The Globe and Mail reports in its Thursday, July 6, edition that ATB Capital Markets analyst Frederico Gomes has resumed coverage on Trulieve Cannabis with an "outperform" recommendation and $20 share target. The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the shares at $20.18. Mr. Gomes sees U.S. cannabis multistate operators as "undervalued on fundamentals," however, near-term catalysts are dependent on regulatory changes that do not appear to be imminent. Mr. Gomes says in a note: "We believe TRUL is a top-quartile performer among MSOs; TTM [trailing 12-month] sales ($1.2-billion) is among the highest of its MSO peers, and its TTM adj. EBITDA margin of 30.8 per cent is 780 basis points above the MSO average. Despite near-term margin headwinds (especially as the company looks to monetize inventory), we think TRUL will remain a top performer due to its scale, a particularly important feature in a sector in which vertical integration is a key driver of profitability. With one of the largest cash balances in the industry, reasonable leverage ratios, and guidance of $100-million in cash from ops. in 2023, we think TRUL has a strong balance sheet to fund growth."