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Cannabis Summary for Dec. 17, 2019

2019-12-17 21:24 ET - Market Summary

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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index dropped 12.72 points to 367.03 Tuesday, yet another 52-week low for the index. Yesterday, New Jersey lawmakers approved a resolution to put a referendum on legalizing marijuana on the state's 2020 ballot. The resolution was approved by a supermajority (at least three-fifths of the vote), which, according to CBS News, means lawmakers will not have to vote again next year. The ballot will be held next November.

Florida-based Trulieve Cannabis Corp. (TRUL) sank $2.02 to $13.67 on 5.62 million shares after the release of a short-seller report this morning from an outfit called Grizzly Research LLC. It is full of allegations damaging to Trulieve, its management and its products.

Trulieve, as well as analysts, quickly responded to the report, saying that it contains "several false, slanderous and misleading statements about Trulieve." Trulieve said that it intends to pursue legal action against Grizzly, noting that Grizzly has no history or credibility in assessing cannabis companies. In fact, Trulieve has a reputation as one of the very few companies in the industry that is operating efficiently, with the result that it has not been hit as hard as most. It is down from a 52-week high of $21.65 and even with today's drop, its closing price of $13.67 is still above its Jan. 1 price of $11.12. With its focus almost entirely on the Floridian market (41 of its 43 dispensaries are in Florida), Trulieve's results have continued to improve in 2019. The U.S.-based retailer had $44.4-million (U.S.) in net revenue in Q1, $57.9-million (U.S.) in Q2 and $70.7-million (U.S.) in Q3.

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