skip to Main Content
Trulieve hits a bump in its path to leading Florida’s medical marijuana industry

This should be the best of times for Trulieve.

The medical marijuana company sold more than half of all the smokable cannabis distributed to patients in Florida last month. It’s recorded 14 straight profitable quarters. The company pulled down more than $215 million in revenue in the last quarter alone. It’s on the verge of acquiring another medical marijuana firm, Harvest Health & Recreation — a transaction that would transform Trulieve into the largest and most profitable national cannabis player in the country, the firm has projected.

But this summer, Trulieve also had its first major public relations crisis. In August, J.T. Burnette, the husband of CEO Kim Rivers, was convicted of five of nine federal corruption-related charges in a highly publicized trial.

Burnette had to answer questions on the stand about a tape-recorded conversation he had with undercover FBI agents in which he bragged about helping lawmakers craft the 2014 law that paved the way for Trulieve to enter the Florida market. One of those lawmakers, former state Rep. Halsey Beshears, is the brother of a Trulieve board member. Rivers herself was subpoenaed in the case for information, although that inquiry was about a different business venture, not Trulieve.

The company’s stock fell about 29% from the start of the trial through Wednesday. [Read More @ The Miami Herald]

This Post Has 0 Comments

Leave a Reply

Your email address will not be published.

Recent Stories

Want one of NY’s first marijuana retail licenses? Regulators say to start preparing now.

When it comes to opening a licensed recreational marijuana dispensary in New York, being first comes with definite perks. Beyond the initial customer traffic and early hype, the first batch of licensed businesses will get help finding a retail space and be eligible for financial assistance from the state to lease it, build it out…

Minnesota Senate shoots down latest marijuana legalization attempt

Minnesota lawmakers rejected an effort to bring a marijuana legalization bill to the Senate floor for consideration on Wednesday. The procedural vote ended with a 31-33 tally, with 41 needed to pass the motion. It failed to move forward by 10 votes. Out of the 33 votes, 31 were Republican, with three legislators from the party not…

New craft cannabis licenses issued amid ongoing turmoil in Illinois marijuana industry

Illinois has begun issuing new craft grow cannabis licenses, and a judge has authorized the state to hold a corrective lottery for dispensary applicants that filed lawsuits challenging the licensing process. Those two developments mark small but significant steps in the long-delayed process of expanding access and improving competition in the state’s legal marijuana industry.…

Mass. House approves sweeping marijuana reforms on 153-2 vote

Bill would crack down on local fees, boost equity applicants, and pave way for pot cafés The Massachusetts House voted overwhelmingly on Wednesday to approve major reforms to the state’s marijuana laws, with legislative leaders saying they were implementing changes long demanded by cannabis businesses, activists, and consumers. The 153-2 vote in favor of the…

More Categories

Back To Top
×Close search
Search