It should be noted that Trulieve Cannabis Corp (OTCMKTS:TCNNF) just announced the doors of a record 50th location within the State of Florida opened on Friday, June 26th. In other words, one of the fastest expanding distribution forces in the cannabis space is still powering along on a rapid curve.
According to the release, the Ocala location is Trulieve’s 52nd location in the United States, 50 of which are located in the Company’s home state of Florida. Near downtown Ocala, the dispensary supports the Company’s mission to expand and ensure safe, reliable patient access statewide. It also joins Trulieve’s 49 other dispensaries statewide, including in nearby Gainesville, Lady Lake, and Daytona Beach. At approximately 4,400 square feet and with 10 point-of-sale stations, the dispensary will be the Company’s first in Marion County.
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 the doors of a record 50th location within the State of Florida opened on Friday, June 26th.
The chart shows 1% added to share values of the company over the past week of action. What’s more, the stock has benefitted from a jump in recent trading volume to the tune of 10% above the average volume levels in play in this stock over the longer term.
“Opening our fiftieth store in our home state of Florida is something we’ve been looking forward to as a company for a long time and we’re excited to do so in a community like Ocala. We are incredibly proud of the business we are building and to have done so organically at this scale within Florida. Trulieve is based on strong financial fundamentals, a focus on our core values including diversity and inclusion through investing in our communities, and our mission to deliver the highest quality cannabis products to our Trulievers who rely on us. Our Trulievers have been there with us every step of the way as we have built our brand,” said Trulieve CEO Kim Rivers. “We have a great store pipeline ahead for continued growth and we look forward to bringing innovative, natural, and reliable products to Florida’s patients for a long time to come.”
Currently trading at a market capitalization of $481M, TCNNF has a significant war chest ($143.5M) of cash on the books, which must be weighed relative to about $104.7M in total current liabilities. One should also note that debt has been growing over recent quarters. TCNNF is pulling in trailing 12-month revenues of $405.3M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 118.5%. 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.