Acquisition broadens dispensary footprint and provides grow permit in West Virginia to complete vertical operations; Starts growing plants in Holyoke, MA

Trulieve Cannabis Corp. (“Trulieve” or the “Company”) (CSE: TRUL) (OTCQX: TCNNF), a leading and top-performing cannabis company in the United States today announced that it has entered into a definitive agreement pursuant to which Trulieve has agreed to acquire Mountaineer Holding LLC (“Mountaineer”) and that it began planting at its Holyoke, Massachusetts cultivation and processing facility.


Mountaineer Transaction:

  • The Mountaineer acquisition positions Trulieve for vertical operations in West Virginia .
  • The acquisition brings a cultivation permit and two additional dispensary permits to Trulieve, resulting in six dispensaries throughout the state.
  • Further extends and strengthens Trulieve’s national expansion with the ability for a full-scale operation in a new medical marijuana state.

Holyoke, MA :

  • Holyoke facility allows for over 60,000 square feet of canopy, as defined under Massachusetts regulations, and 18,000 square feet of processing.
  • First harvest expected in the second half of 2021.

Kim Rivers , Trulieve CEO stated, ” West Virginia just became a lot more interesting with the addition of a cultivation permit asset to our processor and dispensary application wins. Trulieve is known for our quality flower.  Combining our expertise for growing high-quality medical cannabis with our passion for producing a premium product portfolio and providing broad access to a wide variety of medicine for patients will allow us to bring our full Trulieve brand experience to West Virginia .”

Rivers continued, “We are pleased to have been given permission by the Cannabis Control Commission to start growing in our Tier 9 cultivation facility in Holyoke and are looking forward to bringing our high-quality flower and cannabis products to the Massachusetts community in 2021.”

Proposed Transaction

Trulieve has agreed to acquire Mountaineer Holdings LLC for an upfront payment of $6 million , comprised of $3 million in cash and $3 million in Trulieve subordinate voting shares (“Trulieve Shares”). Stock price is based on 10-day VWAP from the last trading day before signing.  The transaction is subject to customary closing conditions and regulatory approvals and is expected to close during the second quarter of 2021. The Mountaineer Holdings LLC deal has been unanimously approved by the board of directors of Trulieve.

Advisors and Counsel

For Transaction: Fox Rothschild LLP is acting as legal counsel to Trulieve.

About Trulieve

Trulieve is primarily a vertically integrated “seed-to-sale” company in the U.S. and is the first and largest fully licensed medical cannabis company in the State of Florida . Trulieve cultivates and produces all of its products in-house and distributes those products to Trulieve-branded stores (dispensaries) throughout the State of Florida , as well as directly to patients via home delivery. Trulieve also has licensed operations in California , Massachusetts , Connecticut , Pennsylvania and West Virginia . Trulieve is listed on the Canadian Securities Exchange under the symbol TRUL and trades on the OTCQX Best Market under the symbol TCNNF.  Learn more at: www.trulieve.com/

Forward-Looking Statements

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, and the expansion of the Company’s operations. 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.‎

SOURCE Trulieve Cannabis Corp.

Cision View original content: http://www.newswire.ca/en/releases/archive/March2021/22/c2533.html

News Provided by Canada Newswire via QuoteMedia

 

Cannabis - Will The Fortune 500 Join The Party?

 
Our Exclusive FREE Report Contains Information You NEED To Know About Cannabis Stock Investing!
 

Ayurcann Holdings Corp. (CSE: AYUR) (the “Company” or “Ayurcann”) an integrated Canadian extraction company specializing in the processing of cannabis and hemp for the production of oils and various derivative products, announces the granting of stock options and restricted share units.

The Company has announced that it has granted incentive stock options to directors, officers, employees and consultants of the Company to purchase an aggregate of 1,000,100 common shares under the Company’s Stock Option Plan. Each option is exercisable at a price of $0.16 per common share, expires three years from the date of grant and vest six months from the date of the grant.

Keep reading... Show less

A planned business merger between two leading cannabis producers hit a small delay this week as a critical vote got moved.

Meanwhile, a cannabis retail operator elected to celebrate 420 by auctioning a cannabis-themed digital art piece using blockchain technology.

Keep reading... Show less

Partnerships with Minardi Law , Minorities for Medical Marijuana, CultivatED, and the Georgia Justice Project will include clinics and virtual events across Florida , Georgia , and Massachusetts

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “the Company”), a leading and top-performing cannabis company based in the United States announced today a series of expungment clinics located throughout south and central Florida as well as virtual events in Georgia and Massachusetts . The clinics are part of the Company’s celebration of the 50 th anniversary of 420.

Keep reading... Show less

Seth Rogen’s New Cannabis Brand are Now Available at Apothecarium Dispensaries in San Francisco , Berkeley and Capitola

The Apothecarium is offering cannabis from Houseplant, the cannabis lifestyle brand founded by Seth Rogen and Evan Goldberg at its five California dispensaries. The Apothecarium has three San Francisco locations (Castro, SOMA and Marina ) and one each in Berkeley and Capitola (outside of Santa Cruz ).

Keep reading... Show less