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Cannabis Summary for Jan. 10, 2020

2020-01-10 20:30 ET - Market Summary

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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index gained 2.46 points to 406.70 Friday, ending the week up 5.96 points. A week after recreational marijuana was legalized in Illinois, New York governor Andrew Cuomo, a Democrat, has vowed that the drug will be legalized for adult-use in New York as well. It should be noted that he also said that legalizing marijuana would be a priority for 2019. Recreational marijuana is currently legal in 11 states.

In company news, Florida-based Trulieve Cannabis Corp. (TRUL) fell 11 cents to $13.06 on 333,900 shares after announcing that it will open its 43rd dispensary in Florida today. Much of Trulieve's focus has been on the Floridian market, as the company only has two dispensaries outside of the Sunshine State. (Medical marijuana is legal in Florida but recreational is not.) Despite the fact that Trulieve is mostly just in one state, the company's revenue has continued to increase quickly. It had revenue of $44.4-million (U.S.) in the first quarter, $57.9-million (U.S.) in the second quarter and $70.7-million (U.S.) in the third quarter. Its margins are helped by the fact that the company makes its own products. In fact, Trulieve grew nearly $90-million (U.S.) worth of marijuana in each of Q2 and Q3. It cannot quite sell at that pace; its inventory ballooned to $144-million (U.S.) at the end of Q3, up from $85-million (U.S.) three months earlier.

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