Why Trulieve Cannabis Corp (OTCMKTS:TCNNF) Could be Staring at More Growth Ahead

Why Trulieve Cannabis Corp (OTCMKTS:TCNNF) Could be Staring at More Growth Ahead


One cannabis patch play that got in gear to close out last week was Trulieve Cannabis Corp (OTCMKTS:TCNNF). The stock held key support above its 50-day moving average and then shot higher on Thursday. To help flesh the story out, the company just announced that it was the first medical marijuana licensee in Florida to make a sale of smokable cannabis.

According to the release, “the sale took place at Trulieve’s Tallahassee dispensary, the first dispensary to have opened in the state. Trulieve’s smokable whole-flower buds will be the first product available and is offered in a rotating selection of popular strains. Trulieve also plans to roll out smokable marijuana in a variety of forms, including pre-roll. Presently, Trulieve operates 26 dispensaries throughout the state of Florida, spanning from Pensacola to Miami. As part of the company’s mission to ensure safe, reliable access for patients statewide, Trulieve plans to continue opening stores statewide as the patient registry and demand grows.”

Trulieve Cannabis Corp (OTCMKTS:TCNNF) promulgates itself as a company that, through its subsidiary, Trulieve, Inc., engages in the cultivation, possession, distribution, and sale of medical cannabis in the United States.

It offers a suite of Trulieve branded products with approximately 125 SKUs, including nasal sprays, capsules, concentrates, syringes, and cannabis flower in tamper-proof containers for vaporizers, topical creams, tinctures, and vape cartridges.

The company distributes its products to Trulieve branded stores (dispensaries) in Florida, as well as takes orders online and by phone for delivery. As of November 20, 2018, the company operated 21 dispensaries. Trulieve Cannabis Corp. is headquartered in Quincy, Florida.

According to company materials, “Trulieve is a vertically integrated “seed to sale” company and is the first and largest fully licensed medical cannabis company in the State of Florida. Trulieve cultivates and produces all of its products in-house and distributes those products to Trulieve branded stores (dispensaries) throughout the State of Florida, as well as directly to patients via home delivery. Trulieve is listed on the Canadian Securities Exchange under the symbol TRUL.”

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As noted above, TCNNF just announced that it was the first medical marijuana licensee in Florida to make a sale of smokable cannabis.

Recent action has seen 12% during the past week in terms of shareholder gains in the stock. Furthermore, the listing has seen interest climb, with an increase in recent trading volume of 90% over what the stock has registered over the longer term. Traders should note this as important given the stock’s relatively small trading float of about 13M shares.

“We are excited about the opportunity to sell whole flower smokable products to patients in Florida and honored to be the first company in Florida to do so. Thank you to Governor DeSantis and the Legislature for taking up and approving smokable products in Florida and special thanks to the Department of Health and the Office of Medical Marijuana Use for their quick action to make today a reality for patients in need. Offering these whole flower products to our patients in their purest, most effective form is something we – and patients – have been looking forward to since we opened the doors of the state’s first dispensary,” said Trulieve CEO Kim Rivers.

At this time, carrying a capital value in the market of $1.49B, TCNNF has a significant war chest ($54.5M) of cash on the books, which stands against about $29.9M in total current liabilities. One should also note that debt has been growing over recent quarters. TCNNF is pulling in trailing 12-month revenues of $89.4M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 2886.3%. This is an exciting story, and we look forward to a follow-up chapter as events transpire. Sign-up for continuing coverage on shares of $TCNNF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in $TCNNF, either long or short, and we have not been compensated for this article.

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