It's usually best to present homogeneous (comparable) information as a list rather than as cards. The Android Gmail app is a good example of a list. Although there are more than three lines available per email, the email list shows only the sender, subject, and first line of text. This is appropriate because email is often repetitive and the user often doesn't need to read the email to know what's in it; the summary is sufficient.
However, if no reasonable summary is possible for the information you're presenting, you should definitely use cards instead of a list. The Material Design specs are clear: "To display more than three lines of text, use a card."
If you're thinking about going beyond the Material Design guidelines, the Salesforce Lightning Design System has an example of a list-like control with varying row heights and sometimes many lines of text:
In this example, you can see that the controls on the right become irregularly spaced, which looks messy (especially on wide screens), but the controls on the left always look tidy due to the vertical lines connecting them. Without the vertical lines, this example would be all bad, but with the vertical lines, it's a good example of a control that's almost but not quite a list. It's possible that the widget you're creating is also not quite a list.