Some cannabis companies out there are doing very well for themselves. Trulieve stock may just be on your radar because this company has announced some huge results for the third quarter of 2018.
Let's check it out!
Trulieve Stock
Firstly, looking at Trulieve stock today, the company is down almost 9% and is selling for $13.36 CAD presently. This is somewhat baffling because the company's earnings report spelled great things for Trulieve Cannabis (CSE:TRUL).
Announced yesterday were earnings results for the three-month period ending September 30th. Revenue grew $23.3 million USD in Q2 to $28.3 million USD in Q3. Similarly, EBITDA increased from $11.7 million USD to $12.6 million USD.
Also, and rather importantly, Trulieve Cannabis began trading on the Canadian Securities Exchange in Q3, 2018. Despite the positive results, Trulieve stock is not reflecting the company's gains. This could be attributed to a general market sell-off that is being experienced across the market today.
CEO of Trulieve Cannabis, Kim Ravers, spoke about the results:
These outstanding results in Q3 demonstrate the meaningful progress we’ve made on our strategic plan since becoming a publicly-traded company in September. Looking ahead, we remain focused on scalable growth, including multi-state operational expansion.
Expansion
The new addition to the CSE also began expanding Trulieve's footprint outside of Florida. Earlier this month, Trulieve announced it had acquired Life Essence Inc and Leef Industries LLC. These companies are based in Massachusetts and California, respectively, and mark the first operational expansion outside of its home state.
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Who is Trulieve?
Trulieve is the first and largest fully licensed medical cannabis company in Florida. It is a vertically integrated company, cultivating and producing all of its products in-house and distributing direct to Trulieve retail storefronts in Florida. It also does home-deliveries to patients.
Since it first began listing, Trulieve stock has gained over 130%. At its current price, Trulieve stock still represents over 100% of its listing price.
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