Thanks to the introduction of smokable marijuana products in Florida, Trulieve Cannabis (CSE:TRUL,OTCQX:TCNNF) reported record-breaking Q2 revenues as its lead in the state increases.

On Thursday (August 15), the multi-state operator (MSO) reported revenue of US$57.9 million during its Q2 2019, which represents a 30 percent quarter-over-quarter growth.

Trulieve confirmed a patient count increase of 19 percent in Florida during the quarter, bringing its total number of patient consumers to 181,000.

In March, the state of Florida lifted a ban on smokable marijuana products, a decision that has also lifted the consumer volume for the market. Currently, Florida is only a medically legal marijuana state.

Trulieve reported that dried marijuana represented half of its sold products in Florida during the quarter when compared to approximately 30 percent in its previous quarter.

At the end of Thursday’s trading session, the company closed with a price of C$12.55, representing a drop of 2.37 percent in value per share.

Trulieve’s substantial revenue growth also helped it reach a net income of US$57.5 million for the quarter.

Investors of the company noticed an earning per share of US$0.52 during Q2 2019. As for the six-month period ended June 30, the company reported gains per share of US$0.66.

According to the analyst data aggregator site TipRanks, Trulieve holds an average “strong buy” rating based on three analyst ratings. The average price per share from analysts is C$31.

During a call with investors and analysts, Kim Rivers, CEO of the company, confirmed that Trulieve dispenses 52 percent of the flowers sold in the state, according to data from the Office of Medical Marijuana Use (OMMU), the state’s marijuana regulatory agency.

A research note from Canaccord Genuity indicated the second closest competitor in terms of market share for dried flower sold in Florida is Curaleaf Holdings (CSE:CURA,OTCQX:CURLF) with a 17.9 percent share.

Canaccord indicated that Trulieve, Curaleaf and Liberty Health Sciences (CSE:LHS,OTCQX:LHSIF) represent 85 percent of the entire dried flower market in the state.

Trulieve operates 30 stores in Florida, and, according to Rivers, 14 additional stores are planned to be opened before the end of the year.

As of Tuesday (August 13), there are 150 marijuana shops in Florida, according to OMMU data.

The state of Florida has proven to be an attractive market for cannabis MSOs, which look to expand the exposure of the US cannabis stock market. Florida is set to gain more attention from investors as additional MSOs begin to lay out expansion plans in the state.

As part of its Q4 2018 and year-end results, Curaleaf largely credited Florida for the bump in its financials. Fellow MSO Columbia Care (NEO:CCHW,OTCQX:CCHWF) announced it plans to open 20 dispensaries in the state before the end of 2019.

Don’t forget to follow us @INN_Cannabis for real-time news updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

Mergers and acquisitions (M&A) in cannabis space have helped boost the industry to new levels.

Keep reading... Show less

Strategic sale of non-core assets by Lobe adds non-dilutive capital and shareholder value

Lobe Sciences Ltd. (CSE: LOBE) (OTC Pink: GTSIF) (“Lobe” or the “Company”) is pleased to announce, further to its press release dated February 23, 2021, that it has completed the sale to Ionic Brands Corp. (“Ionic Brands”) of Lobe’s non-core cannabis assets relating to Washington-based Cowlitz County Cannabis Cultivation Inc. (“Cowlitz”) held by Lobe’s subsidiary vendor, Green Star Biosciences Inc. (the “Transaction”).

Keep reading... Show less

Adding to its existing presence on the west coast of the United States, all five KOIOS™ flavours and all four Fit Soda™ flavours will be carried in Metropolitan Market stores beginning on Monday, March 22, 2021. Serving the Seattle-Tacoma area (population 3.87 million), Metropolitan Market is one of five chains under its parent firm Good Food Holdings, which has a total of 51 stores in California, Oregon, and Washington State.

Koios Beverage Corp. (CSE: KBEV; OTC: KBEVF) (the “Company” or “Koios”) is pleased to announce that beginning on Monday, March 22, 2021, Koios’ entire line of canned beverage products will be sold at all locations of Metropolitan Market, an urban format supermarket chain in the Seattle-Tacoma area of Washington State. In Q1 2021, the Company announced multiple placements of its beverage products with regional grocers in markets on the west coast of the United States including Market of Choice in Oregon Jensen’s in Southern California and major natural grocery chain Sprouts Farmers Market which has a substantial west coast presence with over one third of its locations (360+ stores across 23 states) in California as well as Washington State 1 . The Company has also recently announced other developments relating to its expansion efforts being undertaken in 2021 such as an in-house beverage canning facility and distribution agreements with regional and national wholesale partners.

Keep reading... Show less

Ensuring estoraTMpatients have seamless access to their high-quality medical cannabis products

World-Class Extractions Inc. (CSE:PUMP)(FRA:WCF)(OTCQB:WCEXF) (the “Company” or “World-Class”) is pleased to announce that its subsidiary Pineapple Express Delivery Inc. (“Pineapple Express Delivery” or “PED”), a leading logistics technology company offering compliant and secure delivery of controlled substances and regulated products, has partnered with CannTrust Inc. to bring same-day and next-day delivery to estoraTM medical cannabis patients in Ontario

Keep reading... Show less

American cannabis sales hit US$17.5 billion in 2020, a research group’s new study shows.

Meanwhile, a Canadian cannabis producer began offering CBD beverages in the US, another move that shows how interested Canadians are in the overall US cannabis market at the moment.

Keep reading... Show less