Trulieve Enters 5th State with Two Acquisitions in Pennsylvania, Creating a Vertically Integrated Operation
Acquisitions further Trulieve's mission of being the leading customer-focused cannabis brand in
Key Transaction Benefits:
- Delivers an accretive transaction on an EBITDA basis.
- Broadens Trulieve's multi-state footprint to
Pennsylvania, the fifth most populated and limited-license state, adding to Trulieve's existing operations in Florida, California, Massachusetts, and Connecticut
- Expands Trulieve's cultivation footprint with the addition of one of
Pennsylvania'sleading cultivators and producers with 35,000 square feet of existing cultivation, with planned expansion to 90,000 square feet by Q1 2021
- Adds three fully operational dispensaries in premier
Pittsburgh-area locations to Trulieve's rapidly growing retail footprint of 60 dispensaries nationally
- Provides Trulieve with the ability to enter the
Pennsylvaniamarket with existing vertical operations
- Further strengthens Trulieve's experienced leadership with engaged and aligned local management teams
Rivers continued, "We believe
PurePenn is a premier cultivation and production company, producing pharmaceutical-grade medical marijuana products. It offers a range of products such as concentrates, flower, oil, capsules and tinctures, and its portfolio includes some of the highest THC potencies in the
Under its current 100% wholesale model, PurePenn's sizeable cultivation footprint supplies an extensive distribution network, including Solevo and other private and public medical marijuana companies.
The acquisition allows Trulieve to expand its cultivation presence into the
"We are excited to join Trulieve, as well as Solevo, who we have an established relationship with, and see this as an incredible opportunity to combine Trulieve's seed to sale structure with our wholesale model," said
Solevo owns and operates three dispensaries, located in premier
The acquisition expands Trulieve's retail presence into the fifth-most populated state in the
"We are extremely excited to join Trulieve to bring their strong brand presence to the
Trulieve has agreed to acquire PurePenn for an upfront payment of
Trulieve has agreed to acquire Solevo for an upfront purchase price of
Both acquisitions are agreed as of
The Trulieve Shares issued in conjunction with the transactions are subject to various hold periods of up to 18 months following the closing date of each respective transaction.
Advisors and Counsel
For both the PurePenn and Solevo transactions:
PurePenn is a premier grower and processor of medical marijuana licensed by the
Solevo operates three medical marijuana dispensaries in
Trulieve is a vertically integrated "seed-to-sale" company and is the first and largest fully licensed medical cannabis company in the
This news release includes forward-looking information and statements, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company and statements with regard to the completion of the acquisitions, the issuance of Subordinate Voting Shares, the expansion of the Company's operations, the achievement by PurePenn and Solevo of certain performance milestones and the issuance of Subordinate Voting Shares in satisfaction of such milestone payments. Words such as "expects", "continue", "will", "anticipates" and "intends" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the Company's current projections and expectations about future events and financial trends that management believes might affect its financial condition, results of operations, business strategy and financial needs, and on certain assumptions and analysis made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors management believes are appropriate. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.
The Canadian Securities Exchange has not reviewed, approved, or disapproved the content of this news release.
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