Wedbush starts Trulieve with Outperform on broadening reach

Wedbush analyst Gerald Pascarelli initiated coverage of Trulieve Cannabis with an Outperform rating and $18 price target. Trulieve consistently benchmarks among the top operators in all of U.S. cannabis in terms of its absolute revenue generation, gross margin, and EBITDA, Pascarelli tells investors in a research note. The analyst says the company has demonstrated the ability to broaden its geographic reach, which now covers 11 states in total. He believes Trulieve will manage cost controls and profitability while also protecting its cash position.