Kim A. Rivers, the Chairman and Chief Executive Officer of Trulieve Cannabis Corp. (NASDAQ:TRLV), has executed a significant reduction in her direct equity position through a series of stock sales. According to recent filings, Rivers sold a total of 482,196 subordinate voting shares of the company's stock. The aggregate value of these transactions is reported to be approximately $4.53 million. The sales were dispersed across three distinct dates in June 2026, specifically on June 17, June 18, and June 22.
The timing of these sales coincides with a period of downward pressure on the company's equity. During the week in which the transactions occurred, the stock price declined by 7.5%. Despite this recent contraction, the shares have recorded a substantial appreciation of 165% over the trailing twelve-month period. Independent valuation analysis provided by InvestingPro suggests that the current market price of the stock trades below its calculated fair value. This discrepancy implies that there may be potential for upside correction, even as the stock experiences its recent pullback.
The specific mechanics of the sales were executed at varying price points between $9.11 and $9.72 per share. On June 17, Rivers offloaded 137,535 shares. These particular transactions carried a weighted average price of $9.359, with individual execution prices ranging from $9.11 to $9.65. Two days later, on June 18, an additional 139,846 shares were sold. This tranche was executed at a weighted average price of $9.46, with prices fluctuating between $9.27 and $9.72. The final reported transaction took place on June 22, involving the sale of 204,815 shares. These shares were sold at a weighted average price of $9.354, with individual prices ranging from $9.22 to $9.52.
These transactions were not ad-hoc but were part of a structured trading arrangement. The sales were executed pursuant to a Rule 10b5-1 trading plan that Rivers adopted on March 16, 2026. This plan was designed to facilitate the sale of up to 2.5 million shares. A Form 144 was filed regarding the initial tranche, which consisted of 1,699,007 subordinate voting shares. The remaining shares authorized under this plan are eligible for sale only after September 15, 2026.
Following the completion of these recent sales, Rivers's direct holdings have been adjusted. She currently holds 2,693,724 subordinate voting shares directly. Her equity structure also includes significant holdings in multiple voting shares. Specifically, she holds 151,667 multiple voting shares directly. These shares are convertible into 15,166,700 subordinate voting shares on a one-for-100 basis and carry no expiration date. Furthermore, an additional 9,867 multiple voting shares are held indirectly through Traunch IV LLC. While Rivers disclaims beneficial ownership of the shares held by this entity, she retains the ability to exercise voting and investment control over them. These indirect shares are convertible into 986,700 subordinate voting shares.
The market reaction to these developments is reflected in the current trading data. The stock is currently trading at $9.12, representing a decrease of $0.9800 or 9.70% from the previous close. In after-hours trading, the price adjusted to $9.21, an increase of $0.0900 or 0.99%.