TRUL stock is moving lower after Trulieve Cannabis (CSE:TRUL) (OTCQX:TCNNF) announced the appointment of Valda Coryat to the role of CMO.
There is no doubt that the cannabis industry has gone through its fair share of difficulties in recent months, and many of the leading companies have suffered from the sector-wide slowdown. TRUL stock also suffered from these effects, but that company has continued to work towards further improving its business.
Late Monday, Trulieve Cannabis announced the appointment of a new Chief Marketing Officer. The company revealed that Valda Coryat is going to take over as the new CMO with immediate effect. Coryat is leaving her job as the Director of Marketing at National Margo Board. Before that, she held high-level marketing positions with Heineken, Avon, and Colgate-Palmolive.
Trulieve Cannabis has a major presence in Florida and at this point, boasts of as many as 40 stores in the state. More important, Trulieve emerged as one of the few companies in the cannabis sector that managed to generate a profit in its latest quarter. The company's adjusted EBITDA for the third quarter went up to $36.9 million, and that reflects a significant rise from the $31 million in the previous quarter.
At the time of writing, TRUL stock is down 3% at $16.93.
On top of its successful quarter, there are even more growth opportunities upcoming for Trulieve. The company is trying to expand into other states and has acquired a marijuana dispensary business in Connecticut. Additionally, it has taken up stakes in a cannabis company in both Massachusetts and California.
Unlike many other companies, Trulieve Cannabis has taken the steadier route towards growth and has decided to expand only after it had perfected its business model. At this point in time, the company has as many as 280,000 registered patients in Florida, and it is now trying to replicate this particular model in other states. It is not a surprise that TRUL stock is regarded as one of the stocks to watch by investors.
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