One cannabis patch name that has demonstrated a remarkable resurgence in recent action is Trulieve Cannabis Corp (OTCMKTS:TCNNF). To help foment this action, the company just announced that the company is opening the doors of their milestone 39th Florida location in Wesley Chapel.
According to the release, “Trulieve presently operates 38 other dispensaries throughout the State of Florida, including in the nearby communities of Tampa, New Port Richey, Largo, and Clearwater. The storefront, located on Wesley Chapel Boulevard, 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 the company is opening the doors of their milestone 39th Florida location in Wesley Chapel.
Traders will note 18% added to share values of the stock over the past month of action. Moreover, the listing has registered increased average transaction volume recently, with the past month seeing 16% over what the stock has registered over the longer term.
“We are passionate about our patients and have been eager to bring our vision in Wesley Chapel to life. Our goal is to provide direct, reliable access to patients statewide, especially to those who have not had access to a physical dispensary in the past,” said Trulieve CEO Kim Rivers. “Our team in Wesley Chapel is looking forward to helping patients through the process, whether they’re taking their first steps with medical cannabis, exploring alternative treatment options, or simply enjoying having direct, local access to a physical location for the first time.”
Earning a current market cap value of $403.6M, TCNNF has a significant war chest ($70.6M) of cash on the books, which compares with 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.