The renewed vigor in the cannabis patch has started to lift all boats, including Trulieve Cannabis Corp (OTCMKTS:TCNNF), which was technically well-positioned for some upside following a successful test of key support in the $8/share area last week. To help add some flavor to the bounce, the company just announced that it is set to open the doors of their record 37th Florida location on Thursday, October 3rd, in Cape Coral.
According to the release, “Trulieve presently operates 36 other dispensaries throughout the State of Florida, including in the nearby communities of Fort Myers, Bonita Springs, and Venice. The storefront, located on Santa Barbara Boulevard in North Cape Coral, will advance the company’s mission to expand and ensure safe, reliable patient access statewide.”
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 is set to open the doors of their record 37th Florida location on Thursday, October 3rd, in Cape Coral.
Traders will note 15% added to share values of the company over the past month of action. What’s more, the company has registered increased average transaction volume recently, with the past month seeing 44% beyond what we have been seeing over the larger time frame.
“Patients are always the focus at Trulieve. As Florida’s registry grows and patients continue to seek natural relief, we will continue to expand patient access to the safe, reliable, and effective medications they have come to rely on,” said Trulieve CEO Kim Rivers. “We’re looking forward to educating patients on the process, from their first steps into medical cannabis to exploring new treatment options, and offering direct access for those who may not have had convenient access to a dispensary in the past.”
Now commanding a market cap of $330M, TCNNF has a significant war chest ($70.6M) of cash on the books, which stands against about $82.6M 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 $221.1M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 157.6%. This may be a very interesting story and we will look forward to updating it again soon. 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.