FYI - This Medical Cannabis Giant Is Shutting Down Another CA Dispensary, Plans To Exit MA Market: Here's Why
12:06 pm ET June 1, 2023 (Benzinga) Print
Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) announced on Thursday plans to close the cannabis retail location in Grover Beach, California, as part of its initiative to preserve cash and improve financial performance.
Since mid-2022, Trulieve has undertaken proactive steps to rationalize cash and margin dilutive assets and streamline operations while reallocating resources toward attractive markets with long-term growth potential. Measures taken to date include the closure of select California retail assets, the exit of the Nevada wholesale market and idling of production capacity to match consumer demand across multiple markets.
The latest move follows the exit of select California retail assets last year in Palm Springs and Venice.
The Tallahassee, Florida-based company said it also plans to wind down its operations in Massachusetts, including shutting down retail locations in Framingham, Northampton and Worcester by the end of June. To that end, Trulieve expects to cease operations in the Bay State by the end of 2023.
"These difficult but necessary measures are part of ongoing efforts to bolster business resilience and our commitment to cash preservation as we continue to focus on our business strategy of going deep in our core markets and jettisoning non-contributive assets," Kim Rivers, the company's CEO, said. "We remain fully confident in our strategic position and the long-term prospects for the industry."
