The United States cannabis distributor Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) plans to wind down its operations in Massachusetts and is closing its Grover Beach retail outlet in California.
The company announced the moves on Thursday which are part of a financial optimization plan.
Trulieve’s Massachusetts dispensaries in Worcester, Framingham and Northampton will be shutting down on June 30 and the company expects to conclude it operations in the state by the end of this year.
“These difficult but necessary measures are part of ongoing efforts to bolster business resilience and our commitment to cash preservation as we continue to focus on our business strategy of going deep in our core markets and jettisoning non-contributive assets,” said Trulieve’s CEO Kim Rivers.
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Trulieve now only has one remaining California dispensary located in Napa. The news follows the company’s decision to shut down its Palm Springs and Venice dispensaries in the Golden State last year and its exit from the Nevada wholesale market.
The cannabis operator also announced Thursday that the Smart & Safe Florida campaign primarily funded by Trulieve has obtained 965,000 signatures, a number verified by the Secretary of State. The initiative aims to bring adult-use cannabis to Florida and the current amount of signatures is more than sufficient to secure ballot placement for next year’s general election.
The next step for the campaign will be to gain approval from the Florida Supreme Court and State Constitution.
Trulieve will be opening a series of medical cannabis dispensaries in Ohio this year at an unspecified date, beginning with a location in Columbus.
The company also plans to open three Georgia dispensaries and two Arizona locations in the near future.
Trulieve’s shares took a sharp decline in December last year, dropping by $9.37. Since that time they have been on a slower but steady decline and are currently trading for $5.47 on the Canadian Securities Exchange.
rowan@mugglehead.com
