With the Florida medical cannabis trade shortly outpacing different states by way of progress, U.S. firms comparable to Trulieve Hashish Corp. (CSE: TRUL; OTC: TCNNF) need to bump up their manufacturing capability within the sunshine state.
Working in the direction of that finish, Trulieve simply introduced building plans for a 750,000 sq. ft. automated indoor develop facility. The multi-phase challenge will happen on a newly acquired plot of land in Jefferson County, Florida spanning an space just shy of 85,000 acres.
When the primary part is full and rising begins, crops from the brand new indoor facility will then be transported to the corporate’s close by Halfway location for processing.
Discussing the land acquisition deal and impending building challenge, Trulieve’s Chief Government Officer Kim Rivers commented:
The brand new web site will provide us with further product permitting us to fulfill the rising calls for of Florida’s sufferers at a comparatively low price. We’re excited to implement these new strategies and expertise the enhancements and efficiencies these new strategies will convey to our cultivation capabilities.
Like most different U.S. cannabis firms, Trulieve launched Q1 2019 monetary reporting knowledge earlier this week, displaying $220 million in belongings and $105 million in liabilities. The corporate’s administration commentary addendum to that reporting was notable for a prolonged description of the present state of medical and leisure cannabis legal guidelines on the state and federal stage.
Along with explaining the rationale behind cannabis firms working on a state-by-state foundation regardless of federal prohibition, that commentary predicted an impending repeal of federal marijuana prohibition.
That’s a place more and more held by increasing cannabis firms in North America betting on nationwide U.S. legalization arriving sooner moderately than later. Canadian licensed producer Cover Progress Company (TSX: WEED; NYSE: CGC) has strongly taken up that place, saying plans to amass Acreage Holdings, Inc. (CSE: ACGR.U; OTC: ACRGF) which might be solely depending on federal legalization.
With Illinois on the cusp of turning into the 11th state to legalize leisure cannabis utilization and plenty of excessive profile Democratic Presidential contenders brazenly displaying assist for nationwide legalization efforts, the probability of an finish to prohibition within the coming years is clearly growing.