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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index inched up 0.01 point to 135.64 Wednesday, while the Canadian Securities Exchange Composite Index gained 9.47 points to 500.69. Florida-based Trulieve Cannabis Corp. (TRUL) rose $2.65 to $29.90 on 619,700 shares after releasing its second quarter results for 2020. Trulieve reported revenue of $120-million (U.S.) in Q2 2020, up from $96-million (U.S.) in Q1 2020. Trulieve continues to generate revenue growth despite the fact that 95 per cent of its dispensaries are in Florida, where only medical cannabis is legal. One reason for the continued growth is that Trulieve has consistently opened dispensaries in the state - it opened five new stores in Florida during Q2 and has opened four so far in Q3 with a fifth coming tomorrow, which will bring Trulieve to 55 dispensaries in Florida. The company has managed to obtain 50 per cent of the cannabis market share in Florida (measured by sales) despite only having about 20 per cent of the state's dispensaries.

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