May 22, 2020 Open: $ 13.05
May 22, 2020 Closing: $ 12.65
March 16, 2020 Closing: $ 6.20
Trulieve Cannabis (OTC :), (CSE 🙂 shares have more than doubled in the past two and a half months, despite losing 3.2% last Friday.
TCNNF Weekly TTM
Late last week, the stock traded in the US OTC market was at $ 12.65. It closed in Toronto yesterday at C $ 18.31, up more than 3.5% on the day.
Earlier last week, the Florida-based medical marijuana company released it for 2020. The highlight: a 21% increase in revenue, which reached $ 96 million, up from $ 79 million in the previous quarter, which beat some analyst estimates. .
Trulieve also reported a net result of $ 14 million for the first quarter ended March 31. The cash was linked to $ 100.8 million. "Our financial position continues to set us apart in the market by providing flexibility to support both organic and external growth initiatives, which is increasingly important in these times," said CEO Kim Rivers in a statement. She added:
"Trulieve & # 39; s implementation of key fundamentals and financial discipline coupled with market share growth this quarter contributed to positive free cash flow, further strengthening our balance sheet and validating our financial stewardship."
The latest financial report places Trulieve in a small subset of cannabis companies – operators in the sector who do not show huge losses.
Trulieve also reached a milestone last week when it opened its 50th store. Located in Daytona Beach, the new outlet is one of the largest in the business.
Trulieve also shows its contrast to other cannabis companies in that it continues to expand its workforce even during the COVID-19 pandemic. Since mid-March, it has hired over 500 people and plans to add about 300 more.
The company also confirmed its guidelines and predicted that it will achieve sales of between US $ 380 million and $ 400 million in the current fiscal year, from a total of $ 220 million in 2019.
Canopy Growth Update Friday
Canopy Growth (NYSE :), (TSX :), the world's largest marijuana company, will hold a conference call Friday to discuss its fourth quarter and full year financial results.
Shares of the Ontario-based cannabis grower rose late last week, reaching more than 6% to close at US $ 19.42 in New York and C $ 27.10 in Toronto. The bounce was attributed to the stock getting a buy score from Bank of America analysts, who set the target price at US $ 21.44 (C $ 30) as it restored pot stock coverage.
Bank of America says that, despite the slower-than-expected development of the Canadian legal marijuana market, Canopy Growth is very well positioned as a leader in a market that it believes will see significant expansion.
The company's results include net income of C $ 123.8 million ($ 93.36 million). The company has been steadily cutting its operating costs and reducing its workforce by 800 positions due to the COVID-19 pandemic.
