Top Marijuana Stock Trulieve Cannabis Continues to Outperform
With extreme market volatility in the cannabis sector, it takes real strength for a cannabis company to showcase profitability, stability, and longterm growth potential. Trulieve Cannabis (OTC: TCNNF) (CNSX: TRUL) is one such marijuana stock that continues to outperform with its consistent performance, expansion, and trajectory.
Trulieve: The Florida Advantage
Due to its strategic HQ location in the densely populated state of Florida, Trulieve has a huge competitive advantage among its peers. The cannabis stock now has 48 dispensaries – a retail space of an astounding 145,505 square feet.
Florida is one of the fastest-growing medical marijuana markets in the US. A note by Cantor Fitzgerald’s analyst Pablo Zuanic, reported by Yahoo Finance indicated that the patient count in the Florida market has increased by 20% year to date, while there was a sequential surge of 80% in flower volumes. According to BDS Analytics, Florida is set to exceed the $2 billion mark in medical cannabis spending by 2024.
This indicates a huge market opportunity for cannabis companies to tap into and Trulieve is in the right place at the right time.
This marijuana stock will also benefit from Trulieve’s expansion efforts in Massachusetts, Connecticut, and California. In these states, Trulieve continues to build brand loyalty with an impressive 74% customer retention rate.
Trulieve: Growing Sales Despite COVID-19
While the COVID-19 pandemic is playing havoc across the globe, Trulieve stock remains relatively unharmed. Trulieve’s CEO Kim Rivers is optimistic about the medical cannabis demand despite the current pandemic. Actually, amid the worsening COVID situation in Florida, medical consumers deem the product as essential and are stocking up on it. Additionally, the company has a strong home delivery system already in place that is ideal for the lockdown situation.
Trulieve: Strong Financials
This cannabis stock has consistently been profitable since 2017 and its top-line growth continues to outperform. In Q1, its total revenue climbed 21% Q-o-Q (quarter on quarter) and a staggering 116% Y-o-Y (annually) to $96.1 million. Trulieve expects revenues between $380 million to $400 million in FY 2020 on the back of rapid expansion efforts in Massachusetts, California, and Connecticut – while maintaining continued growth in its home state.
This Marijuana Stock has Doubled Since March
The stock price did take a beating in the first half of the year amid the COVID-19 scare. However, once the investors regained confidence in Trulieve’s strength, the hemp stock’s price has nearly doubled since late March.
If Trulieve can maintain its operational structure, competitive positioning, and robust financials – we believe this marijuana stock will continue to outperform its peers. We believe Trulieve will prove to be a solid bet in the upcoming decade as the cannabis industry continues to mature across the globe.
Top Marijuana Stock Trulieve Cannabis Continues to Outperform
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