Shares of Trulieve Cannabis Corp (OTCMKTS:TCNNF) could spark some activity, as upside action continues to gather steam. The company has made impressive progress in building out its business, a development that continues to strengthen investor confidence in the stock.
TCNNF Share Price Analysis
The company has since confirmed plans to make its smokable cannabis available in all 26 dispensaries in Florida. The vertically integrated seed-to-sale-company boasts of the largest retail presence in Florida that it is leveraging to generate shareholder value.In addition to focusing on the burgeoning Florida Cannabis market, the company has also set sights on other markets as well. California is an exciting market that the company intends to expand into, as part of its expansion drive.The appointment of retailer expert Timothy Morey underscores how focused the company is about strengthening its retail footprint in the cannabis sector.The stock rallying by more than 60% does not come as a surprise. Strengthening investor confidence has helped solidify the upward momentum as the stock continues to trade in a steep uptrend.Pullbacks have so far acted as entry points, from where bulls have come in and continued to push the stock up the charts. TCNNF Daily ChartAfter pulling back from the $15 a share level to the $12 a share level, the stock has once again started to pick some steam in continuation of the emerging uptrend. A breach of the $15 a share resistance level should open the door for the stock to make a run for 52-week highs of $21.Conversely, pullbacks will have to contend with the $12 a share level, which is the immediate support level. A breach of the support level could attract short sellers who could push the stock to the $10 mark, next support level.Price action indicates the stock is well supported, for further upside action, especially on pullbacks.
What Does Trulieve Cannabis Do?
Trulieve Cannabis is a medical marijuana company that cultivates and produces products in-house for distribution in Trulieve branded stores in Florida. Its product line is made up of nasal sprays, capsules concentrate as well as cannabis flower and topical creams.
Why is Trulieve Cannabis Flying?
Shares of Trulieve Cannabis are flying in response to an expansion drive that has positioned the company to be a key player in Florida cannabis sector. The company already operates 25 brick and Mortar retail locations in the state, with plans in place to expand to 30, by the end of the first half of the year.
“Expanding access across the state, especially throughout South Florida, is crucial as its home to a large portion of patients. Our goal to ensure that all patients have access to high-quality, effective products in a space where they can feel comfortable and safe will always be our top priority," said Trulieve CEO Kim Rivers.
In addition to Florida, Trulieve Cannabis has completed the acquisition of Leaf Industries as it seeks to expand its footprint into the Californian market. The acquisition is an important milestone in the company’s growth strategy as part of an effort of becoming a leading multi-state operator.Trulieve cannabis upside action also received a boost on the company inking a strategic partnership with SLANG Worldwide in February. Under the terms of the deal, customers will be able to access SLANG packages goods in Trulieve dispensaries cars Florida
“Great partnerships and collaboration are foundational to SLANG's culture, scalability, and growth strategy. Not only does Trulieve operate one of the most impressive cannabis cultivation and distribution businesses in Florida, but they also share SLANG's commitment to bringing leading cannabis products to consumers,” said SLANG's CEO Peter Miller.
The company is also fresh from inking a strategic partnership with Colorado-based Love’s Oven for the introduction of cannabis-infused baked goods.
Conclusion
Price action activity indicates Trulieve Cannabis is well positioned for further upside action given the strength of the upward momentum. The stock has already hit a buy zone above the $12 a share level. A string of positive news should continue to strengthen investor sentiments, who in return should boost the stock’s valuation.For early movers, Trulieve Cannabis is a fast growing stock with plenty of opportunities for further upside action.We will be updating our subscribers as soon as we know more. For the latest updates on TCNNF, sign up below!Disclosure: We have no position in TCNNF and have not been compensated for this article.
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