As of February 22, Trulieve Cannabis (TRUL) (TCNNF) was trading at 17.96 Canadian dollars, which represents a rise of 63.3% since the beginning of 2019. Also, the company is currently trading at a 97.4% premium to its 52-week low of 9.1 Canadian dollars and a 24.7% discount to its 52-week high of 23.85 Canadian dollars.
Drivers of stock price
On February 19, Trulieve Cannabis announced a strategic partnership with SLANG Worldwide, a cannabis consumer packaged goods company, which would allow patients in Florida to get access to SLANG’s products at Trulieve’s dispensaries. Earlier this month, Trulieve Cannabis had signed an agreement with Love’s Oven, a Colorado-based company, to introduce edible cannabis-infused baked goods and other Love’s Oven products to patients in Florida.
On February 4, Trulieve also won a suit against the state legislature, which had imposed a cap on the number of dispensaries permitted for each licensed medical marijuana treatment center. In addition to these factors, the optimism surrounding cannabis stocks and the legalization of hemp on December 28, 2018, drove Trulieve’s stock price.
YTD, Trulieve’s peers MedMen Enterprises (MMEN) (MMNFF), Canopy Growth (WEED), and Aurora Cannabis (ACB) have returned 5.7%, 59.8%, and 34.8%, respectively. The Horizons Marijuana Life Sciences Index ETF (HMMJ), which tracks the North American Medical Marijuana Index, has returned 48.6% YTD.
In this series, we’ll look at Trulieve’s current operations, its products, and analysts’ estimates and recommendations. First, let’s look at its current operations.