positive nor negative for the company's operational or financial outlook.

Positives

• The vesting of restricted stock units (RSUs) indicates a component of executive compensation has been realized, reflecting past performance or tenure.

Negatives

• The disposition of shares, while for tax purposes, reduces the direct beneficial ownership of the reporting person in the company's Subordinate Voting Shares.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding the company's future performance or outlook.

Industry Context

This Form 4 filing is a routine disclosure of an insider transaction, specifically a tax-related disposition of shares following RSU vesting. It does not provide information directly related to broader industry trends or competitive landscape within the cannabis sector.

Stakeholder Impact

• Shareholders: Minimal impact, as this is a routine, non-discretionary transaction related to executive compensation. It provides transparency into insider holdings.

Key Dates

Keywords

Trulieve Cannabis Corp, TRUL, Kim Rivers, Insider Transaction, Form 4, Share Disposition, RSU Vesting, Beneficial Ownership, Subordinate Voting Shares, Multiple Voting Shares