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Grizzly Research LLC published a short report Tuesday on Trulieve Cannabis Corp. (CSE:TRUL) (OTC:TCNNF), claiming the company is “a fraud.”
Among the reasons for such a claim was uncovering that the company runs around 1.4 million sq. feet of outdoor hoop houses, which produce low quality output.
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Grizzly further accused Trulieve for having ties to an ongoing FBI corruption investigation in North Florida, claiming the husband of the company’s CEO Kim Rivers, JT Burnette, is “at the very center of the FBI probe” and “the right-hand man of disgraced politician Scott Maddox.”
According to Grizzly, Burnette is Trulieve’s major construction partner, and his firms were named in the subpoena for being a part of the scandals connected to public fund in North Florida.
“We expect serious consequences for CEO Kim Rivers and Trulieve. They have been crooks then, and they are crooks now. We think Trulieve is absolutely uninvestible,” Grizzly Research said.
Trulieve Responds
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Trulieve issued an official response to the short report, stating the reports contains many false claims such the one about the quality of the company’s products and production facilities.
The company said the main motive behind the report is attack on Trulieve’s stock price, which is why the company will pursue legal action against the outlet.
“Trulieve sells high quality flower, cultivated in our indoor facilities, and was recently recognized by an award from the Cannabis Business Association of having the best flower in Florida. We stand behind the quality of our products and have a long-standing no-questions-asked return policy. Trulieve set a record for flower sales in Florida just last week, capturing over 51% of the market,” said Trulieve CEO Kim Rivers.
Trulieve’s stock closed Tuesday’s session 12.68% lower at $10.40 per share.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.