Trulieve Expands Pennsylvania Footprint with Acquisition of Keystone Shops
TALLAHASSEE – Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF), a cannabis company in the United States, today announced that it has entered into a definitive agreement pursuant to which Trulieve has agreed to acquire from Anna Holdings LLC a dispensary license operating under Keystone Shops with locations in Philadelphia, Devon, and King of Prussia.
Key Transaction Highlights:
- Will add three fully operational dispensaries in the Philadelphia area to Trulieve’s retail footprint of 83 dispensaries nationally.
- Will expand Trulieve’s footprint in Pennsylvania, the fifth most populated and limited-license state, adding to Trulieve’s existing operations in Pennsylvania.
Kim Rivers, Trulieve CEO stated, “Trulieve continues to bolster our national expansion efforts with acquisitions that both complement our current portfolio and strengthen our long-term strategy. The Keystone Shops are located in a densely populated area of Pennsylvania and with their staff’s knowledgeable and customer-centric approach to patients, these dispensaries are valuable additions to our Pennsylvania portfolio.”
Trulieve has agreed to acquire Keystone Shops for an upfront payment of $60 million, comprised of $40 million in Trulieve subordinate voting shares (“Trulieve Shares”) and $20 million in cash. The deal does not carry a deferred payment or an earn-out period.
The transaction is subject to customary closing conditions and regulatory approvals and is expected to close during the second quarter of 2021.
The Trulieve Shares issued in conjunction with the transactions are subject to lockup periods of up to 18 months following the closing date of the transaction.
This news release includes forward-looking information and statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward looking statements relate to the Company’s expectations or forecasts of business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs and include statements regarding the expected closing of the Keystone Shops acquisition. 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, including, without limitation, the risks discussed under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020 filed with the United Sates Securities and Exchange Commission and in the Company’s filings on SEDAR at www.sedar.com. 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.
(This information is primarily sourced from Truelieve. Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here)
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