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Friday, November 27, 2020

The Roller Coaster Ride for Trulieve Cannabis Corp (OTCMKTS:TCNNF) Continues

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Shares of Trulieve Cannabis Corp (OTCMKTS:TCNNF) have been seeing some serious life. The stock has been helped thus far this week by news of its Q3 financials, including record revenue of $70.7 million, an increase of 22% on a sequential quarter-to-quarter basis.

“Our third-quarter results reflect our continued customer loyalty, growth, and leadership position. Trulieve’s strong brand, wide-ranging access to stores, and authentic customer experience have resonated with our customers and patients,” stated Kim Rivers, Trulieve CEO. “The third quarter was also successful in further strengthening our position in our existing markets as well as preparing for new market entry. We continue to build operational efficiencies and financial discipline to ensure a solid foundation, cash reserves, and the right tools at our disposal to expand our footprint. Looking ahead, this is an exciting time as we execute on our strategic vision to be one of the top-performing cannabis companies in North America.”

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 Q3 financials, including record revenue of $70.7 million, an increase of 22% on a sequential quarter-to-quarter basis.

The chart shows 12% added to share values of the stock over the past month of action, but this action is running counter to the larger trend in the name. This is emblematic of the stock. TCNNF is a stock with a past that has featured a litany of sudden rips to the upside. Moreover, the company has registered increased average transaction volume recently, with the past month seeing 35% over the long-run average.

According to its release, the company had some operational highlights in the quarter, including its completion of a second public debt deal, delivering approximately $61 million in gross proceeds, a second sale-leaseback on cultivation property in Quincy, Florida for $17 million in proceeds, and a proforma cash stash now available to the company as of November 15, 2019 of $100.8 million.

Currently trading at a market capitalization of $405M, 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%. We will update the story again as soon as further details emerge. 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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