🌿 Trulieve tapped for S&P index inclusion, Dutch cannabis pilot provides mixed results, and high school cannabis use hits historic lows

Happy Friday Pre Rollers! Welcome to another edition of The Pre Roll, the cannabis newsletter that keeps you up-to-date on the industry happenings you need to know.

Here’s what we’re rolling up this week:

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Index inclusion. Trulieve has been added to the S&P Total Market Index (TMI) and S&P Completion Index (CI), along with the S&P TMI Health Care and S&P CI Health Care sector sub-indices. The inclusion follows the company’s June 2026 listing on the New York Stock Exchange under the ticker TRLV.

The S&P Total Market Index provides broad exposure to U.S. equities, while the S&P Completion Index covers companies outside the S&P 500. Trulieve said the additions increase its visibility within broader U.S. capital markets and could expand its exposure to institutional investors.

For the cannabis sector, the move marks another step in Trulieve’s transition into mainstream markets. The vertically integrated multistate operator currently has medical cannabis operations in Florida, Georgia, Pennsylvania and West Virginia.

Pilot program. The first follow up evaluation of the controlled cannabis supply chain pilot in the Netherlands is showing early signs that a regulated model can reshape coffeeshop operations. The study compares 10 intervention municipalities with 10 comparison municipalities. Stakeholders report better visibility into production and distribution, stronger coordination across the supply chain, a more standardized processes, and improved registration.

For the cannabis market itself, product diversity has increased in participating municipalities. Average cannabis flower prices fell more than in comparison areas, while hash prices have increased. Coffeeshop customers are buying somewhat larger quantities of flower per transaction and rate its price-to-quality relationship more positively, but the study found no significant change in visit frequency or overall cannabis use patterns. The illicit market also remains an important alternative, with price, value, and the ability to purchase larger quantities cited as key reasons for buying outside coffeeshops.

The report also highlights continuing operational challenges: early shortages, uncertainty around rules and regulatory responsibilities, and technical difficulties with the track-and-trace system. Importantly, researchers found no clear differences so far in health, safety, crime, or neighborhood quality of life outcomes between intervention and comparison municipalities. The authors characterize this as an early snapshot rather than a definitive assessment, noting that additional measurements will be needed to determine whether the emerging market and consumer trends persist.

Teen trends. New federal data from the CDC shows that cannabis use among U.S. high school students has fallen to its lowest level in more than three decades. According to the CDC’s Youth Risk Behavior Surveillance System, the share of high schoolers reporting current cannabis use has declined by approximately 60% over the past decade, while the percentage reporting that they have ever tried cannabis is also at a more than 30 year low.

The latest figures are notable in the context of the expansion of state regulated adult-use cannabis markets. The declines have occurred during a period in which nearly half of U.S. states have established regulated recreational markets, although the data alone do not establish that legalization caused the decrease.

For the cannabis industry, the findings add to a growing body of federal survey data showing declining youth cannabis use. The data also provides an important measure of youth use trends as policymakers and the industry continue to evaluate the effects of cannabis regulation.

Alabama: Public health officials withdrew their objection to the federal rescheduling of cannabis from Schedule I to Schedule III after a public hearing, clearing the way for the change while addressing implementation concerns.

Illinois: A bill has been proposed to create a fund to provide direct cash payments to people disproportionately harmed by past cannabis laws and enforcement, with the bill now awaiting review in the House.

Iowa: Democratic gubernatorial candidate Rob Sand said he supports legalizing recreational cannabis under regulations similar to alcohol, including age limits, potency labeling, restrictions on public use, and state licensing and taxation.

Michigan: Republican gubernatorial candidate John James is campaigning to repeal or sharply reduce the state’s new 24% wholesale cannabis tax, arguing it hurts the industry and has underperformed financially.

New York: A survey of more than 40 cannabis licensees found workers earn about 19% above comparable jobs, while 57% of businesses reported losses, fueling industry opposition to proposed cannabis minimum wage rules.

North Carolina: An Elon University poll discovered 75% of residents support medical cannabis legalization and more than half support recreational legalization, though the issue remains sharply divided along partisan lines.

Vireo nabs Nevada dispensary

The vertically integrated cannabis company completed its $500,000 acquisition of M3 Wellness in Hawthorne, Nevada, paying $290,000 in cash and the remainder through newly issued shares.

Metrc continues contract with Colorado

The cannabis regulatory technology company will continue providing Colorado’s cannabis track-and-trace system through 2029, adding enhanced analytics, risk detection, and QR-code product identification to improve regulatory oversight and business efficiency.

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Stay tuned for more cannabis industry news next week!

💚,

The Pre Roll Team

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