Trulieve Cannabis (TCNNF 7.33%), the relatively successful Florida-based marijuana company, was an investor favorite Friday. That was due in no small part to a glowing new research note from noted pot industry analyst Pablo Zuanic of Cantor Fitzgerald. In his analysis, Zuanic raised his price target to $89 per share -- a stunning 114% higher than the company's most recent closing stock price.

It almost goes without saying that the prognosticator is maintaining his overweight (buy, in other words) recommendation on Trulieve stock.

A $100 bill with marijuana leaf atop it.

Image source: Getty Images.

Although Trulieve is known, and celebrated, for effectively defending its powerful market position in its native Florida, Zuanic is particularly encouraged by the company's expanding presence in other states. He believes, meanwhile, that Florida is a market that still has a lot of potential.

"While the company's FL [sequential volume] growth may have decelerated by 2-3[%], [company] sales there should still be up at least mid-teens ([roughly] $180 [million])," he wrote.

"Also, [Pennsylvania] will contribute a full [quarter] in 1Q21 (Pitt deal closed 11/12). In the year ahead, Trulieve will also get the benefit of starting sales in [Massachusetts], the Philly deal closing in 2Q, besides ongoing underlying growth in the established FL business... While much smaller, sales in [Connecticut], [California], and [West Virginia] will round the overall picture." Zuanic added.

In the Pennsylvania market, the analyst was referring to a set of recent Trulieve deals in which the company bought dispensary assets in the big Mid-Atlantic state.

Trulieve indeed has excellent potential outside of its home market, particularly if Pennsylvania eventually goes the way of big neighbors New York and New Jersey by legalizing recreational pot (at present, only medical consumption and use is permitted). The company's stock shot 5.7% higher Friday, while the S&P 500 index slumped by 0.7%.