#7 - Trulieve Cannabis (OTCMKTS:TCNNF)
If you believe in the idea that slow and steady wins the race, then you’ll love the approach that Trulieve Cannabis (OTCMKTS:TCNNF) has taken to the cannabis market. The company has focused on one market, Florida. In fact, 59 out of the company’s 61 dispensaries are in the Sunshine State.
This disciplined approach is reflected in the company’s financials. Trulieve has posted positive net income for eight straight quarters. In the quarter ending June 30, the company posted a record $120.8 million in sales. This marked year-over-year sales growth of 109%.
In addition to its dispensaries in Connecticut and California, Trulieve has announced plans to expand into Massachusetts in 2021. The company has also made two strategic acquisitions in Pennsylvania to support its growth in the Northeast.
TCNNF stock is up 105% for the year as of this writing. Trulieve has its financials in order and looks to be a strong cannabis play even if legalization doesn’t move as swiftly as some hope.
About Trulieve Cannabis
Trulieve Cannabis Corp., together with its subsidiaries, operates as a cannabis retailer. The company cultivates, processes, and manufactures cannabis products and distributes its products to its dispensaries, as well as through home delivery. It sells flowers, edibles, vapes, creams, balms, salves, lotions, vaporizers, batteries, cartridge, concentrates, topicals, capsules, synringes, tinctures, and accessories under the Avenue, Cultivar Collection, Muse, Modern Flower, Alchemy, Momenta, Sweet Talk, Co2lors, Loveli, Trekkers, and Roll One brands.
More- Current Price
- $5.08
- Consensus Rating
- Buy
- Ratings Breakdown
- 2 Buy Ratings, 0 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $16.75 (229.7% Upside)
Is now the time to invest in cannabis stocks? I think it’s a time for cautious optimism. The political climate is changing. Even in traditionally conservative states, the efficacy of medical marijuana is overtaking moral/ethical concerns. And the economic reality of recreational marijuana will be very compelling for states that have yet to legalize cannabis.
There may be a range of outcomes to the presidential election. And, likely, we won’t know the winner on election night. Investing in cannabis is not a short-term proposition. However, it now looks like the issues preventing legalization are now falling into place for those willing to wait.
And despite the headlines that have kept cannabis stocks in the news the last few years, this is still an embryonic market segment. There is a lot of opportunities, but also a great deal of risk. If you’re willing to assume some risk, these seven cannabis stocks are a good way to start adding to, or starting, a position in cannabis stocks.
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