Trulieve Archives - Green Market Report

Debra BorchardtDecember 6, 2022
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Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF)  announced the official launch of Khalifa Kush premium medical marijuana products statewide in all Trulieve Branded Pennsylvania retail locations starting Monday, December 12, 2022. To celebrate the product launch on 12/12, a date designated as “Wiz Khalifa Day” by the Pittsburgh City Council, Wiz Khalifa will be on-site at the Trulieve Pittsburgh-Squirrel Hill and Trulieve Washington locations to meet with medical marijuana patients.

“It’s super cool to be able to sell KK legally in Pittsburgh and because they know it’s Wiz’s, it’s going to be bomb, of course, it’s gonna drive the city and the state crazy,” said Wiz Khalifa. “Trulieve is the perfect partner for us because of its commitment to providing the highest quality products and best possible patient experiences.”

This is an exclusive partnership with multi-platinum selling, GRAMMY and Golden Globe Award-nominated recording artist Wiz Khalifa. Trulieve also announced in September that it would be selling Khalifa products in Florida’s medical market at Trulieve dispensaries.

“Trulieve is excited to expand our partnership with the iconic Wiz Khalifa as an exclusive partner to curate and promote his unique product line exclusively in his home state of Pennsylvania,” said Kim Rivers, CEO of Trulieve. “As an artist, he has such a strong vision of how he wants to express himself. Together, we’ve created a line of products that offer best-in-class medical marijuana to Pennsylvania patients and represent the passion and creativity for which Wiz Khalifa is known.”

Trulieve patients across Pennsylvania have access to a selection of premium whole flower products and a wide selection of vapes, tinctures, topicals, and ingestibles. In-house brands available in Pennsylvania include Avenue, Cultivar Collection, Modern Flower, Moxie, Muse, PurePenn, and R.O.

Trulieve will also be hosting pop-up events on 12/12 from 12 p.m. to 6 p.m., where customers will have a chance to receive Khalifa Kush branded swag and educational materials at the following dispensaries:

  • Trulieve Coatesville – 1951 E Lincoln Hwy.
  • Trulieve of Cranberry Township – 20269 Route 19
  • Trulieve Harrisburg – 2500-2504 North 6th St.
  • Trulieve of Johnstown – 339 Main St.
  • Trulieve Philadelphia – 300 Packer Ave.
  • Trulieve Pittsburgh – 200 Federal St.
  • Trulieve Pittsburgh-Squirrel Hill – 5600 Forward Ave.
  • Trulieve Reading-5th Avenue – 201 Lancaster Ave.
  • Trulieve Washington – 200 Adios Dr., Suite 20

 


Debra BorchardtNovember 28, 2022
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Cantor Fitzgerald analyst Pablo Zuanic wrote an upbeat research report on the major cannabis companies despite the somewhat depressing tone in the industry. Zuanic said he hosted 17 company meetings at MJBiz last week and the overall mood was positive. Despite the sunny optimism, the analyst opted to leave ratings, estimates, and price targets unchanged.

Trulieve

Zuanic wrote that for Trulieve (OTC: TCNNF), “Most of the heavy lifting from the Harvest integration has been completed (AZ store rebrand underway), and management thinks it is ahead of peers on tech (SAP; 24 months into the ERP process).” Legalization of adult use in the state would boost the stock and polling is pointing to 70% support and signature collection is running on track. The next main hurdle is the state supreme court review process in early 2024. Trulieve also outlined what it thinks are the positives in the next year. They include:

  • The Florida patient count growth improving (+2,500/week now)
  • The start of adult-use sales in CT and MD
  • It believes the recent election increases the probability of PA going to adult-use
  • WV and GA (although only oils are allowed for now) should begin to ramp. 

Cresco Labs

Zuanic sees the divestiture plan moving ahead and seems to be secure. The Cresco brands enjoy better market share than the Col-Care brands so the company expects to roll out the Cresco brand portfolio across the Columbia Care footprint. “According to management, there is room to improve margins in the combined company, especially in states in either start-up mode or going through a phase of investment,” wrote the analyst.

TerrAscend

  • TRSSF believes in 6-12 months it may be in a position to list in the TSX
  • In MI, given distress in the market, it sees opportunities to expand by acquiring more stores
  • Two NJ stores are “90% of the way to the $40Mn/store annual sales target run rate.

WM Technology

  • The company is removing delinquent accounts
  • Reining in expenses
  • It expects to be cash flow positive by 1H23

Canopy Growth

Zuanic wrote, “With the new structure (US assets more than half of sales), CGC expects to be EBITDA and cash flow positive by late 2023 (capex will be minimal, with investments in BioSteel and negative operating cash flow in the Canadian rec unit, the main drag on cash flow). 

Sundial

The report stated that Sundial was working on various fronts to unlock value (SNDL trades at almost a 50% discount to management’s estimated book value per share of US$4.77). SNDL has C$250Mn of unrestricted cash (no debt), 820K sq ft of indoor cultivation in Canada, and 350 retail doors (liquor and cannabis). 

Aurora Cannabis

Aurora Cannabis is well-positioned in the German market. The report stated, “ACB expects to be EBITDA positive by end of this calendar year; it is in a net cash position (it continues to chip away at the convertible debt) and says it will use its equity facility for strategic purposes only (or reduce the convertible debt) and to fund operations.”

In Closing

The analyst said that most of the MSO management teams he met with felt the probability of SAFE passage in the lame-duck session has increased post the election. Zuanic added, “Most US companies recognized that M&A has taken a wait-and-see attitude ahead of the potential passage of SAFE, but most agreed that consolidation would accelerate without SAFE as several smaller operators will not be able to refinance their debts.”


StaffOctober 11, 2022
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The Daily Hit is a recap of cannabis business news for Oct. 11, 2022.

ON THE SITE

More MSOs Move Into West Virginia’s Medical Marijuana Market

As the medical cannabis industry in West Virginia begins to bear fruit, the state is finding more multistate tenants vying for a slice of the pie. Canadian-based Heritage Cannabis Holdings (OTCQX: HERTF) said that has officially begun operations in the state alongside its production partner, Harvest Care Medical, joining the likes of Trulieve (OTC: TCNNF), Verano Holdings (OTC: VRNOF) and Columbia Care, which is now owned by Cresco Labs (CSE: CL). Read more here.

Michigander Sues New York Over Residency for Cannabis Licenses

Variscite NY One, an LLC owned by Kenneth Gay, is suing the state of New York, the New York State Office of Cannabis Management, and its executive director, Christopher Alexander, over the state’s decision to award its first cannabis licenses to New Yorkers who have been incarcerated or arrested for the plant. Read more here.

Vermont Launches Adult-Use Sales, Dozens More Retailers Yet to Open

Vermont launched recreational cannabis sales the first day of October, and though the operators who did open their doors were delighted by the customer turnout, they also know more competition is right around the corner as additional stores continue to open. Read more here.

Court Ruling Could Pave Way for Cannabis Paraphernalia Imports, Exports

According to Above the Law, Canada-based Eteros Technologies was stopped by Customs and Border Protection while importing automated trimming machinery to Washington state last year. Eteros sued, arguing that there’s an exemption written into the Controlled Substances Act for localities that have legalized cannabis where paraphernalia is concerned. Read more here.

IN OTHER NEWS

Cansortium

Cansortium (CSE: TIUM.U) (OTCQX: CNTMF), a vertically integrated cannabis company operating under the Fluent brand, announced that Patricia Fonseca will resign as chief financial officer of the company, effective Nov. 21. Fonseca has been with the company since March 2021. Read more here.

Fire & Flower Holdings Corp.

Fire & Flower Holdings Corp. (TSX: FAF) (OTCQX: FFLWF), a cannabis consumer retail and technology platform, entered into an amended and rested option agreement with an option to acquire Fire & Flower U.S. and an amended licensing agreement to deploy the Hifyre technology platform in the United States. Fire & Flower U.S. is also in the final stages of submitting applications for five cannabis retail store locations in the state of New Mexico. Read more here.


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