Tallahassee’s Kim Rivers, the CEO of North Florida based Trulieve, appeared on CNBC’s “Mad Money” with Jim Cramer on Monday, October 8th.
Rivers discussed how Florida’s largest fully licensed medical marijuana company is faring amid the cannabis craze and reported that Trulieve is “seeing a huge transition” from opioids to medical cannabis.
Rivers’ told Cramer that Florida patients with serious conditions, such as post-traumatic stress disorder, are increasingly opting for medical cannabis over opioids.
“We’re seeing a huge transition,” Rivers said. “That’s actually one of our initiatives in front of the [Florida state] legislature this upcoming session, to introduce policies to say instead of only having opioids as an alternative, why not medical cannabis?”
CNBC’s Elizabeth Gurdus reported that with over 80,000 patients and 17 retail locations in Florida, Trulieve offers 90 cannabis-based products that help treat a range of health problems, including seizure conditions, cancer and AIDS. A bulk of Trulieve’s patients also suffer from PTSD, given Florida’s large veteran population.
Trulieve, which is vertically integrated and thus cultivates, manufactures and distributes its own products, makes products with varying levels of both THC and CBD, marijuana’s main active compounds.
Rivers told Kramer that Trulieve is on the front lines of helping cannabis-based alternatives to opiates become more mainstream.
“There have been a number of recent studies that have come out that have shown that in states where medical cannabis programs are robust, the number of opioid prescriptions reduces dramatically,” the CEO said.
“We also know from just firsthand true stories, which we have on our website every Tuesday, that a number of our patients are transitioning from opioids to medical cannabis very effectively, and it’s a much safer and effective alternative,” she continued.
TR recently reported about Trulieve preparing to go public in Canada. Based on media reports, Schyan Exploration Inc. announced that it had entered into a non-binding letter agreement whereby the company and Trulieve have agreed to merge their respective businesses resulting in a reverse takeover of the company by Trulieve.
“There are some complications with being a cannabis company in the United States and having primary operations in the United States. So an RTO was the way that we needed to go,” she said, adding that “we’re very comfortable that that is a clean shell that we now own.”
“We are looking to go elsewhere,” Rivers told Cramer. “And we can’t go elsewhere now with our current license in Florida, so we would need to make acquisitions, which is one of the reasons and one of the main drivers that we decided to go public a couple weeks ago.”