Trulieve Inc (CSE: TRUL) has officially responded to the short seller report issued by Grizzly Reports earlier today which accused the firm of fraud, money laundering, and insider dealing among other claims. The report caused Trulieve’s share price to plummet as low as $12.06 this morning on the CSE, or 23.2% from this mornings open.
Within the response, Trulieve referred to the short seller report as containing “several false, slanderous and misleading statements about Trulieve,” and indicated that the issuer is planning to take legal action against the research firm. The firm also then went on to identify its support within the cannabis market by analysts and consumers alike.
Trulieve’s successful and profitable business model is supported by several respected and reputable analyst firms, and as a publicly traded company its financial activity is communicated regularly and accurately to the investment community. The quality of Trulieve’s products and production facilities has never been in question, as evidenced by more than 230,000 satisfied customers in the Florida market.
Little was said to counter numerous claims found within the report, with CEO Kim Rivers instead focusing on the quality of product that the firm produces and the awards the issuer has earned within the state for its products, “I have full confidence in our management team and their abilities to continue to serve our customers without being distracted by these baseless allegations. .. Trulieve sells high quality flower, cultivated in our indoor facilities, and was recently recognized by an award from the Cannabis Business Association of having the best flower in Florida.”
The report, issued this morning by Grizzly Reports, focuses on the connections that Trulieve has with Rivers’ husband, JT Burnette and the federal investigation he is currently involved in. It also calls into question the manner in which Trulieve acquired its vertical license in the state of Florida, and the manner in which product is grown based on drone footage.
Trulieve Inc last traded at $13.73 on the CSE.
Information for this briefing was found via Sedar and Trulieve Inc. 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.
