Key Takeaways
- Trulieve Cannabis Corp. relocates its medical cannabis dispensary in Melbourne, Florida to a more convenient location for patients.
- The Company has also filed for a refund of $143 million based on its belief of overpayment for taxes in 2019, 2020, and 2021.
Tallahassee, FL--Trulieve Cannabis Corp. has announced the relocation of its medical cannabis dispensary in Melbourne, Florida.
The new address, 1921 Alma Drive, is strategically placed less than a mile from Interstate 95, aiming to provide easier access for the residents of southern Brevard County.
A grand opening celebration is scheduled for 9 a.m., Friday, October 20, to mark this relocation. The event promises a mix of partner giveaways, music, exclusive discounts, and registration opportunities for future patient education sessions.
"We are committed to finding the most convenient locations to best serve our Florida patients," said Trulieve's Chief Executive Officer Kim Rivers in a news release. "This relocation improves our ability to offer our broad assortment of products and first-class customer service to the Melbourne community."
This new Melbourne dispensary will cater to patients from 9 a.m. to 8:30 p.m. on weekdays 11 a.m. to 8 p.m. on Sundays, and offers attractive discounts for veterans and first-time customers.
Tax Refund Claims
In a separate development from earlier this month, Trulieve has decided to file amended federal tax returns for 2019 through 2021.
According to another release, the Company believes it has overpaid its taxes and is now claiming a refund of $143 million.
This move stems from legal interpretations challenging the Company's tax liability under Section 280E of the Internal Revenue Code.
However, there's no guarantee that the claimed refund will be granted.
What Do We Think
Trulieve's relocation decision to Melbourne demonstrates the Company's dedication to its customer base and expanding its operations. It's been on a steady path to opening 25 dispensaries in 2022, increasing its retail footprint by 14% to 181 retail locations nationwide at year-end.
The $143 million refund claim is a bold move on the tax front, reflecting the Company's proactive approach to safeguarding its financial interests.
How the IRS responds remains to be seen, but the development showcases Trulieve's assertiveness, especially now with an established market.
[Image via Trulieve Cannabis Corp.]