|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||9.16 - 9.83|
|52 Week Range||6.68 - 21.00|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||9.88|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||23.35|
KEY WEST, FL , Sept. 16, 2019 /CNW/ - Trulieve Cannabis Corp. (CSE: TRUL & OTCQX: TCNNF) ("Trulieve" or "the company"), continues to match the state registry's rapid growth pace as the doors of a new dispensary in Key West to open on Tuesday, September 17th . As the company's 33rd physical storefront in Florida , the dispensary will directly serve patients living in the Florida Keys, continuing Trulieve's mission of expanding and ensuring patient access.
Yesterday, Curaleaf became the first company to launch medical cannabis tablets in Florida. It's made these tablets available at all state dispensaries.
PORT CHARLOTTE, FL , Sept. 13, 2019 /CNW/ - Trulieve Cannabis Corp. (CSE: TRUL & OTCQX: TCNNF) ("Trulieve" or "the company"), continues to match the state registry's brisk growth pace as the doors of a new dispensary open on Friday, September 13th . As the company's 32nd physical storefront in Florida , the Port Charlotte dispensary will directly serve patients living in Charlotte County , continuing Trulieve's mission of expanding and ensuring patient access.
If you have attended past Cannabis Capital Conferences, you know that Benzinga is recognized for bringing in the most reputable, cutting-edge companies and speakers in the industry. From an extemporaneous keynote from Acreage Holdings Inc (OTC: ACRGF) CEO Kevin Murphy to a fireside chat with “King of Instagram” Dan Bilzerian, Benzinga events are nothing short of exciting. While Benzinga's events team gears up for its biggest, most unforgettable conference yet — we are happy to announce speakers of the highest caliber.
Watch the author’s track record on TipRanksThe market has become so negative on the cannabis sector that even strong operators like Trulieve Cannabis (TCNNF) have seen stocks dip 20% in a few months. Without all of the hoopla in the market, the company just reported one of the largest quarterly revenues. With a market valuation now below $1 billion, the U.S. multi-state operator offers a compelling value without the aggressive spending rampant in the sector.Not So SmallTrulieve is very focused on the Florida cannabis market possibly causing the typical investor to look past the company. A lot of investors were attracted to the Canadian LPs due to the global expansion possibilities, but those haven’t panned out as much as expected.Trulieve is a much larger organization than most probably think. The company has over 2,000 employees now with 30 retail stores open in Florida. The total cultivation space is now up to 1.6 million square feet to meet the needs of 192,000 patients. The amount doesn’t match the Canadian operators, but a production capacity of 62,000 kg in a single state better matches supply with demand.In the last few months, Trulieve has quietly made entries into California, Connecticut and Massachusetts. The company only has access to single dispensaries in Palm Springs, CA and Bristol, CT along with three locations in Massachusetts. The current plans aren’t large, but Trulieve is definitely poised to grow beyond the Florida market.Profit MachineIn a sector where plenty of companies aren’t focused enough on generating a profit, Trulieve is far ahead of the pack. In Q2 alone, the company generated an adjusted EBITDA of $31.6 million, up 60% from $19.0 million in March.The company turned revenues of $57.9 million and 67% gross margins into an EBITDA margin reaching an incredible 55%. The focus on one particular market or state and slow expansion has left Trulieve in a far better position to expand in a logical method along with the cannabis sector assets now on sale. The only hiccup with Trulieve generating such large margins is the IRS tax code currently doesn’t allow for the deduction of operating expenses to reduce the tax bill.A prime example of the benefits are the quarterly operating expenses of only $14.8 million or ~25% of revenues. Several Canadian players are achieving similar revenue levels with operating expenses in excess of gross profits. Trulieve is far more efficient.With analysts forecasting 2020 revenues approaching $400 million and the stock valuation down at only $900 million, new investors will likely be happy the company took the slow and steady path to growth. Only as recently as April, the stock traded above $15 and hit a 52-week high of $21. With the stock at $8, the founders are committed to not sell shares until July 2020 via a voluntary lock-up agreement. Another sign of the value in the stock when the founders have not reason to extend a lockup.The Street's Predicting Significant GainsThis cannabis player stands as a 'Strong Buy' name among Wall Street analysts. In the last three months, Trulieve has won three bullish recommendations. With a return potential of close to 180%, the stock's consensus price target lands at $23.54. (See Trulieve's price targets and analyst ratings on TipRanks)TakeawayThe key investor takeaway is that Trulieve Cannabis continues to chase domestic growth via a slow and steady path to generate exceptional results. The U.S. MSO is positioned for success as the market overlooks the growth potential and the catalysts once the Federal government approves cannabis and allows for tax deductions along with listing on major stock exchanges.Disclosure: No position.
TORONTO , Sept. 9, 2019 /CNW/ - Trulieve Cannabis Corp. ("Trulieve" or the "Company") (TRUL.CN) (TCNNF), a leading and top-performing cannabis company in the United States , today announced the hiring of two new members to its leadership team. Chris Kelly has been named Director of Wholesale for Trulieve. Chris brings over 25 years of consumer packaged goods expertise to Trulieve, with a vast knowledge of go-to-market methods in wholesale, direct store delivery, third-party distribution and broker sales.
A cursory glance at Trulieve Cannabis (TCNNF) would suggest the company should be attracting a lot of attention from investors, as it has been growing at a decent pace without a lot of dilution.Its primary market is Florida, although it's starting to take steps to branch out to other markets. Focusing on one major market has allowed Trulieve to scale out at a low cost, resulting in an impressive gross margin, which while being slightly down in the last reporting period, still remains robust.The decline in gross margin was from the increase in dried flower sales which has narrower margins.Even so, it would seem the gradual and consistent growth of Trulieve would generate a better share price, but my thesis is the very thing that makes Trulieve attractive to some investors, while drives others away.We'll look at what that is in this article.Some numbersIn the last quarter Trulieve generated revenue of $57.9 million, an increase of just under 150 percent. While it's not a bad performance by any means, it did lag behind a number of its peers, including some of the stronger-performing Canadian companies. As measured against its prior earnings period, sales were up 30 percent.The company said sales growth was the result of increasing its store base to 30, and launching cannabis flower products. Consequently, the number of registered medical cannabis patients in the state increased.Another significant thing to consider in the latest earnings report was while it did produce the big revenue boost, that was mostly from one-off fair-value adjustments valued at $66.2 million. Without that the company's gross profit was $37.6 million. With easily beat the $16.6 million in operating expenses, but still more modest than the numbers pointed to.Why it's not getting a meaningful pushThe major reason I see for Trulieve not getting a lot of interest from investors is the business model it uses. It would be more impressive if the business model it now uses was being incorporated a few years from now, but as the market stands today, it isn't built to deliver the rewards associated with a high-risk sector.That's the problem Trulieve will have to solve. After all, why invest in a company in a risky sector if it isn't positioned to deliver a strong reward?If investors want to invest in a safer stock, there are a lot of options they have to choose from within established and less volatile industries.What some in the industry that support Trulieve do is point out its low costs and small amount of good will on its balance sheet. Again, if I want to invest in a low-risk stock, I don't want to waste my capital on a company operating in a high-risk sector. What would be the point?So while Trulieve does in fact have these as perceived strengths, and probably over the long term, if it maintains its discipline as it scales to other states, should be a good performer.But when measured against a number of its competitors that are poised to break out again once postive sentiment returs to the cannabis sector, it's not going to come close to bringing the potential upside investors are looking for when seeking companies that can deliver huge results.ConclusionThe problem for Trulieve is its successful implementation of its business model; or in other words, its business model for where the cannabis industry is at this time, isn't that attractive.Again, if investors want safety, they aren't going to look to the cannabis sector as a whole, they're going to go to much more traditional investments with proven track records when the market is jittery and volatile.I do believe Trulieve will continue to chug along in its growth trajectory, and over the long term should catch a bid. In the mean time, when looking at where I want to place my money for higher potential rewards, there are better cannabis stocks to take a position in, especially after the big correction it has been going through.Trulieve should make shareholders money, but some of the more aggressive companies will generate a lot more over the next couple of years.Visit TipRanks’ Trending Stocks page, and find out what companies Wall Street’s top analysts are looking at now.
Just three months ago, Seaport analyst Brett Hundley was rolling back price targets on Canadian cannabis stocks, cutting forecasts for both sales and EBITDA left and right -- and Hundley was right to do so. Since the analyst began slashing targets, shares of Aphria (APHA) and Hexo (HEXO) (two subjects of the analyst's ire in June) have fallen 10% and 35%, respectively. More broadly (and over a longer time horizon) the Horizons US Marijuana Index ETF has declined 39% from April to today -- against a broader S&P 500 performance that's been basically flat.And yet, there comes a day that marijuana stock prices get too cheap to ignore, and that day, apparently, was Labor Day 2019.Seaport Announces a Labor Day SaleIn a report just out entitled "Labor Day Sale", Hundley argues that after the sell-off, it's now "time to buy cannabis stocks" again. His reason:"Quality cannabis names" are trading at "2020 price-to-sales multiples near 3.0x-4.0x, alongside EV multiples of 7.5x-10.5x against 2020/21 EBITDA expectations." In the analyst's opinion, these valuations have been depressed for several good reasons, including "disappointing and frustrating regulatory developments, delayed profitability expectations, specific compliance/credibility issues, and founder/management upheaval."And yet, Hundley foresees a "potential for forward regulatory improvements/updates and widening access to capital" that could result in higher valuations going forward. And he further argues that "the [marijuana] space is profitable" already -- albeit only profitable from the perspective of "EBITDA," which considers earnings but not the interest, taxes, depreciation, and amortization that generally come along with (and subtract from) them.Given this continued absence of real profitability, though, are any of these stocks really bargains, even down 39% on average?3 'Quality Cannabis Names' to ConsiderHundley notes that the valuations on his alleged "quality cannabis names" look attractive when compared to "biotech/pharma" stocks trading "6.0x+ 2020 sales expectations and 15.0x-25.0x 2020/21 EBITDA expectations." But which ones exactly? Let's take a closer look.Canopy Growth (CGC) for example, probably the best-known Canadian cannabis stock (and certainly the most expensive at $8.9 billion in market capitalization), currently sells for 19 times the $467 million in sales it's expected to produce in 2020. Aurora Cannabis (ACB), the next-biggest player in the industry at $5.9 billion in market cap, costs more than 11 times the $516 million in sales that analysts project for it in 2020. And Cronos Group (CRON), No. 3 in the industry at $3.9 billion in market cap, costs a staggering 23.6 times forward sales!In fact, to get anywhere close to his promised "3.0x-4.0x" sales valuations, Hundley has to scrape pretty far down into the barrel, coming up with just one example from his own coverage list: Green Thumb Industries (GTBIF), which he says at $1.6 billion in market cap costs 3x fiscal 2020 projected sales. Granted, the analyst says there are other names down in that barrel as well, if you're willing to look for them -- Cresco (CRLBF) for one, and Trulieve (TCNNF) for another.But if these are the kind of "quality cannabis names" Hundley is urging investors to look for, it bears asking: If they're so great, why hasn't he bothered to cover Cresco and Trulieve before?The answer could be as simple as this: Because they aren't.Visit TipRanks’ Trending Stocks page, and find out what companies Wall Street’s top analysts are looking at now.
The state’s hemp sector has come a long way since it began as a research and development program under the 2014 Farm Bill, Nevada Senate Bill 305 and Senate Bill 396. “Now in our fourth growing season, we have certified 207 registered growers, 53 handlers and 37 seed producers to date,” said Ashley Jeppson, Nevada Department of Agriculture (NDA) Plant Industry division administrator.
CLEARWATER BEACH, FL , Aug. 16, 2019 /CNW/ - Trulieve Cannabis Corp. (CSE: TRUL & OTCQX: TCNNF) ("Trulieve" or "the company"), a leading and top-performing cannabis company in the United States , opened the doors of a new Clearwater Beach location on Friday, August 16th . The new storefront marks another milestone as the company's 31st physical Florida location opens its doors and expands access to patients in Clearwater Beach . "When we were getting started back in 2016, Clearwater was our second store.
Tallahassee, Florida-based Trulieve Cannabis Corp. (OTC: TCNNF ) benefited from 19% medical marijuana patient growth in The Sunshine State in the second quarter, fueled largely by the introduction of ...
Trulieve Reports Strong Operational Results, Record Revenue and Profits, and Grows Footprint in the Second Quarter of 2019
TORONTO , Aug. 6, 2019 /CNW/ - Trulieve Cannabis Corp. ("Trulieve" or the "Company") (TRUL.CN) (TCNNF), a leading and top-performing cannabis company in the United States , announced that the Company will begin trading today on the OTCQX® Best Market under the symbol "TCNNF", having graduated from the Pink® market. "We are thrilled to begin trading on the OTCQX Market just ahead of our one-year anniversary as a public company," commented Kim Rivers , CEO of Trulieve Cannabis Corp. "This has been an exciting first year as we execute on our brand strategy and expansion plans to remain the dominant market leader in the fast-growing Florida market, gain momentum in California , Massachusetts and Connecticut , and enter into two new states by the end of 2019. Trulieve's common shares continue to trade on the Canadian Securities Exchange under the ticker symbol "TRUL".
NEW YORK , Aug. 6, 2019 /PRNewswire/ -- OTC Markets Group Inc. (OTCQX: OTCM), operator of financial markets for 10,000 U.S. and global securities, today announced Trulieve Cannabis Corporation (CSE: ...
With Trulieve Cannabis (TCNNF) generating revenue growth in excess of 100%, one wouldn’t normally associate the company with slow and steady growth. In the cannabis sector, companies are generating growth rates multiples that of Trulieve leading to requirements for substantial fund raising and aggressive moves that have hurt their stocks.Slow and Steady GrowthFor Q1 reported at the end of May, Trulieve reported impressive 192% revenue growth. The company reached quarterly revenues of $44.5 million and more importantly produced a positive adjusted EBITDA of $19.0 million.The multi-state operator (MSO) hasn’t made aggressive acquisitions or wild moves into other states leaving a focus on Florida to generate solid margins. Trulieve recently opened the 30th dispensary in the state.With a focus on Florida, Trulieve achieved Q1 gross margins of 67%. The ability to control operating expenses by not having wild expansion plans into 10 to 15 states has allowed for limited operating expenses of $11.9 million. The company only spends about 27% of revenue on operating expenses which opens up the door for large profits in a growth mode.Next PhaseThe best part of the story is that Trulieve has entered into three additional state markets. The company has an avenue for growth beyond Florida with a store in both California and Connecticut and plans to enter Massachusetts.The stock has a market cap of $1.2 billion and a reasonable path to achieve the 2020 EBITDA target of $150 million. A normal stock generating 50% EBITDA growth over the ~$100 million target in 2019 would normally trade at substantially higher multiples than 8x estimates. Even a doubling of the stock wouldn’t bring the valuation multiple above the norms for 50% EBITDA growth.In addition, the EBITDA margin is expected to dip initially as Trulieve looks to expand beyond the well-established Florida market. The company forecasts a 500-basis point hit to margins in 2020 from the peak level at 43.5% in 2019.Most companies in the industry are scrambling to obtain gross margins at those levels so nobody should squabble over the company ramping up some spending to ensure additional growth beyond Florida. As well, investors need to keep in mind that Florida is only a medical cannabis state so a major catalyst for the company down the road is the likely eventual approval of recreational cannabis in the state.The company has natural expansion down the road without even needing to enter other states considering medical cannabis registrations in Florida are only 250,000 residents and the state population is up at 18 million. Not to mention, the substantial number of tourists that visit the Sunshine state adds to the potential revenue boost from recreational cannabis sales.TakeawayThe key investor takeaway is that Trulieve has a plan to generate significant growth without wild acquisitions that requires higher expenses and funding requirements. The stock down at $10 provides opportunity for substantial gains without the risk typical of cannabis stocks that are burning cash every day that the company is open for business. The stock market is starting to favor cannabis companies in this position so Trulieve should outperform the sector going forward.See price targets and analyst ratings on TipRanks
TORONTO , Aug. 1, 2019 /CNW/ - Trulieve Cannabis Corp. ("Trulieve" or the "Company") (TRUL.CN) (TCNNF), a leading and top-performing cannabis company in the United States , will release its second quarter 2019 financial results on Wednesday, August 14, 2019 , after market close. All interested parties can join the conference call by dialing 1-888-231-8191 or 1-647-427-7450, conference ID: 9085490. The conference call will be archived for replay until August 22, 2019 .
FERNANDINA BEACH, FL , July 31, 2019 /CNW/ - Trulieve Cannabis Corp. (CSE: TRUL & OTC: TCNNF) ("Trulieve" or "the company"), a leading and top-performing cannabis company in the United States , opened the doors of a new Fernandina Beach location on Wednesday, July 31st . The new storefront marks the company's 30th location, a record for Florida's dispensaries and a first for residents of Nassau County . "Opening our latest storefront in Fernandina Beach is an opportunity we're thrilled about," said Kim Rivers , Trulieve CEO.
Innovative Industrial Properties Acquires Massachusetts Property and Enters into New Tenant Relationship with Trulieve Cannabis Corp.
Trulieve Cannabis Corp. (CSE:TRUL) (OTC: TCNNF ) announced Monday it has appointed Peter T. Healy to its Board of Directors. "We are very pleased to welcome Peter," said Kim Rivers, CEO of Trulieve. ...