Trulieve Cannabis Corp (OTCMKTS:TCNNF) just announced that the company opened the doors of its latest Florida dispensary on Friday, January 10th. The company has been rapidly expanding in the sunshine state, and the stock continues to broadly outperform the broader cannabis space on a large time frame.
According to the release, “the Fort Walton Beach location will be the company’s 43rd in Florida and their 45th nationwide. The Northwest Florida location joins Trulieve’s 42 other dispensaries statewide, including in the nearby communities of Pensacola, Destin, and Panama City. Located on Mary Esther Cut Off, the storefront is part of the company’s mission to expand and ensure safe, reliable patient access statewide.”
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.
he 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.”
As noted above, TCNNF just announced it is set to open the doors of their latest Florida dispensary on Friday, January 10th.
Even in light of this news, TCNNF has had a rough past week of trading action, with shares sinking something like -12% in that time. That said, chart support is nearby and we may be in the process of constructing a nice setup for some movement back the other way. Over the past month, shares of the stock have suffered from clear selling pressure, dropping by roughly -19%. What’s more, the company has witnessed a pop in interest, as transaction volume levels have recently pushed 81% above the average volume levels in play in this stock over the longer term.
“Trulieve is focused on creating a strong customer-centric experience, and that starts with ensuring that patients across Florida have access to the medications they’ve come to rely on,” said Trulieve CEO Kim Rivers. “Expanding our reach inside the Florida Panhandle is just one of the ways we’re doing that. Our well-trained staff is ready and willing to assist patients during every step of the process, from exploring medical cannabis for the first time to transitioning into a new treatment process.”
Currently trading at a market capitalization of $368M, TCNNF has a significant war chest ($41.1M) of cash on the books, which must be weighed relative to about $64.9M in total current liabilities. TCNNF is pulling in trailing 12-month revenues of $277.5M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 152.3%. You can bet we will update this one again as new information comes into view.