2. Trulieve Cannabis: Florida's top player With over 120 dispensaries in Florida alone, Trulieve Cannabis is a dominant cannabis player in the state. Investors worried that Trulieve's strategy of concentrating its efforts solely on the state market might be a bad idea. However, this has worked in the company's favor. In the past, the company has been profitable simply by establishing a strong presence in its home state. Trulieve can be profitable again now that it has 178 stores in 11 states.
Despite a 34% increase in revenue to $301 million year over year, the company recorded a net loss of $115 million in the third quarter of 2022. Management attributed this loss to the closure of dispensaries in California and some wholesale operations in Nevada.
The company ended the quarter with $114 million in cash and is continuing to aggressively expand. It anticipates full-year revenue in the $1.25 billion to $1.30 billion range. If the upper end of the guidance is met, it would represent a 39% increase year over year.
Trulieve is also working to get recreational marijuana legalized in Florida. The Miami Times reports that Trulieve spent a total of $15 million on a 2024 recreational cannabis ballot initiative that launched in August. If approved, this initiative will allow medical cannabis dispensaries in the state to sell recreational products.
The legalization of marijuana in Florida will be extremely beneficial to Trulieve, the state's dominant player. Cresco also operates 20 dispensaries across the state. When its acquisition of Columbia Care is completed, Cresco's portfolio will include Columbia Care's 14 dispensaries in the state.
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