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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index inched up 1.08 points to 672.08 Tuesday. Trulieve Cannabis Corp. (TRUL), a Florida-based medical cannabis producer, jumped 64 cents to $14.48 on 164,800 shares. It closed a $70-million (U.S.) public offering of 9.75 per cent senior notes maturing in 2024 and 1.47 million share warrants. The company issued 70,000 units at $980 (U.S.) a unit for proceeds of $68.6-million (U.S.). Each unit consists of one note and 21 warrants. The warrants will be exercisable at $17.25 a share for three years. Trulieve intends to use the proceeds for acquisitions, working capital and to repay debt.

At the end of the first quarter, on March 31, Trulieve had working capital of $47.36-million (U.S.), including cash of $20.57-million (U.S.). Trulieve earned $14.7-million (U.S.) on revenue of $44.5-million (U.S.) in the first quarter of 2019, compared with earnings of $10.7-million (U.S.) on revenue of $35.9-million (U.S.) in the last quarter of 2018. Since Trulieve listed on the Canadian Securities Exchange on Sept. 25, 2018, it has had earnings of over $10-million (U.S.) in each of the three quarters since, a rare feat for a cannabis company during the current investment-heavy growth stage of the industry.

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