TRLV shorts pile in as retail attention spikes

Trulieve Cannabis Corp. has had a volatile few weeks. Short interest hit 3.85% of the free float on October 21, the highest level in at least a year, while retail attention jumped 3.67 standard deviations above its own 90-day average as of October 21, according to Wikipedia views and ORTEX stock page traffic data.

Short positions double in a month

The jump is recent and sharp. Shares short stood near 1.45 million in mid-September. By October 9, that figure had risen to 6.47 million. It has held there since, with 6.47 million shares short as of October 21.

The month-on-month change works out to roughly 346%. Against its closest cannabis peers, which posted a median one-week price move of minus 1.4%, Trulieve gained 6.0% over the same period. Short sellers are building positions into a stock that is moving against them in the near term.

Options traders lean defensive

The put-call ratio stood at 0.583 on October 22. That is 1.6 standard deviations above the 20-day mean of 0.399. The ratio peaked at 0.653 on October 19, the highest since late September. The 52-week high is 0.744, so the current reading reflects genuine defensive positioning without reaching the extremes the stock has seen before.

Borrow market remains loose despite cost rise

The cost to borrow rose 69% over the past week to 0.53%. That is a noticeable move, but the absolute level remains low. Availability stands at 548%, meaning there are roughly five and a half shares available to borrow for every one already on loan. The 52-week tightest point was 329%. At current levels, the lending market offers no friction to short sellers who want to add.

Index radar and earnings calendar

ORTEX puts the probability of Trulieve joining the Russell 2000 at 76% at the December 2026 Semi-Annual Review. The rank date is October 30, with an expected announcement on November 13 and a trade date of December 11. The projected buying flow from index trackers is $230 million, equivalent to 12.5 days of normal volume. That is a mechanical buyer of meaningful size on a fixed schedule, sitting alongside an elevated short position. Earnings are scheduled for November 5.

Data summary

• Short interest: 6.47 million shares, 3.85% of free float (October 21)
• Month-on-month change in shares short: up approximately 346%
• Cost to borrow: 0.53%, up 69% in one week (October 21)
• Availability: 548%, well above the 52-week tightest reading of 329%
• Put-call ratio: 0.583, 1.6 standard deviations above the 20-day average
• Retail attention z-score: 3.67 standard deviations above the 90-day average (October 21)
• Russell 2000 addition probability: 76%, December 2026 review, $230M projected flow
• Next earnings: November 5, 2026