Trulieve Cannabis (CSE: TRUL) announced on Wednesday that its subsidiary in the US state of Georgia has secured a Class 1 cannabis production license. The company acquired the license from the Georgia Access to Medical Cannabis Commission, allowing it to offer its portfolio to the state’s growing cannabis market.
“Trulieve is thrilled to receive a Georgia cannabis production license and we appreciate the Commission’s diligence throughout the selection process,” said CEO Kim Rivers.
The cannabis firm said it is eyeing an “initial allocation of five medical cannabis dispensaries in Georgia.” It is also building an indoor cultivation facility in the city of Adel to produce low-THC oil products as well as feature a processing facility.
The state passed the “Hope Act” in 2019 authorizing the commission to oversee the selection process for Georgia’s medical cannabis program. The move to award the license follows the commission’s previously announced intent to do so in July 2021.
The recent development seems to be a win for the firm who has just seen its quarterly revenue plateauing, leading to a guidance cut. The company saw its stock price decline around 56.6% year-to-date.
Trulieve Cannabis last traded at $14.00 on the CSE.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.