Trulieve to Introduce Edibles in the Florida Market
Trulieve Cannabis Corp (OTCQX: TCNNF) is launching a range of edible cannabis products in Florida, following new regulations from the Department of Health. This move addresses long-standing patient demands for more product options. The company has established a 10,000 sq. ft. kitchen in Quincy, FL, for production and testing of these edibles. Partners like Binske and Bhang will contribute to the product line. Trulieve anticipates significant sales from edibles, mirroring the success of its flower products, and recently reported Q2 2020 revenue of $120.8M.
- Introduction of edible cannabis products responds to patient demand.
- Established a 10,000 sq. ft. kitchen for production of edibles.
- Strong Q2 2020 revenue of $120.8M indicates financial growth.
- Collaboration with established brands enhances product offerings.
- None.
Florida's largest cannabis company broadens diverse product line with THC edibles to expand patient choice
TALLAHASSEE, FLA., Aug. 27, 2020 /PRNewswire/ - Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF), a leading and top-performing cannabis company in the United States, announced today that it will soon begin offering edible cannabis products to patients in Florida. Following finalized regulations from the Florida Department of Health for the sale of edible cannabis products and approval of its products, Trulieve will introduce edibles in its medical cannabis dispensaries across the state, expanding patient access to the types of products they have been requesting for years.
Trulieve has planned for the debut of edibles and, with the final guidelines in place from the Department of Health (DOH), once its products are approved by the DOH, will be able to introduce an exciting assortment of edible products.
In preparation for edibles rollout, Trulieve built out a 10,000 sq. ft. commercial-grade kitchen at its production facility in Quincy, FL, where Trulieve's skilled production team will produce initial products as well as test and develop new offerings. In addition to its branded product line, Trulieve has partnered with specialty edible brand partners Binske, Bhang, District Edibles and Love's Oven to expand its edible offerings to include cookies, brownies, and other products for Trulieve customers.
"Similar to what we saw when flower was introduced in 2019, we expect that edibles will contribute to a sizable share of overall sales," said Kim Rivers, CEO of Trulieve. "We know the demand is there, as we have been hearing from our customers for some time now. To meet that pending demand, Trulieve was the first in the Florida market to introduce ingestible products. We started with capsules and extended to other forms, such as TruPowder in January, follow-on flavored options just this month, and TruTincture Drops, which are similar to lozenges. We are glad to finally be able to offer edibles as yet another option for medical cannabis patients across Florida."
Rivers added, "We believe we are well-positioned to meet the expected market demand for edibles, and believe we are the only cannabis company in the state that can serve this variety across 56 stores with not only our own Trulieve branded edibles, but also robust product lines from partner brands."
Trulieve continues to build on strong expansion and financial growth, recently reporting Q2 2020 revenue of
About Trulieve
Trulieve is a vertically integrated "seed-to-sale" company and is the first and largest fully licensed medical cannabis company in the State of Florida. Trulieve cultivates and produces all of its products in-house and distributes those products to Trulieve-branded stores (dispensaries) throughout the State of Florida, as well as directly to patients via home delivery. Trulieve also operates in California, Massachusetts and Connecticut. Trulieve is listed on the Canadian Securities Exchange under the symbol TRUL and trades on the OTCQX Best Market under the symbol TCNNF.
This press release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state of the United States and may not be offered or sold within the United States (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
To learn more about Trulieve, visit www.Trulieve.com.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
Forward-Looking Statements
This news release includes forward-looking information and statements, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company and statements with regard to the Report and the Company's response thereto. Words such as "expects", "continue", "will", "anticipates" and "intends" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the Company's current projections and expectations about future events and financial trends that management believes might affect its financial condition, results of operations, business strategy and financial needs, and on certain assumptions and analysis made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors management believes are appropriate. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.
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