We wouldn’t overlook the fact that Trulieve Cannabis Corp (OTCMKTS:TCNNF) just announced that it was set to open the doors of a new Florida dispensary on Saturday, April 18th. That happened over the weekend last week and could fuel the stock as it represents another brick in the wall of the company’s relative dominance in the sunshine state.
According to the release, the Titusville location marks a record 46 locations in the state of Florida and 48 nationwide for Trulieve. Situated on Columbia Boulevard, the South Titusville dispensary supports the Company’s mission to expand and ensure safe, reliable patient access statewide. It joins the Company’s 45 other dispensaries statewide, expanding access for patients on Florida’s Space 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 that it is set to open the doors of a new Florida dispensary on Saturday, April 18th.
The chart shows 47% piled on for shareholders of the listing during the trailing month. Furthermore, the name has benefitted from a jump in recent trading volume to the tune of 4% over what the stock has registered over the longer term.
“Trulieve’s focus has always been on taking care of Florida’s patients and the communities we’re fortunate to call home. With the uncertainty brought on by COVID-19, we are working hard to continue to meet patients’ needs and demands while also taking proactive steps to keep our employees and customers safe,” said Trulieve CEO Kim Rivers. “Expanding access on the Space Coast allows us to bring direct access to patients across the state, with online ordering, in-store pick-up options, and statewide delivery available to help patients.”
At this time, carrying a capital value in the market of $328M, TCNNF has a significant war chest ($119.1M) of cash on the books, which compares with about $73.6M in total current liabilities. TCNNF is pulling in trailing 12-month revenues of $335.2M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 121.6%. 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.