Kim Rivers, the queen of marijuana' who rewrote the industry's rules

"Kim Rivers, 48, founder and CEO of the cannabis company Trulieve, will never forget December 18, 2025. The Florida entrepreneur was among the guests in the Oval Office when U.S. President Donald Trump signed the historic order to reclassify marijuana in the United States as a lowerrisk drug, moving it from Schedule I to Schedule III of the Controlled Substances Act. The president's order, which recently took effect, does not legalize recreational marijuana nationwide, but it allows companies like Trulieve to operate with far better tax treatment and opens the door to scientific and medical research in an industry valued at more than $30 billion."

"For years, she has led efforts to eliminate the burden of Section 280E of the U.S. tax code, which prevents cannabis companies from deducting ordinary business expenses. Created in the 1980s as part of the war on drugs to financially cripple traffickers, the rule effectively forces cannabis companies to pay taxes on gross income rather than net profit, exposing them to tax rates above 60%. After years of fighting it, in 2023, she demanded that the IRS return $114 million on the grounds that a statelicensed company like hers could not legally be treated as a trafficker and she won. The IRS returned the $114 million through several checks."

"I take very seriously the sense of responsibility to represent the industry, she told Forbes in an interview on April 17. Dressed in expensive suits and skyhigh heels, the entrepreneur has never been seen as a marijuana activist and yet she has become one of the most influential figures at the federal level in recent years. Those who know her highlight her ability to stay three steps ahead of both competitors and regulators. After Trump's order, the Treasury Department and the IRS announced they would issue new tax guidance"

Kim Rivers, founder and CEO of Trulieve, experienced the U.S. Oval Office signing of an order that reclassified marijuana from Schedule I to Schedule III. The change does not legalize recreational marijuana nationwide, but it improves tax treatment for licensed companies and supports scientific and medical research. Rivers leads Trulieve as a strategist using legal and regulatory changes as competitive advantages. She has worked to eliminate the burden of Section 280E, which limits cannabis companies from deducting ordinary business expenses and can drive effective tax rates above 60%. In 2023, she demanded the IRS return $114 million, arguing a state-licensed company cannot be treated as a trafficker, and the IRS returned the funds through multiple checks. After the reclassification, the Treasury Department and the IRS planned new tax guidance.

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