Alliance Global Partners analyst Aaron Grey on Thursday reiterated a buy rating on Trulieve Cannabis Corp. on the company’s “dominant” position in the Florida market, strong balance sheet and presence in Maryland, which just voted to approve adult use sales, despite missing its revenue target for the third quarter. Trulieve reported a 34% increase in third-quarter sales to $301 million, below the Alliance Global estimate of $310 million. Hurricane Ian impacted sales by $3 million. Closing three stores also impacted revenue, as well as overall price pressure in some markets. Looking ahead, Trulieve expects 2022 revenue at the low end of its estimated range of $1.25 billion to $2.4 billion. Grey cut his revenue 2022 revenue view to $1.24 billion from $1.26 billion. Shares of Trulieve are down 56% in 2022 compared to a loss of 33.8% by the Nasdaq and a 56.6% loss by the AdvisorShares Pure US Cannabis ETF .Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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