Trulieve Cannabis Corp (OTCMKTS:TCNNF) just announced it opened the doors of a new Florida dispensary on Saturday, February 15th. The Stuart location makes a record 45 locations in the state of Florida and 47 nationwide for Trulieve.
According to the release, the Stuart dispensary, located on Northwest Federal Highway, supports the company’s mission to expand and ensure safe, reliable patient access statewide. It joins the Company’s 44 other dispensaries statewide, bringing expanded access to patients on Florida’s Atlantic Coast.
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 it will be opening the doors of a new Florida dispensary on Saturday, February 15th.
Even in light of this news, TCNNF has had a rough past week of trading action, with shares sinking something like -11% in that time. That said, chart support is nearby and we may be in the process of constructing a nice setup for some movement back the other way. Furthermore, the stock has witnessed a pop in interest, as transaction volume levels have recently pushed 27% beyond its prior sustained average level.
“Over the past year, we’ve really focused on creating elevated, educated, and excellent customer-centric experiences. Part of Trulieve’s core mission is to ensure that patients across the state of Florida are able to access the medications that they’ve come to rely on and that includes opening in places where patients are located,” said Trulieve CEO Kim Rivers. “We are looking forward to introducing direct access to patients in the Atlantic Coast market. Whether a patient is taking their first steps into medical cannabis or they are a dedicated Truliever, our well-trained staff in Stuart is ready and willing to assist patients during every step of the process.”
At this time, carrying a capital value in the market of $332M, 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%. 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.