A little more than a year ago, Canada legalized recreational cannabis. This act legitimized the industry and allowed dozens of companies to get first-mover advantage in the recreational market. Today, cannabis investors, market operators, industry experts, and corporate executives have gathered in New York for the inaugural Cannabis Investor Day.
The cannabis-centric conference was held in collaboration between OTC Markets Group and the Canadian Securities Exchange. It featured educational presentations and panels featuring some of the biggest industry insiders.
Luckily, Rich is here to break down the news. Let’s look at which companies were present for Cannabis Investor Day and what news investors can take away.
Cannabis Investors: Trulieve Cannabis
Trulieve Cannabis Corp. (CSE:TRUL) (OTCQX:TCNNF) CEO Kim Rivers was present at the event to discuss her company’s place in the market as well as its outlook.
Trulieve is the first and largest fully licensed medical cannabis company in Florida. It controls around 50% of the state’s cannabis market, which reinforces the importance of first-mover advantage. In addition to Florida, Trulieve operates in California, Massachusetts, and Connecticut.
The company is a vertically integrated “seed-to-sale” business. This means it produces everything in-house and distributes its offerings to its own, Trulieve-branded stores.
At the Cannabis Investor Day event, Rivers announced that Trulieve is opening its 38th Floridian dispensary. TRUL stock is up 25% from the start of the month and currently sits at $10.16.
Cannabis Investors: Flower One Holdings Inc.
Flower One Holdings Inc. (CSE:FONE) (OTCQX:FLOOF) sent its Chief Strategy Officer, Kellen O’Keefe, to speak at the conference.
Flower One is Nevada’s leading cannabis cultivator, producer, and full-service brand fulfillment partner. It owns a 400,000 square-foot greenhouse and a 55,000 square-foot production facility, which it uses for large-scale cannabis cultivation, processing, and manufacturing.
O’Keefe referenced the company’s targets in California as part of its strategic growth. FONE stock has remained steady around $1.15 throughout October.
Cannabis Investors: Planet 13
Bob Groesbeck, Chief Executive Officer and co-founder of Planet 13 Holdings Inc. (CSE:PLTH) (OTCQX:PLNHF), also spoke at the conference.
Like Flower One, Planet 13 is also based out of Nevada. The company’s mission is to build a global brand known for world-class dispensary operations and to become a creator of innovative cannabis products.
Groesbeck detailed the launch of his company’s THC-infused sparkling water line, Elysium. He also spoke about Planet 13’s creation of a “luxurious, cannabis-themed complex” in Las Vegas. The company expects the complex to draw 3,000 daily visitors when it opens.
PLTH has had a difficult October, losing 14% since the start of the month.
Cannabis Investors: Cresco Labs
Cresco Labs Inc. (CSE:CL) (OTCQX:CRLBF) was also present at the event in the form of its Chief Executive Officer Charlie Bachtell.
Cresco takes a consumer-packaged goods approach to cannabis. Its house of brands is designed to meet the needs of all consumer segments and includes edibles created by James Beard Award-winning chef Mindy Segal.
Bachtell discussed Cresco Labs’s ongoing takeover of Origin House. When finalized, the $1 billion USD takeover will be one of the largest cannabis market acquisitions in the US. CL stock is on a slight upward trend and is currently valued at $8.85.
For more information about stocks that cannabis investors need to watch, check out Rich’s list of ten pot stocks to watch in October. Also, be sure to take a look at his 2019 pot stocks retrospective.
Let us know in the comments your thoughts about these companies or any others in the cannabis space.
Featured image: DepositPhotos © kasto