{
  "docId": "019dd923-622c-750b-8b9a-d6fa7836acbf",
  "docSlug": "880ddcedf153",
  "documentTitle": "Trulieve Cannabis Corp (TRUL)",
  "authorId": "62_Grizzly_Research",
  "authorName": "Grizzly Reports",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-12-01 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 7,
  "pageCount": 26,
  "prevPage": 6,
  "nextPage": 8,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 5,
  "notes": "Part of a short-seller research report (Grizzly Research).",
  "elementsJson": [
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-d6fa7836acbf/7",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-d6fa7836acbf",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-d6fa7836acbf.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-d6fa7836acbf#slide-7",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We find it noteworthy that the company borrows relatively small amounts at times when it should be supposedly swimming in cash.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-70f9-71ae-a67a-11a3105d7542",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "cash balance: $20m",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-70f9-71ae-a67a-1674b46e126b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.764,
        "x": 0.118,
        "y": 0.187
      },
      "kind": "paragraph",
      "text": "We find it noteworthy that the company borrows relatively small amounts at times when it should be supposedly swimming in cash.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4e3eb067-4ded-4b79-939d-7b4f24902435",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.764,
        "x": 0.118,
        "y": 0.238
      },
      "kind": "paragraph",
      "text": "In February 2019, the Company entered into a 24-month unsecured loan with an 8% annual interest rate with a former director and shareholder for $257,337. Trulieve reported that as of March 31st (end Q1) it was swimming in cash with a balance of over $20m, having just generated $14m in net income and operating cash flow of $10m.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "87bf61c6-b79e-4c7a-90ec-1fa087d8aad5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.764,
        "x": 0.118,
        "y": 0.098
      },
      "kind": "paragraph",
      "text": "In fact, the only investor/lender who seems to be truly an outsider is New York based investment firm Shelter Rock capital.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ef98072f-9700-4b11-9384-814ed88774c1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.597,
        "x": 0.203,
        "y": 0.153
      },
      "kind": "title",
      "text": "3.3 Borrowing Small amount despite Supposedly Swimming in Cash",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8b1d03d0-7aac-4860-b1df-65898a6a848b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}