Trulieve Acquires Three West Virginia Dispensary Permits, Solidifying Position in the State

Rhea-AI Summary

Trulieve Cannabis Corp. has acquired Solevo Wellness West Virginia LLC for $650,000, securing three dispensary permits in West Virginia. The deal includes an upfront payment of $150,000 in cash and $500,000 in subordinate voting shares. This transaction enhances Trulieve's presence in the West Virginia market, allowing the company to operate a total of nine dispensaries in the state. The acquisition is subject to West Virginia state regulatory approval and customary conditions.

Positive

• Acquisition of three dispensary permits enhances market presence in West Virginia.
• Transaction value of $650,000 supports strategic expansion.
• Complements existing plans with Mountaineer Holdings, creating a fully vertical operation.

Negative

• Transaction contingent on state regulatory approval may delay integration.

Trulieve acquires dispensary permits from Solevo Wellness West Virginia LLC for $650,000

TALLAHASSEE, Fla, April 13, 2021 /PRNewswire/ - Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF), a leading and top-performing cannabis company in the United States and the largest cannabis company in Florida, announced today that it acquired Solevo Wellness West Virginia LLC ("Solevo") and its three West Virginia dispensary permits for $650,000. Solevo was awarded two permits in Morgantown and one in Parkersburg in January 2021 as part of the West Virginia application process.

"This acquisition enables Trulieve to broaden and solidify our position in the newly created West Virginia market. Solevo was granted three dispensaries as part of the application process entered by the Company before becoming part of the Trulieve family. Adding Solevo to our production and dispensary permits, as well as our recently announced definitive agreement to acquire Mountaineer Holdings and its cultivation and dispensary permits, will create a fully vertical presence in the state with nine dispensaries," said Kim Rivers, CEO of Trulieve. "We look forward to providing the highest level of cannabis products and customer experience through authentic and reciprocal relationships to West Virginia patients."

Transaction

Trulieve acquired Solevo and its three dispensary permits for an upfront payment of $150,000 in cash, and $500,000 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 contingent upon West Virginia state regulatory approval and customary closing conditions.

Advisors and Counsel

Fox Rothschild LLP is acting as legal counsel to Trulieve. 

About Trulieve

Trulieve is a vertically integrated "seed-to-sale" company 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 operates in California, Massachusetts, Connecticut and Pennsylvania. Trulieve is listed on the Canadian Securities Exchange under the symbol TRUL and trades on the OTCQX Best Market under the symbol TCNNF.

This press release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state of the United States and may not be offered or sold within the United States (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

To learn more about Trulieve, visit www.Trulieve.com.

The Canadian Securities Exchange has not reviewed, approved or disapproved the ‎content of this news release.‎

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 Report and the Company's response thereto. 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.

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SOURCE Trulieve Cannabis Corp.

FAQ

What is the value of Trulieve's acquisition of Solevo Wellness?

Trulieve acquired Solevo Wellness for $650,000.

How many dispensary permits did Trulieve acquire in West Virginia?

Trulieve acquired three dispensary permits in West Virginia.

What is the strategic importance of this acquisition for Trulieve?

This acquisition solidifies Trulieve's position in the West Virginia market, enabling it to operate nine dispensaries.

What is the payment structure for the Solevo acquisition?

The acquisition includes a payment of $150,000 in cash and $500,000 in subordinate voting shares.

Is the acquisition of Solevo Wellness finalized?

No, the acquisition is contingent upon West Virginia state regulatory approval.