Trulieve Cannabis (TCNNF 0.41%) is making a rare move outside of its home and stronghold of Florida.
The company announced Thursday that it has received approval for two provisional recreational marijuana licenses in the state of Massachusetts from the state's Cannabis Commission. Unlike Florida, which permits the sale and consumption of only medical cannabis, both medical and recreational product is legal in Massachusetts.
Trulieve said that it received unanimous votes of approval for both permits.
One of the licenses is for a growth and manufacturing facility in Holyoke, located in the western part of the state. The other is for a dispensary in nearby Northampton.
Image source: Getty Images.
Additionally, wrote the company in the press release announcing the new permits, "Trulieve intends to co-locate the adult-use cannabis licenses at their facilities in Holyoke and Northampton, where they currently have their vertically integrated provisional medical licenses for cultivation, product manufacturing, and retail operations in place."
Even with the expanding presence in the Northeast, Trulieve remains very concentrated in its native market. Out of the 50 dispensaries the marijuana company currently operates, 48 are located in Florida. Of the out-of-state stores, one is located in Palm Springs, California, and the other in Bristol, Connecticut.
Trulieve should benefit from advantageous timing. Massachusetts was one of the few recreational-use cannabis states to deem stores selling the product "non-essential" during the early weeks of the SARS-CoV-2 coronavirus pandemic, effectively shutting them down. They have since been permitted to conduct their business anew.
On Friday, Trulieve stock essentially traded flat, while the broader equity market recorded notable gains.
