Traders might want to note that Trulieve Cannabis Corp (OTCMKTS:TCNNF) just announced that it opened the doors of a new Florida dispensary on Tuesday, May 5th.
According to the release, the new Central Florida location marks a record 47 locations in the state of Florida and 49 nationwide for Trulieve. Located on Conroy Road, the dispensary joins Trulieve’s 46 other dispensaries statewide, and marks the fourth Trulieve storefront in the area, joining Orlando North, Orlando South, and Orlando Colonial.
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 opened the doors of a new Florida dispensary on Tuesday, May 5th.
Traders will note 23% added to share values of the name over the past month of action. In addition, the listing has witnessed a pop in interest, as transaction volume levels have recently pushed 0% over the long run average.
“During the uncertainty brought on by COVID-19 over the past couple months, we have remained committed to our patients and our mission: to expand and ensure safe, reliable patient access statewide. We’ve taken proactive steps throughout the organization to keep our employees and our patients safe and will continue to exercise proactive safety precautions as the state reopens,” said Trulieve CEO Kim Rivers. “We are fortunate to broaden our brand in such a supportive community and we’re excited to open our Orlando Millennia store today. This will be one of our largest dispensaries, allowing us to continue to bring direct access to patients in the Orlando market, with online ordering, in-store pick-up options, and direct home delivery available to help patients statewide.”
Earning a current market cap value of $403M, TCNNF has a significant war chest ($119.1M) of cash on the books, which stands against 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%. This may be a very interesting story and we will look forward to updating it again soon. 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.