Trulieve Cannabis Corp. TCNNF is laying off 128 people as part of its announced exit from Massachusetts, MJBizDaily reported. The Florida-based cannabis company is closing dispensaries in Framingham, Northampton and Worcester on June 30. A cultivation facility in Holyoke will shut down by the end of the year. A retail dispensary in Grover Beach, Calif., will also shut down. Trulieve CEO Kim Rivers said the moves reflect the company’s effort to preserve cash “as we continue to focus on our business strategy of going deep in our core markets and jettisoning non-contributive assets.” The company said it remains confident in its market position overall as well as the long-term prospects for the industry. Alliance Global Partners analyst Aaron Grey reiterated its buy rating on Trulieve and said the company’s overall business remains on track. “While Trulieve may offer less geographic diversification than some other operators under coverage, its dominance in the Florida medical market and notable opportunity in the potential Florida adult-use market presents meaningful upside, in our view,” Grey said. Trulieve stock is down 46.1% in 2023, compared to a 23% drop by the AdvisorShares Pure U.S. Cannabis ETF MSOS.
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