With the Florida medical cannabis industry quickly outpacing other states in terms of growth, U.S. companies such as Trulieve Cannabis Corp. (CSE: TRUL; OTC: TCNNF) are looking to bump up their production capacity in the sunshine state.
Working towards that end, Trulieve just announced construction plans for a 750,000 sq. ft. automated indoor grow facility. The multi-phase project will take place on a newly acquired plot of land in Jefferson County, Florida spanning an area just shy of 85,000 acres.
When the first phase is complete and growing begins, plants from the new indoor facility will then be transported to the company’s nearby Midway location for processing.
Discussing the land acquisition deal and impending construction project, Trulieve’s Chief Executive Officer Kim Rivers commented:
Like most other U.S. cannabis companies, Trulieve released Q1 2019 financial reporting data earlier this week, showing $220 million in assets and $105 million in liabilities. The company’s management commentary addendum to that reporting was notable for a lengthy description of the current state of medical and recreational cannabis laws at the state and federal level.
In addition to explaining the rationale behind cannabis companies operating on a state-by-state basis despite federal prohibition, that commentary predicted an impending repeal of federal marijuana prohibition.
That’s a position increasingly held by expanding cannabis companies in North America betting on nationwide U.S. legalization arriving sooner rather than later. Canadian licensed producer Canopy Growth Corporation (TSX: WEED; NYSE: CGC) has strongly taken up that position, announcing plans to acquire Acreage Holdings, Inc. (CSE: ACGR.U; OTC: ACRGF) that are entirely dependent on federal legalization.
With Illinois on the cusp of becoming the 11th state to legalize recreational cannabis usage and a number of high profile Democratic Presidential contenders openly showing support for nationwide legalization efforts, the likelihood of an end to prohibition in the coming years is clearly increasing.