Analysts like what the cannabis company can offer investors over the long-term
Unlike the competition, Trulieve Cannabis is still priced at a steep discount. After delivering an update to clients on Trulieve on Thursday, Beacon Securities analyst Russell Stanley once again assures that the company and its stock have a “buy” rating. Investors looking to put together a nice portfolio before a new year begins can do so through Trulieve.
The Florida-based company is a leading vertically integrated multi-state operator. The foundation of its business has been focused on the Sunshine State, where it has an incredible presence. It recently announced the closing of two commercial loans for aggregate gross proceeds of $90 million. This denotes how the company is looking to end the year on a high note and start a new period with the winds blowing in its favor.
“We are pleased to announce our second non-dilutive financing this month,” said Trulieve CEO Kim Rivers in a press release. “This financing at attractive terms further bolsters our cash position as we enter 2023.”
Trulieve is in an ideal position should Florida end up legalizing recreational cannabis. Speaking on the issue, Stanley said there are indications that potentially about 312,000 valid signatures have been collected enough to get a bid on the 2024 ballot. He said the company recently contributed $5 million to get the issue on the 2024 ballot.
Through his “Buy” rating, Stanley reiterated a 12-month target of just over $38 per share, representing a projected return of approximately 472%. “Potential company-specific catalysts include further development updates, M&A activity, and fourth quarter results in early March,” he said.