I put up a long post on Monday covering my $2.1MM play into US MSOS, but the mods took it down for reasons that I don't understand. Unfortunately, it deprived everyone here of the the thesis behind the regulatory changes that are creating a massive opportunity in the space due to changes in taxes and potential uplisting.
Yesterday, Trulieve [announced that they were spinning off their recreational business to enable an uplisting to the NYSE ](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001754195/000175419526000033/tcnnf-20260603.htm)and stock popped 15%. This morning, [they announced they start trading on the NYSE June 10th. ](https://investors.trulieve.com/2026-06-05-Trulieve-Announces-Uplist-to-NYSE)No more OTC, no more trading on Canadian exchanges, institutions and all retail investors will finally be able to trade this guy.
Last week, two of the larger MSOS announced reverse splits so they can meet NYSE listing requirements in the fall.
These companies are incredibly cheap, with EV/EBITDA multiples ranging from 3.5x to 6.0x, compared to \~10.0x for alcohol and tobacco companies. Businesses are incredible, with gross margins around 50% and EBITDA margins of 30%.
Positions:
TCNNF: 114,397 @ $8.66
GTBIF: 80,000 @ $7.92
VRNO: 400,000 @ $1.29.
P/L as of yesterday's close. Will post updates weekly if people are interested.
https://preview.redd.it/2u0ukhtogg5h1.png?width=1279&format=png&auto=webp&s=e7225fe3810a1ca9b761c49a884dc20a235eccdf