| Trulieve is about to become the first U.S. cannabis company to trade on the New York Stock Exchange, opening up the ability to attract more investors and help fuel the company’s expansion as the federal government loosens restrictions on marijuana. The Florida-based cannabis company will begin trading under the ticker TRLV Wednesday, which Trulieve CEO Kim Rivers called a “historical moment” for both the company and the broader cannabis industry. “This is the first of many steps as it relates to incorporating cannabis more broadly into the U.S. financial and federal policy landscape,” she said in a phone interview this morning. The move comes after the Trump administration finalized an order in April to reclassify medical marijuana from a Schedule I drug — the same class as heroin and LSD — to Schedule III, aligning it with common medications including Tylenol with codeine. As Trulieve prepares to join the NYSE, I asked Rivers where she sees the company headed over the next several years. “In cannabis, we say that every year it’s like dog years — one year is like seven” Rivers chuckled. “We haven’t had, up until this point, the clarity and the regulatory landscape to be able to chart a course beyond what’s in front of us.” BIG BUSINESS → Until now, cannabis companies have generally been unable to list on major U.S. stock exchanges, forcing them to trade on smaller over-the-counter markets or on the Canadian Securities Exchange — a limitation Rivers said has been “frustrating, to say the least.” In order to secure a spot on the NYSE, Trulieve segregated its smaller recreational cannabis business, following the path Canadian cannabis company Canopy Growth took years ago. It now trades on the Nasdaq Global Select Market. But the Drug Enforcement Administration is meeting later this month, and it could decide to expand reclassification to the recreational cannabis that’s sold in dispensaries around the country — which would bring the businesses back together and provide even more opportunities to grow. → Trulieve earned $1.2 billion last year, primarily from retail sales, according to its quarterly earnings report. It operates more than 230 dispensaries and has more than 4 million square feet of cannabis cultivation and processing capacity in the United States, according to filings. Rivers said the federal government’s rescheduling of marijuana “allows for research unlocks and data unlocks that will propel the industry — and certainly, I think, our company — forward into the future.” This includes looking into how cannabis could be helpful — or avoided — when treating patients. → One of the products Trulieve has been trying to develop for years, Rivers said, is a time-release product to help patients with ailments such as Parkinson’s disease, for which she said research suggests a person could benefit from a dose that remains constant over a period of time. But federal law has prevented the actual clinical testing — including drawing blood from patients — to show whether it works in the body as intended. The company also has partnerships with several universities across the country, including the University of Virginia and Texas A&M University, that will now be able to conduct clinical trials rather than relying on survey data. → When I asked if Rivers viewed Truelieve as a cannabis company or a health care company under this new framework, she demurred, preferring to say it’s a company that’s focused on overall well-being. “I’m cautiously optimistic that there will be not just a single path, but there’s going to be multiple paths here,” she said: a medical marijuana business, products that fall under general “health and wellness,” and then a market for adults who want to use it recreationally. “Whether you are for or against marijuana, we should all be for additional research and data, hard stop,” Rivers said. THE PUSHBACK But the Trump administration’s moves on cannabis also have fierce critics. The order to reclassify medical marijuana has also drawn at least three legal challenges, including from groups such as Smart Approaches to Marijuana and the National Drug and Alcohol Screening Association; a trio of states — Nebraska, Indiana and Louisiana; and a coalition that includes MMJ International Holdings, a pharmaceutical company that’s been trying to develop a cannabinoid-based medicine to submit for approval by the Food and Drug Administration. “The government just gave marijuana products a federal medical classification without the science that classification is supposed to require. That is the patient safety issue at the core of this litigation,” MMJ wrote in its petition. Last week, Republican lawmakers sent the Treasury Department a letter expressing concerns that recent changes to tax guidance following the rescheduling “could allow marijuana businesses to claim federal tax benefits previously unavailable under federal law.” The FDA has approved bemotrizinol, a new sunscreen ingredient able to protect consumers from ultraviolet A and B rays, which can result in skin aging, sunburn and skin cancer. Why it matters: The FDA hasn’t approved new sunscreen ingredients in about 25 years, despite urging from industry and medical professionals. Bemotrizinol has been approved for use in sunscreens sold in Europe, Australia and Asia for years. As I reported in December, regulators have said that bemotrizinol is considered highly effective because it doesn’t break down as quickly when exposed to sunlight — reducing the need for reapplication — as other sunscreen ingredients do. It’s also made up of larger molecules, which reduces the amount that can be absorbed into the body. What’s next: A website for DSM-Firmenich, the biotechnology company that makes the chemical, says it will begin offering its proprietary bemotrizinol formulation, called Parsol Shield, this month. The company will have an 18-month exclusivity period on providing the ingredient to manufacturers. Read more from Rachel Roubein in The Washington Post newsroom: “Why your next sunscreen’s ingredient list may look more like those in Europe.” → Its approval comes amid scrutiny from lawmakers, consumer groups and some medical professionals over the lack of innovation in the U.S. sunscreen market. Some advocates argue that the approval marks a victory but say industry and regulators still have more to do. “This approval is a triumph of consumer advocacy, but it also shines a harsh spotlight on a federal system stuck in neutral,” Melanie Benesh, the Environmental Working Group’s vice president for government affairs, said in a statement. The FDA has yet to finalize proposed rules that would strengthen ingredient and protection standards and update data requirements, the group says. “Companies must also do more,” said Benesh. “Manufacturers of additional sunscreen filters available internationally should request market access from the FDA and provide the FDA with the necessary data so consumers have more options.” →Some researchers have urged the FDA to modernize and streamline its approval process of new sunscreen to match countries in Europe and Asia, calling it a public health issue. A federally commissioned study that researchers say was sidelined during the Trump administration’s revision of the U.S. dietary guidelines concludes that Americans should limit alcohol consumption to no more than one drink per day, reports The Post’s Daniel Wu. The Alcohol Intake and Health study, published Tuesday in the Journal of Studies on Alcohol and Drugs, found that moderate drinking increases the risk of premature death and diseases including cancer, heart disease and liver disease, while providing no net health benefit. - “The evidence is really pretty straightforward,” said Robert Vincent, a former associate administrator for alcohol prevention and treatment policy at the Substance Abuse and Mental Health Services Administration, who wrote an accompanying editorial. “There is no safe level of alcohol.”
The study was originally commissioned during the Biden administration to help inform the latest dietary guidelines for Americans, which the federal government revises every five years. - The study recommends the USDA update its guidance to reflect a one-drink-a-day limit. The current dietary guidelines, which were updated this year, loosened guidance on alcohol consumption.
Vincent argued that “commercial interests” helped derail the report’s influence on the final 2025-2030 dietary guidelines released by the Trump administration in January, which advise Americans to drink less alcohol but no longer define “moderate” drinking. - The Distilled Spirits Council of the United States, a group that represents the alcohol industry, pushed back on the findings. Amanda Berger, the group’s senior vice president of science and research, called the report “the product of a flawed, opaque and biased process.”
→ In a statement to The Post, the Department of Health and Human Services disputed claims that the study was shelved, saying federal officials reviewed it alongside the broader body of scientific evidence before finalizing the most recent dietary guidelines. Read more: “What a study at odds with Trump officials’ health guidance found on alcohol limits.” ProPublica’s Annie Waldman reports on the owner of the largest raw milk farm in the country: “The Milkman” “‘Going Home to Die’: People With Eating Disorders Need Special Care. Insurers Are Denying It.” Eli Cahan reports at Rolling Stone. “NIAID appoints new acting director after weekslong questions over leadership,” Anil Oza and Helen Branswell report at STAT. “Trump admin pre-blames Europe for any World Cup Ebola,” Alex Isenstadt writes at Axios. This newsletter is published by WP Intelligence, The Washington Post’s subscription service for professionals that provides business, policy and thought leaders with actionable insights. WP Intelligence operates independently from the Washington Post newsroom. Learn more about WP Intelligence. | 
