Analyst: Trulieve Inventory Could Double and Then Some

Trulieve Cannabis (OTC: TCNNF), the somewhat profitable Florida-dependent marijuana enterprise, was an investor preferred Friday. That was due in no smaller element to a glowing new research notice from pointed out pot marketplace analyst Pablo Zuanic of Cantor Fitzgerald. In his assessment, Zuanic raised his price tag focus on to $89 for every share — a beautiful 114% increased than the company’s most modern closing stock price tag.

It just about goes devoid of expressing that the prognosticator is retaining his obese (purchase, in other phrases) suggestion on Trulieve inventory.

Graphic supply: Getty Photos.

Although Trulieve is recognized, and celebrated, for effectively defending its effective market posture in its native Florida, Zuanic is especially encouraged by the firm’s increasing presence in other states. He thinks, meanwhile, that Florida is a sector that nonetheless has a large amount of prospective.

“Although the firm’s FL [sequential volume] progress may well have decelerated by 2-3[%], [company] gross sales there must continue to be up at minimum mid-teens ([roughly] $180 [million]),” he wrote.

“Also, [Pennsylvania] will lead a comprehensive [quarter] in 1Q21 (Pitt deal closed 11/12). In the calendar year ahead, Trulieve will also get the reward of commencing product sales in [Massachusetts], the Philly deal closing in 2Q, besides ongoing fundamental progress in the recognized FL organization… Whilst a great deal smaller sized, income in [Connecticut], [California], and [West Virginia] will round the general photo.” Zuanic additional.

In the Pennsylvania industry, the analyst was referring to a set of latest Trulieve deals in which the firm acquired dispensary property in the major Mid-Atlantic condition.

Trulieve certainly has excellent possible outside of its house current market, notably if Pennsylvania sooner or later goes the way of huge neighbors New York and New Jersey by legalizing leisure pot (at present, only clinical intake and use is permitted). The company’s inventory shot 5.7% bigger Friday, while the S&P 500 index slumped by .7%.

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Eric Volkman has no position in any of the shares pointed out. The Motley Fool owns shares of and suggests Trulieve Cannabis Corp. The Motley Fool has a disclosure policy.

The sights and opinions expressed herein are the views and views of the writer and do not automatically mirror all those of Nasdaq, Inc.