Trulieve Cannabis Corp (OTCMKTS:TCNNF) just announced that it is set to open the doors of their latest Florida location on Tuesday, November 26th, in Lakeland. The stock has been a leader in terms of relative strength, as we have noted. And this shouldn’t be ignored.
According to the release, “the Central Florida location is a milestone for Florida’s largest operator as Trulieve becomes the first operator in Florida to reach 40 locations. Presently, Trulieve operates 39 other dispensaries throughout the State of Florida, including in the nearby communities of Tampa, Orlando, and Wesley Chapel. The storefront, located on North Florida Avenue in North Lakeland, is part of 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 latest Florida location on Tuesday, November 26th, in Lakeland.
The chart shows 27% added to share values of the listing over the past month of action. Furthermore, the stock has benefitted from a jump in recent trading volume to the tune of 21% above its longer-run average levels.
“Trulieve has come a long way over the past three years – from closing out 2016 with only two stores to celebrating our record-breaking 40th store in Florida with even more to come in 2019 — and 2020 – as we continue to strategically plan for the future,” said Trulieve CEO Kim Rivers. “As the patient registry continues to grow and Florida’s residents continue to seek alternative, natural relief, we will continue our mission to expand access to the natural, effective, and safe medications they have come to rely on.”
Now commanding a market cap of $439M, TCNNF has a significant war chest ($41.1M) of cash on the books, which must be weighed relative to 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%. We will update the story again soon as developments 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.