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by Stockwatch Business Reporter
The Canadian Securities Exchange Composite Index lost 4.02 points to 392.89 Tuesday, but many of the large Canadian cannabis companies enjoyed a rally. (Most of the big Canadian cannabis companies trade on the Toronto Stock Exchange, not the Canadian Securities Exchange.) Canopy Growth Corp. (WEED) rose $1.53 to $20.31, Cronos Group Inc. (CRON) rose 74 cents to $8.89 and Aphria Inc. (APHA) rose 65 cents to $5.68.
Still, the big news came out of the United States: Florida-based Trulieve Cannabis Corp. (TRUL) rose 31 cents to $15.26 on 898,700 shares on its third quarter results, which it released after the market closed yesterday. Trulieve recorded revenue of $70.7-million (U.S.) in the third quarter, up from $57.9-million (U.S.) in the second quarter, while maintaining some of the better margins in the industry. The company's adjusted EBITDA increased to $36.9-million in Q3 from $31.6-million in Q2. While much focus is rightfully put on Trulieve's dispensaries, it also grows and sells its own marijuana. It has grown just under $90-million (U.S.) worth of marijuana in each of the last two quarters, a pace quicker than it can sell. Indeed, Trulieve's inventory ballooned to $144-million (U.S.) at the end of Q3, up from $85-million (U.S.) at the end of the second quarter.
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