TRUL has had a remarkable month — up 35% — but the founder is selling into every rally.
The headline story this week is unmistakably the insider activity. Kimberly Rivers, Trulieve's Founder, President, and CEO, has sold shares on six consecutive trading days, offloading roughly 1.56 million shares worth approximately $13.5 million between June 17 and June 25. The cadence is notable: she sold 400,000 shares on June 24 alone, at CAD $8.17 per share. This is not a one-off pre-planned trade — it is a sustained, high-volume distribution into a strong rally.
The context matters. Rivers remains a significant holder with just over 2.6 million shares — down from a disclosed 4.9 million held by Jason Pernell, another named insider at a comparable stake. She has been trimming aggressively as the stock climbed from roughly CAD $12 in late May to the June 9 close near CAD $16.14, a price that appears stale by 18 days at the time of writing. The insider selling accelerated as prices rose, suggesting she was actively using the momentum window.
Short positioning provides little counterweight to the insider narrative. At just 0.27% of free float, bears have no meaningful footprint here — this is not a shorted stock by any conventional measure. The borrow market reflects that clearly. Availability is extremely loose at over 1,270% of outstanding short interest, meaning there are roughly 24.6 million shares available to lend against fewer than 450,000 shares currently borrowed. Cost to borrow has drifted lower over the past month, falling roughly 29% to around 2.9%, and has been easing steadily since mid-June. Nothing in the lending market points to short-side pressure.
The broader Street picture is thin and dated. The most recent analyst data carries a timestamp from August 2023 — nearly three years old — making any price target from that vintage unsuitable for inclusion here. Valuation multiples offer some texture: the EV/EBITDA ratio has expanded by roughly 1.03 turns over the past 30 days, and the P/E ratio has risen by 27 points over the same period, reflecting the sharp re-rating that accompanied the rally. Price-to-book climbed to 1.94, up 0.65 over 30 days — a meaningful move for a cannabis name. The ORTEX short score has eased to around 30.6 from a reading near 34 two weeks ago, suggesting reduced bearish conviction, while the short score rank of 83 places TRUL well into the low-short-pressure portion of the universe.
Earnings add a forward anchor. The next event is scheduled for August 5. The prior two reporting cycles produced sharp negative reactions — a one-day drop of 12.4% in May 2026 and 8.2% in the subsequent print, with five-day moves of roughly -20% in both cases. Those are the kind of post-earnings patterns that would normally invite hedging activity ahead of the date. Combined with the CEO liquidating at pace through June, the August print becomes the natural focal point for how the market reassesses her selling against whatever operational update Trulieve delivers.
The price data itself carries a caveat: the last confirmed close of CAD $16.14 is dated June 9, making it 18 days stale. The insider trades filed this week reference execution prices of CAD $8.17–$9.46, which implies a significant gap versus the June 9 close — likely reflecting a sharp retreat in the underlying shares after the June 9 print, even before the CEO's selling accelerated. That gap between the last recorded close and the price at which Rivers has been selling is itself worth watching as fresh price data emerges.
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