For months, Trulieve Cannabis Corp. (CSE:TRUL) (OTCQX:TCNNF) has been Rich’s number one pick for cannabis stocks. It topped his list of top pot stocks for October and was cited by Rich in August as one of four stocks in the cannabis sector that can turn a profit.
“In my opinion Trulieve is the number one cannabis stock in the world,” says Rich. “They are the most profitable cannabis company out there, and there’s a lot of value in profits, especially in a sector where very few companies have it.”
Today, Trulieve has some good news to discuss just when the sector needs it the most. Rich breaks down the news.
Trulieve Added to the OTCQXMJ
As of this morning, Trulieve has been added to the OTCQX Cannabis Index. The company refers to this as “the performance benchmark for cannabis companies trading on the OTCQX Best Market.”
The Cannabis Index highlights a group of high-quality cannabis companies that meet the financial, disclosure, and corporate governance standards required to trade on the OTCQX Best Market.
Trulieve CEO Kim Rivers says that “Becoming a part of the OTCQX Cannabis Index will bring a further focus on our business and operations as we continue to expand and evolve.”
Rivers also calls the move to the OTCQXMJ a “milestone” for the company. Rich, however, says he would still like to see its stock listing on a senior exchange.
“I think it would be nice to see this company on the New York Stock Exchange,” he says. “Considering they have more profits than anyone else, I don’t see why they’re not moving there.”
As Rich notes, Trulieve is the top-performing cannabis company in the United States. It is vertically integrated and is the first and largest fully licensed medical cannabis company in the State of Florida. The company cultivates and produces all of its products in-house and distributes those products to dispensaries and directly to patients’ homes.
In addition to Florida, it also operates in California, Massachusetts, and Connecticut.
Like all companies in the cannabis space, Trulieve stock has fallen over the last seven months, but it notably hasn’t fallen as seriously as most others. From a 52-week high of $15.50 to its current price of $10.03, TRUL has only lost 35.29% of its value.
That’s not bad for the industry. Notably, the stock price has been performing well this month, growing nearly 20% from its position at the start of October.
On October 3, Trulieve opened its 37th dispensary in Florida. The company is in a very strong position to profit from the medical marijuana industry in that state. With similar targeted operations in the North and the West, it’s reasonable to expect steady, consistent growth from TRUL.
As its Q2 earnings report helped bolster the company’s stock back in August, expect the Q3 report to do the same next month. When it does, Rich will be here to break down the news once again.
What do you think? Is Trulieve the company to trust in these disappointing times for cannabis investors? Let us know what you’re thinking in the comments below.
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