COVID-19The weed wireNew location brings Trulieve’s Florida store count to 52

Stock in dominant operator of Florida's medical market hit a record high this week
Nick Laba Nick LabaJuly 17, 20205 min

There’s something that won’t stop spreading in the state of Florida: the number of Trulieve Cannabis Corp. (CSE: TRUL) dispensary locations.

After the opening of a storefront in Port St. Lucie on Saturday, the number of Trulieve stores in the Sunshine State will reach 52, according to a statement released Friday.

And on Monday, stock in the company hit a record high of $22.38 on the Canadian Securities Exchange. Over the week, its valuation dropped slightly to $19.50 by market close Friday.

Trulieve is the clear leader in Florida’s medical market, commanding more than half of total sales. In the latest report from the Office for Medical Marijuana Use, Trulieve dispensed 69.6 million milligrams of a total of 137.5 million milligrams of medical THC sold in the state in the week of July 2 – 9.

The total number of active patient registrations in Florida is 367,592.

Located near the center of Port St. Lucie,  Trulieve’s says the dispensary supports its goal of expanding and ensuring direct, reliable patient access to medical cannabis throughout the state.

Trulieve CEO Kim Rivers says her company has seen incredible organic growth over the past four years.

“When Trulieve first started, we focused on creating a wide-ranging catalog of high-quality products and a customer-centric experience in our stores to support patients along their journey with medical cannabis and we have kept that at our core,” she said in the statement.

To commemorate the new dispensary, all patients will be eligible for a 25 per cent in-store discount at the Port St. Lucie location on opening day. In line with policies that have been adopted statewide, Trulieve says all visitors will be required to wear masks inside the dispensary.

To assist patients with ordering, Trulieve has made its product catalogue available for online ordering, with in-store pickup, curbside pickup at select locations as well as home delivery.

Additionally, to assist with U.S. CDC recommendations for social distancing and in compliance with company-enforced safety guidelines, the company says its taken measures to ensure the health and well-being of employees and patients, including modification of store layout, installation of plexiglass partitions and HEPA air filtration scrubbers in its dispensaries.

Trulieve showed strong profitability in its earnings report for the first quarter of 2020.

Read more: Profits grow for Florida market monolith Trulieve

Top image via Trulieve

 

nick@mugglehead.com

@nick_laba

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