Traders may want to note that Trulieve Cannabis Corp (OTCMKTS:TCNNF), which has been breaking out to fresh multi-year highs in recent action, just announced the opening of its latest storefront. Opening on Saturday, July 18th, the Port St. Lucie location will be the Company’s 52nd dispensary in its home state of Florida and 54th nationwide.
According to the release, located near the center of Port St. Lucie, the dispensary supports Trulieve’s goal of expanding and ensuring direct, reliable patient access to medical cannabis throughout the state. It also joins the Company’s 51 other Florida dispensaries, including those in nearby Fort Pierce and Stuart.
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 delta-8-THC vape cartridges under the brand Area 52.
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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 opening of its latest storefront. Opening on Saturday, July 18th, the Port St. Lucie location will be the Company’s 52nd dispensary in its home state of Florida and 54th nationwide.
Recent action has seen 15% piled on for shareholders of the listing during the trailing month. In addition, the company has seen a growing influx of trading interest, with the stock’s recent average trading volume running 72% beyond what we have been seeing over the larger time frame.
“Over the past four years, we’ve seen incredible organic growth, largely due to the support of Florida’s patients. When Trulieve first started, we focused on creating a wide-ranging catalog of high-quality products and a customer-centric experience in our stores to support patients along their journey with medical cannabis and we have kept that at our core. As we celebrate innovation and growth at Trulieve, we continue to work tirelessly to ensure that patients across Florida have safe, reliable access to the medications they have come to rely on,” said Trulieve CEO Kim Rivers. “While our grand openings look a little different now than they have in the past, our Port St. Lucie location is still a celebration of the wonderful, innovative, and natural relief we look forward to bringing directly to our Trulievers for a long time to come.”
Now commanding a market cap of $554M, 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%. We will update the story again soon as developments transpire. 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.