It was a good day for Trulieve Cannabis (TSE:TRUL) (TCNNF) today, as the cannabis stock gained over 5% in Tuesday morning’s trading. The biggest reason for the surge seems to be a new set of dispensaries that opened up in Florida, which gives it access to a broader market. It may also be the start of a wider push into the U.S. market, which was estimated at around $33.6 billion in 2023.
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With the new dispensaries, Trulieve now has a presence in Tampa, Miramar Beach, and Niceville. Meanwhile, the fourth, in Cocoa, will be open this Saturday. Not surprisingly, each dispensary will carry a wide range of Trulieve products. Among those available include Momenta, Muse, Sweet Talk, and Trekkers, reports note.
Further, the full range of partner brands will be in play, including Khalifa Kush, Alien Labs, Miami Mango, and a wide slate of others. Trulieve’s CEO, Kim Rivers, noted that the company was “…excited to open these new dispensaries, expanding access to medical cannabis in the panhandle, Space Coast, and Tampa Bay regions.”
Pot and Pickleball, Together at Last
And then, in what might be considered an odd marketing move, Trulieve got together with the Professional Pickleball Association (PPA) Tour and Major League Pickleball (MLP) to promote both pickleball and cannabis all at the same time. It is also focusing on promoting in Florida, where it recently opened new stores—as we just mentioned—and, back in June, celebrated the opening of its 200th store.
Trulieve will be sponsoring the Carvana PPA Tour as well as MLP by Margaritaville, giving it access to the largest professional and amateur pickleball tour in the world and the leading team-based pickleball league.
Is Trulieve a Good Stock to Buy Now?
Turning to Wall Street, analysts have a Strong Buy consensus rating on TCNNF stock based on seven Buys assigned in the past three months, as indicated by the graphic below. After a 42.64% rally in its share price over the past year, the average TCNNF price target of $18.06 per share implies 96.3% upside potential.
