Cantor Fitzgerald reiterates Trulieve Cannabis stock rating after DEA pause

Cantor Fitzgerald maintained an Overweight rating on Trulieve Cannabis (NYSE:TRLV) with a $15.00 price target following a pause in cannabis rescheduling proceedings. The stock is currently trading at $12.41, having surged 122% over the past six months. However, InvestingPro analysis indicates the shares may be overvalued compared to their Fair Value estimate.

The DEA has paused the adult-use rescheduling hearing, with Chief Administrative Law Judge Derek Julius staying the proceedings and issuing a response deadline of October 13. This pause does not disqualify rescheduling and is not reflected in Cantor Fitzgerald's estimates or price target. The firm lowered its confidence in a year-end 2026 adult-use decision, but maintains optimism about Trulieve's medical-use foundation.

Analysts predict profitability for the company this year, despite recent losses. Trulieve reported its second-quarter 2026 earnings, beating expectations with adjusted earnings of $0.11 per share and revenue of $271 million, slightly below the projected $272.21 million. The earnings reflect the company's strategic shift towards medical operations.