Trulieve Announces Litigation Settlement and Acquisition of Ohio Assets

Rhea-AI Summary

Trulieve Cannabis Corp. (CSE: TRUL, OTCQX: TCNNF) announced a settlement resolving active litigation. The agreement includes Trulieve acquiring Harvest of Ohio, adding medical cannabis dispensaries in Columbus and Beavercreek to its Ohio portfolio. The Athens dispensary will be rebranded under new ownership. Additionally, Harvest Grows and Harvest Processing, which operate a production facility in Ironton, will be sold to third parties, with Trulieve providing operational support. CEO Kim Rivers highlighted the strategic expansion and future service to both medical and adult-use customers.

Positive

• Trulieve acquires two medical cannabis dispensaries in Columbus and Beavercreek.
• The resolution triples Trulieve's footprint in Ohio.
• Trulieve will provide operational support to the Ironton production facility.
• Potential future service to adult-use customers in Ohio.

Negative

• The Athens dispensary will be transferred and rebranded, reducing direct Trulieve presence.
• Terms of the settlement remaining confidential may raise transparency concerns.
• Trulieve pays an undisclosed amount to Ariane Kirkpatrick, noted as 'immaterial'.

Trulieve adds two medical dispensaries in Beavercreek and Columbus to Ohio footprint

TALLAHASSEE, Fla., May 30, 2024 /PRNewswire/ -- Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the U.S., today announced that it has reached an agreement resolving the active litigation.

In accordance with the settlement, Trulieve will acquire Harvest of Ohio, LLC, which will hold licenses for medical cannabis dispensaries in Columbus and Beavercreek.  The Harvest of OH medical cannabis dispensary in Athens will be transferred to Ariane Kirkpatrick and will be rebranded under the name Mavuno.  Separately, Kirkpatrick will divest ownership of Harvest Grows, LLC and Harvest Processing, LLC, which operate a production facility in Ironton, to unrelated third parties.  Trulieve will enter into service agreements to provide operational support to the Ironton production facility.  Trulieve will pay an immaterial amount to Kirkpatrick. Other terms of the resolution remain confidential.

Kim Rivers, Trulieve CEO stated, "We are happy to announce the resolution of our litigation that triples our footprint in Ohio.  We look forward to serving medical patients and adult use customers when permitted."

Rivers continued, "We are also excited to work with the new owners at the Ironton production facility.  With our advice and support, we are certain these operators can produce the high quality products Trulieve is known for."

About Trulieve
Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S., 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_   
X: @Trulieve 

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

Media Contact
Phil Buck, APR, Corporate Communications Manager
+1 (406) 370-6226
Philip.Buck@Trulieve.com 

View original content to download multimedia:https://www.prnewswire.com/news-releases/trulieve-announces-litigation-settlement-and-acquisition-of-ohio-assets-302158579.html

SOURCE Trulieve Cannabis Corp.

FAQ

What recent acquisitions did Trulieve announce?

Trulieve announced the acquisition of medical cannabis dispensaries in Columbus and Beavercreek, Ohio.

What is the impact of Trulieve's recent settlement on its Ohio operations?

The settlement triples Trulieve's footprint in Ohio, adding two new dispensaries in Columbus and Beavercreek.

Will Trulieve continue to have operations in Athens, Ohio?

No, the Athens dispensary will be transferred to Ariane Kirkpatrick and rebranded.

What support will Trulieve provide following the settlement?

Trulieve will provide operational support to the Ironton production facility, which has been sold to third parties.

What is Trulieve's stock symbol?

Trulieve's stock symbol is TCNNF.