Please ensure Javascript is enabled for purposes of website accessibility

Trulieve Wins 2 Provisional Recreational Dispensary Licenses in Massachusetts

By Eric Volkman – Jun 6, 2020 at 3:22PM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

This represents a rare move outside the state of Florida for the company.

Trulieve Cannabis (TCNNF -1.85%) 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.

Gloved hand making OK sign in front of marijuana plants.

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. 


Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Stocks Mentioned

Trulieve Cannabis Stock Quote
Trulieve Cannabis
$8.50 (-1.85%) $0.16

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning analyst team.

Stock Advisor Returns
S&P 500 Returns

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 10/03/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.