Trulieve Milestone: Opens 100th Cannabis Shop Nationwide, Gears Up Ahead Of Harvest Health Merger

Cannabis company Trulieve Cannabis Corp. TRUL TCNNF has hit the milestone of opening its 99th and 100th stores nationwide.

The company plans to launch cannabis sales at both locations on Thursday, August 26.

"We are thrilled to expand patient access in Florida and celebrate the milestone of our 100th dispensary to open nationally," Kim Rivers, CEO of Trulieve said Wednesday. "To have our 100th location open here in our home state of Florida is a true testament to the great American growth story we are proud to be driving forward."

The new Florida-based shops are located at 330 Winchester Park Blvd, Suite B, in Boynton Beach, and 1090 Dunlawton Ave in Port Orange.

Recent Moves

In the meantime, the Tallahassee, Florida-based company has been scaling its business operations ahead of its previously announced $2.1 billion merger with Harvest Health & Recreation Inc. HRVSF.

Last week, the company launched a pilot program to sell its premium-quality cannabis clones at its Northampton, Massachusetts company.

In addition, it seems that Cantor Fitzgerald's analyst Pablo Zuanic is showing more confidence when it comes to benefits from the Harvest deal, as well as the fact that the merged company will be the biggest multi-state operator across many metrics and that Trulieve is set to act upon potential state and/or federal-level changes in cannabis legalization.

"We think the recent pullback in the MSO group and in Trulieve shares provides an opportunity for medium/long-term minded investors," Zuanic said, highlighting that the stock is still a "top pick for us."

Price Action

Trulieve's shares traded 1.43% higher at $27.74 per share at the time of writing Wednesday morning.

Photo: Courtesy of Wesley Gibbs on Unsplash