One shouldn’t overlook the most recent key move by Trulieve Cannabis Corp (OTCMKTS:TCNNF), which just announced the opening of its latest storefront: Tarpon Springs will be home to the Company’s 53rd dispensary in the state of Florida and 55th nationwide.
According to the release, situated next to Lake Tarpon, 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 52 other Florida dispensaries, including those in nearby New Port Richey, Clearwater, and Tampa.
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 opening of its latest storefront: Tarpon Springs will be home to the Company’s 53rd dispensary in the state of Florida and 55th nationwide.
We’ve witnessed 27% tacked on to share pricing for the name in the past month. Furthermore, the stock has benefitted from a jump in recent trading volume to the tune of 20% above its longer-run average levels.
“Today’s grand opening of Tarpon Springs is exciting for us as we celebrate four successful years this weekend of bringing natural, reliable relief to patients across the state of Florida. We’re very proud of the business we’ve built, of the amazing innovation we’ve seen in this industry, and of the growth we’ve been able to achieve organically over the past four years,” said Trulieve CEO Kim Rivers. “Trulieve has built a foundation of compassionate core values, with strong diversity and inclusion initiatives and a mission to bring the highest quality cannabis products possible to the Trulievers that rely on us, and we look forward to continuing that for years to come.”
At this time, carrying a capital value in the market of $625M, TCNNF has a significant war chest ($143.5M) of cash on the books, which compares with 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.