Trulieve Completes Acquisition of Keystone Retailers in Pennsylvania
Broadens Trulieve’s presence in Pennsylvania by getting into the Larger Philadelphia space, probably the most populated area in Pennsylvania
TALLAHASSEE, FLA, July 8, 2021 /PRNewswire/ – Trulieve Cannabis Corp. (“Trulieve” or the “Firm”) (CSE: TRUL) (OTCQX: TCNNF), a number one and top-performing hashish firm in the US, at this time introduced the closing of the fairness acquisition of Anna Holdings LLC, an organization who’s the only fairness holder in Chamounix Ventures, LLC which holds a allow to function dispensaries underneath Keystone Retailers (“Keystone Retailers”), with places in Philadelphia, Devon, and King of Prussia.
Whole transaction consideration was $60 million happy by way of the fee of $20 million in money and by the issuance of 1,009,336 subordinate voting shares of the Firm (the “Trulieve Shares”) that are topic to lockup intervals of as much as 18 months following the time limit of the transaction. The deal doesn’t carry a deferred fee or an earn-out interval and gives for a further $5 million in consideration which is contingent upon the enactment, adoption or approval of legal guidelines permitting for adult-use hashish in Pennsylvania.
Key Transaction Advantages:
- Provides to Trulieve’s footprint of 91 dispensaries nationally
- Broadens Trulieve’s presence to the Larger Philadelphia space, and including to Trulieve’s current operations in Pennsylvania, the fifth most populated and limited-license state
- Philadelphia is the second largest metropolis on the East Coast and sixth largest metropolis within the nation
The Trulieve workforce was capable of shut this transaction rapidly, including to our presence in Pennsylvania.
Kim Rivers, Trulieve CEO
Keystone Retailers operates three strategically-located dispensaries within the Larger Philadelphia space and, with its employees’s educated and customer-centric strategy to sufferers, this will likely be a invaluable and thrilling addition to our rising Pennsylvania portfolio.
For extra info on the acquisition, please see the information launch beforehand issued by Trulieve on April 5, 2021, which is out there on Trulieve’s web site in addition to SEDAR at www.sedar.com.
Advisors and Counsel
Fox Rothschild LLP is performing as authorized counsel to Trulieve.
About Keystone Retailers
Keystone Retailers was shaped by President and CEO Mike Badey in 2016, and was the primary medical marijuana dispensary to promote dry-leaf flower in Pennsylvania. Since first opening in 2018, Keystone Retailers has operated three premier dispensary places within the Philadelphia space.
Advisors and Counsel
Hawke McKeon & Sniscak d/b/a Hashish Regulation PA, and Stradley Ronon, counsel to Anna Holdings, LLC and Chamounix Ventures, LLC
Trulieve is primarily a vertically built-in “seed-to-sale” firm within the U.S. and is the primary and largest absolutely licensed medical hashish firm within the State of Florida. Trulieve cultivates and produces all of its merchandise in-house and distributes these merchandise to Trulieve-branded shops (dispensaries) all through the State of Florida, in addition to on to sufferers by way of residence supply. Trulieve additionally owns firms who maintain licenses to function in California, Massachusetts, Pennsylvania, Connecticut and West Virginia. Trulieve is listed on the Canadian Securities Change underneath the image TRUL and trades on the OTCQX Finest Market underneath the image TCNNF. Study extra at: www.trulieve.com/
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