This post first appeared on Micro Cap Daily
Trulieve Cannabis Corporation (OTC: TCNNF) stock price has seen a large decline in late 2018, with price dropping from around $20 to $7 between October and late December of the previous year. However, things started to change almost immediately after 2019 had started. TCNNF price started seeing growth yet again, and while it was slow — it proceeded steadily throughout January and February.
The price, then, started to struggle in the final days of February, and early March brought another decline — from $16 to $12 per stock. $12 level started acting as a support, while $16 remained the largest resistance level to this day. The TCNNF price struggled to leave its support through the entirety of March, only to see a sudden boost in early April, and grow back to $16 several times, each followed by a minor correction.
Who is Trulieve Cannabis Corporation?
Trulieve Cannabis Corp is a company that strives to bring relief to those suffering from various issues, including seizures, severe and persistent muscle spasms, but also pain, nausea, loss of appetite, and other symptoms associated with extreme medical conditions, such as cancer. The company provides high-quality low-THC/CBD products, which are available for all patients that require non-euphoric care.
The company’s main goal is to help those in need and provide them with high-quality, trustworthy products. Their plants are hand-grown with the utmost care, in specially-designed environments that reduce unwanted pests and chemicals. As a result, their plants remain as natural as possible, and so is the entire process of cultivation.
The process of making an order from the company is simple, and all that potential customers need to do is visit a qualified physician that has completed the training required for ordering medical cannabis for patients. The patients also need to apply for an ID card, also known as the Medical Marijuana Use Identification Card, which is a necessary requirement in order for them to receive their order. After that, all that remains is to make the order.
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Trulieve sees stock price recovery in 2019
As mentioned, the company’s stock price faced difficulties in late 2018, but this is not particularly surprising, considering the fact that the stock market crashed in this period.
However, the firm’s stock value started recovery as soon as 2019 had started, likely due to their announcement about bringing medical edibles to Florida, which came on January 2nd of this year. The company also introduced a new product, Rick Simpson Oil (RSO), which is a full extract cannabis oil that provides patients with naturally-delivered relief.
By the end of January, Trulieve’s efforts were awarded by being recognized and named the ‘Diversity and Inclusion Champion of the Year.’ The company continued with its research and development for the next several months, during which its’ stock price continued growing.
The company’s edible baked goods’ arrival in Florida allowed it to gain a significant amount of exposure throughout February, which likely contributed to the company’s stock growth. The firm then opened a new medical marijuana dispensary in Clearwater, which was their 24th location. Soon after that, the 25th location in the state of Florida came, when the company opened a dispensary in Miami Gardens.
Meanwhile, in Tallahassee, the company started selling smokable medical marijuana, almost immediately after receiving permission to do so. Smokable cannabis then also came to Florida, and the firm started selling it at all of its dispensaries.
Finally, in early April, they announced a new partnership with Blue River Extracts & Terpenes, in order to bring terpene extracts to Florida.
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Clearly, the company has been advancing and performing excellently in the past several months, and its stock price reflected this success. The price currently struggles with a large resistance level which prevents it from growing, but other than that — the company’s success is clear. Sooner or later, the resistance will be breached, and there is no telling how far Trulieve’s price might go then. Investors should use this opportunity to invest while the price is still low, as any growth might bring considerable returns in months and years to come. We will be updating on Trulieve when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with Trulieve.
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Disclosure: we hold no position in Trulieve either long or short and we have not been compensated for this article.
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This post first appeared on Micro Cap Daily