Trulieve Acquires Greenhouse Wellness West Virginia

Rhea-AI Summary

Trulieve Cannabis Corp. (OTCQX: TCNNF) announced the completion of its acquisition of Greenhouse Wellness West Virginia Dispensaries LLC, which holds a dispensary permit in West Virginia. The acquisition, covered by the West Virginia Department of Health and Human Resources, involved a minimal cash payment. This deal enhances Trulieve's presence in West Virginia, where it now operates ten dispensaries in key locations and plans to open more in the near future. CEO Kim Rivers emphasized the company's commitment to community investment and improved patient access to high-quality products.

Positive

• Trulieve now holds 10 dispensary permits in West Virginia, enhancing its market presence.
• The acquisition supports Trulieve's strategy of expanding retail and distribution capabilities.
• Plans for several new dispensary openings in West Virginia signal potential revenue growth.

Negative

• None.

TALLAHASSEE, Fla., April 27, 2022 /PRNewswire/ -- Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) "Trulieve" or "the Company"), a leading and top-performing cannabis company in the United States, today announced the closing of the acquisition of Greenhouse Wellness West Virginia Dispensaries LLC ("Greenhouse"), holder of a West Virginia dispensary permit. Trulieve paid an immaterial amount of cash consideration for the transaction.

Greenhouse was awarded the dispensary permit in Martinsburg, West Virginia, in January 2021. This location, combined with Trulieve's nine other dispensary permits, are spread across many of the most populous areas in the state. Trulieve currently operates medical dispensaries in Morgantown and Weston. Several new locations are slated to open throughout the state in the coming months.

"This acquisition broadens our ever-expanding presence in West Virginia," said Kim Rivers, CEO of Trulieve. "We now have cultivation, processing and 10 dispensary permits in the state. Trulieve is committed to investing in communities where we operate and will serve West Virginia patients by offering expanded access to high quality products and providing exceptional customer experiences."

The transaction has been approved by the West Virginia Department of Health and Human Resources.

About Trulieve

Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S. operating in 11 states, with leading market positions in Arizona, Florida, and Pennsylvania. Trulieve is poised for accelerated growth and expansion, building scale in retail and distribution in new and existing markets through its hub strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers to live without limits. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. For more information, please visit Trulieve.com.

Facebook: @Trulieve
Instagram: @Trulieve_ 
Twitter: @Trulieve 

Investor Contact
Christine Hersey, Executive Director of Investor Relations
+1 (424) 202-0210
Christine.Hersey@Trulieve.com

Media Contact
Rob Kremer, Executive Director of Corporate Communications
+1 (404) 218-3077
Robert.Kremer@Trulieve.com

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SOURCE Trulieve Cannabis Corp.

FAQ

What is the significance of Trulieve's acquisition of Greenhouse Wellness?

The acquisition increases Trulieve's dispensary permits to 10 in West Virginia, enhancing its market presence and distribution capabilities.

What impact does the acquisition of Greenhouse Wellness have on Trulieve's operations?

It broadens Trulieve's footprint, allowing for more service points and improving patient access to cannabis products in West Virginia.

How much did Trulieve pay for the Greenhouse Wellness acquisition?

Trulieve paid an immaterial amount of cash for the acquisition, indicating minimal financial strain.

When was the acquisition of Greenhouse Wellness closed?

The acquisition was announced and closed on April 27, 2022.

What are Trulieve's future plans following the acquisition?

Trulieve plans to open several new dispensaries in West Virginia to further expand its market reach.