Trulieve Cannabis Corp (OTCMKTS: TCNNF) Takes Over Harvest Health & Recreation Inc (OTCMKTS: HRVSF) To Create A Profitable MSO: Acquires Mountaineer Holding LLC
Trulieve Cannabis Corp (OTCMKTS: TCNNF) signed a definitive agreement to takeover Harvest Health & Recreation Inc (OTCMKTS: HRVSF) for $2 billion. As per the terms of the deal, Trulieve will purchase all outstanding and issued common shares of Harvest Health. Trulieve will issue 0.1170 of its share to Harvest Health shareholders for each of their share.
The MSO (Multi-State Operator) – Trulieve focuses its operations on the Southeast and Northeast regions in the US. Harvest Health concentrates on the northeast and west coast regions of the US.
Harvest Health is a vertically integrated operator and strives to become a leader in the US cannabis space.
The combined entity will conduct its business operations in 11 states. It will comprise 22 processing and cultivation facilities (total capacity: 3.1 million sq. Ft.).
The new company will manage 126 dispensaries to satisfy both adult-use and medical use markets.
It improves its presence across the nation through its wholesale and retail channels besides enhancing the capability to address the market of $19.3 billion through 2025.
Trulieve Cannabis Corp (OTCMKTS: TCNNF) Clinches Mountaineer Holding LLC
Trulieve Cannabis Corp (OTCMKTS: TCNNF) took over Mountaineer Holding LLC for $6 million. Kim Rivers, CEO of Trulieve, said the company is excited to quickly close the transaction.
The takeover allows Trulieve to improve its footprint in West Virginia. Both companies’ teams are working on adding Mountaineer to Trulieve’s product line. Kim further said the combined entity will focus on serving patients in West Virginia by the end of this year.
Mountaineer two dispensary permits and cultivation permit in West Virginia. Following the takeover, Trulieve will become a vertically integrated operator in West Virginia. Trulieve could also expand its presence nationwide with this acquisition.
Acquires Keystone Shops
Trulieve signed an agreement to take over Keystone Shops for $60 million subordinate shares and $20 million cash) from Anna Holding LLC. The shares will have a lock-in period of 18 months from the date of closing the transaction. Kim said the acquisitions help the company to expand its nationwide presence and complement its portfolio.
The Keystone Shops are based in Pennsylvania’s densely populated areas. They also have knowledgeable staff to serve the patients. Therefore, Keystone shops are a value-addition to the Pennsylvania line of Trulieve.