With cannabis back in gear in the stock market, note that Trulieve Cannabis Corp (OTCMKTS:TCNNF) just announced that it opened the doors of a new dispensary on Friday, May 22nd. The latest Florida location marks a milestone 48 locations in the state of Florida and 50 nationwide for Trulieve.
According to the release, “Located on West International Speedway Boulevard, the dispensary supports the Company’s mission to expand and ensure safe, reliable patient access statewide. It also joins Trulieve’s 47 other dispensaries statewide, including in nearby Palm Coast, Orlando, and Titusville. At approximately 6,000 square feet, with 1,500 square feet of showroom space and 14 point-of-sale stations, the dispensary is one of the Company’s largest yet.”
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 dispensary on Friday, May 22nd. The latest Florida location marks a milestone 48 locations in the state of Florida and 50 nationwide for Trulieve.
The chart shows 23% tacked on to share pricing for the company in the past month. Furthermore, the listing has seen interest climb, with an increase in recent trading volume of 11% above its longer-run average levels.
“We’ve spent the past couple months enacting proactive and protective changes throughout our dispensaries to ensure patients and staff feel comfortable, especially as the state begins the process of reopening. Our focus is on expanding access throughout the state of Florida, and providing patients a safe, reliable way to get the medication they rely on; with the uncertainty of the past several months, we have remained dedicated to patients and will continue to do so,” said Trulieve CEO Kim Rivers. “The Daytona Beach location is one we have been looking forward to opening for a while now and are thrilled to expand and improve access through the community. This dispensary will be one of our largest and has been modeled to accommodate for social distancing guidelines, both for the safety and comfort of patients and staff.”
At this time, carrying a capital value in the market of $458M, TCNNF has a significant war chest ($119.1M) of cash on the books, which is balanced by about $73.6M in total current liabilities. TCNNF is pulling in trailing 12-month revenues of $335.2M. However, the company is seeing declines on the top-line on a quarterly y/y basis, with revenues falling at -18.6%. We will update the story again 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.