Trulieve Cannabis stock (OTC: TCNNF) is a multi-state operator/distributor in the US cannabis market. Trulieve’s strategy of focusing mainly on the Florida market is in stark contrast to others seeking a broader presence in several US states. Trulieve Cannabis stock (OTC: TCNNF) is one of our top weed stocks to watch.
Like most of his colleagues in the cannabis industry, has seen steady growth, and Trudeau’s results speak for themselves, at least so far. In the first quarter of this year, TCNNF brought in a little over $96 million, which was 116% year over year increase.
Trulieve is rapidly growing and closed the quarter with 47 pharmacies in Florida. The quarter’s net income was approximately $14 million, which is a slight decline. However, it was responsible for more than 50% of the cannabis flower sales in Florida.
It is also worth noting that the company is in the middle of its first year of operation in Florida, which is a testament to Trulieve’s strong presence in this market. Looking ahead, is this the best way to capitalize on the potentially lucrative cannabis market in Florida? According to the Marijuana Policy Project (MPP), the US cannabis markets are growing rapidly, and the spending limit of two billion dollars will be exceeded by 2024.
Note that the US cannabis industry’s current market capitalization as a whole is just over 650 million dollars, with a total market capitalization of 1.2 billion dollars.
Moreover, the ongoing coronavirus has done little to slow this trend, and the market is growing significantly. The sale of cannabis in Florida (and elsewhere) is on the rise, even as social distancing measures take shape, such as the legalization of marijuana for medicinal purposes.
This may be one of the reasons why Trulieve has performed well since the IPO and to date. Given its leading position in the market and the favorable trends we are likely to see in the coming years, we expect it to continue to outperform the markets in the long term.
Trulieve Cannabis (OTC: TCNNF) Technical Analysis
Trulieve Cannabis charts (OTC: TCNNF has made some serious swings and would be considered high risk for most investors. That being said, Trulieve could be a good stock to buy for those willing to take on high risks and big swings. It is not ideal for those looking for income or wants safety.
The technicals with TCNN appear to be positive and setting up for a possible upward movement. Specifically, the one day Linear Regression indicator is showing a bullish trend. A majority of the one-day oscillators and longer-term moving averages are also showing a bull trend. However, the short term moving averages are bearish. All things considered, TCNN is Bullish.
Trulieve Cannabis (OTC: TCNNF) Pivots
Pivot Classic Fibonacci Camarilla Woodie DM
S3 3.1559 7.6359 11.5358 6.4200 —
S2 7.6359 9.3473 11.9464 7.9850 —
S1 10.2018 10.4046 12.3571 10.9000 11.1589
P 12.1159 12.1159 12.1159 12.4650 12.5944
R1 14.6818 13.8273 13.1784 15.3800 15.6389
R2 16.5959 14.8846 13.5891 16.9450 —
R3 21.0759 16.5959 13.9998 19.8600 —
Jason P. Vasser gives us an analysis into the recent geo-political news hitting the services, legal, and technology sectors. He has been an financial advisor for over 10 years in the NYC and in recently turned his experience investment and passion for journalism into a full time role. His responsibility is for the analysis of companies and writing valuable information for shareholder community.
Jason is an a seasoned writer who has a passion for tech and travel. His goal is to see travel the world and report on the use of technology from a market perspective.