A significant number of Trulieve (OTC:TCNNF) executives, including CEO Kim Rivers, CFO Alex D'Amico, president Steve White and Christine Hersey, executive director of investor relations bought up company shares. The list goes on to include another half-dozen company executives to reach a total of 31,650 shares. Rivers now owns just under 2.5 million shares, D'Amico acquired 1,500 shares and Trulieve's president Steve White bought 7,000 shares.
Most analysts agree that company stock buy backs create value for own shareholders. In this case, Trulieve seems to be demonstrating extreme confidence in the company.
"Trulieve has consistently demonstrated its ability to build scale in this competitive industry, and our leadership team jumped at the opportunity to buy additional shares as soon as our trading window opened post earnings. We are more confident than ever in Trulieve’s future despite ongoing market volatility experienced by cannabis and mainstream sectors alike," Kim Rivers told Benzinga.
"Trulieve is strategically positioned to meet growing national consumer demand through our enhanced cultivation capabilities and expansive retail footprint," Rivers added.
Meanwhile, Cantor Fitzgerald's Pablo Zuanic maintained an Overweight on Trulieve, in a recent note, though he lowered his price target to $57 from $59 on slightly reduced EBITDA estimates.
When Trulieve's earnings came out, Rivers said the Tallahassee-based company was "off to a great start in 2022."
That comment was born out as the company continues opening cannabis dispensaries across various states, with the two most recently in West Virginia where it is expected to open five more this year. Trulieve has at least 167 operated and affiliated dispensaries nationwide, with operations in Massachusetts, California, Connecticut, Pennsylvania, now including West Virginia in its northeast hub and applications in Georgia, its southeast hub.
Price Action
Trulieve shares were trading at $14.90, up 5.2% at the time of this writing on Thursday, mid-morning.
