CERAF - Trulieve Cannabis: Big Florida Risk

• Trulieve Cannabis faces far more competition in Florida now than at the end of 2020.
• At least 3 or 4 stronger MSOs have entered the state to absorb a substantial amount of the growth in the state.
• The MSO faces risk that Q2 revenues will miss targets and the company will face margin pressure in Florida while expanding in other states with lower margins.
• The stock isn't expensive at a 3.3x forward EV/S multiple, but Trulieve isn't likely to rally in the face of any slowing organic growth.

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