Trulieve Cannabis Corp (OTCMKTS:TCNNF) Continues to Seem “Special”

Trulieve Cannabis Corp (OTCMKTS:TCNNF) Continues to Seem “Special”

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Trulieve Cannabis Corp (OTCMKTS:TCNNF) just announced its financial results for the third quarter of 2019 ended September 30, 2019, including record revenue of $70.7 million, an increase of 22% on a sequential quarter-to-quarter basis, and an adjusted EBITDA increase from $31.6 million in Q2 2019 to $36.9 million at September 30, 2019.

“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 its financial results for the third quarter of 2019 ended September 30, 2019, including record revenue of $70.7 million, an increase of 22% on a sequential quarter-to-quarter basis, and an adjusted EBITDA increase from $31.6 million in Q2 2019 to $36.9 million at September 30, 2019.

Recent action has seen 18% during the past month in terms of shareholder gains in the company. In addition, the stock has witnessed a pop in interest, as transaction volume levels have recently pushed nearly 110% above its longer-run average levels.

The company also reaffirmed its 2020 guidance announced last quarter: Guidance for 2020 incorporates our expansion into Massachusetts as well as continued growth in Florida, Connecticut, and California.  Based on these markets, current regulations, and foreseeable store growth, we estimate 2020 revenues in the range of $380M to $400M, generating $140M to $160M in adjusted EBITDA.

At this time, carrying a capital value in the market of $429M, TCNNF has a significant war chest ($41.1M) of cash on the books, which is balanced by about $64.9M in total current liabilities. TCNNF is pulling in trailing 12-month revenues of $277.5M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 152.3%. You can bet we will update this one again as new information comes into view. 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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