What has separated Trulieve Cannabis Corp TCNNF from other multi-state cannabis operators is a strategy of penetrating a market and getting to the customer first, then wanting to be involved in every aspect of the transaction as possible, the company’s CEO Kim Rivers said Tuesday at the Benzinga Cannabis Capital Conference in Chicago.
In her keynote speech, Rivers also shared the story of Trulieve’s growth: from a small company in Florida with 10 employees to a marijuana giant operating in 11 states and having 9,000 employees.
Last year, Trulieve made seven acquisitions with the largest a billion-dollar merger with Harvest Health & Recreation Inc.
“We are very pleased with where it is today. It’s on track of where we thought it was going to be,” Rivers told panel moderator David Briggs of Yahoo Finance.
Keep Focusing On Florida
In its founding state, Florida, Trulieve is building up a 750,000-square-foot facility, which it is believed to be the largest indoor cultivation facility in the country. According to Rivers, it is in the final stages of completion with phase one being online now and phase two expected to be ready by the end of the year.
“It is super efficient,” Rivers said, adding that even though it is automated, the company is working toward bringing the work to the person to actually increase touches on the plant because the company feels that is a very important part of the process. This is expected to be four times more efficient than Truleive’s previous style of cultivation.
Focused on its home state, Florida, Trulieve is helping put a cannabis legalization initiative on the ballot in the state.
“It’s s 22 million residents and 130 million tourists a year, so it's a huge market opportunity. And we're very, very bullish on the prospect of this initiative.” If the company succeeds in placing legislation on the ballot, Rivers believes the company could win.
Call To Action
When it comes to larger catalysts for the company and the industry as well, Rivers confirmed there should be some progress at the federal level. That’s why she has called to action all people supporting the cause, urging them to continue to be involved.
“It really is very important right now that we're putting the pressure on because posturing is happening right now for the lame duck session as it relates specifically to SAFE plus, additional course, social justice, social equity and criminal justice reform measures that we hope to see passed during the session.”
Photo: Benzinga Edit; Courtesy of Ramdlon, ganjaspliffstoreuk by Pixabay
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Missed the first wave of cannabis investments? Don’t make that mistake again.
Experts believe cannabis stocks have found their floor and are now poised for unprecedented growth.
Join Benzinga PotProfits. Our in-house canna stock expert, Michael Berger, is on a mission to uncover the most promising cannabis stocks poised for growth, even in a dull market. He leaves no bud unturned to bring you the juiciest potential double-digit opportunities!
Just this year, the PotProfits portfolio has seen smoking-hot gains like:
- 47.10% with $GTBIF
- 40.23% with $TCNNF
- 21.50% with $VFF