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.
