What is going on with TCNNF?
Trulieve Cannabis Corp. (TCNNF) and Harvest Health & Recreation Inc. (HRVSF) announced today the completion of the previously announced arrangement, under which Trulieve acquired all of the issued and outstanding subordinate voting shares, multiple voting shares, and super-voting shares of Harvest.
Shares of TCNNF increased 3.73% to $27.92 as of Friday at 11:27 am.
What does this mean for Trulieve Cannabis?
Trulieve's acquisition will increase its scale in key markets, creating the largest cannabis operator across a combined retail and cultivation footprint basis in the United States.
Additionally, the deal will strengthen the new entities' balance sheet by combining Trulieve and Harvest's cash equivalents of $289 million and $71 million, respectively.
"The closing of this transaction marks a transformational milestone in our company's history and positions Trulieve as the leading medical and adult-use cannabis operator in the U.S.," stated Kim Rivers, CEO at Trulieve.
"I thank all our employees, both Trulievers and Harvesters, for their tireless efforts during this process. The combined footprint provides Trulieve with a solid foundation for continued growth and scale."
Under the agreement terms, holders of Harvest shares received 0.117 of a subordinate voting share of Trulieve for each subordinate voting share of Harvest held. In total, Trulieve issued an aggregate of 50,874,175 shares in connection with the transaction in exchange for all of the issued and outstanding Harvest Shares.
In order to receive the Trulieve Shares to which they are entitled, registered holders of Harvest Shares must deposit the share certificates or DRS statements representing their Harvest Shares, together with a duly completed letter of transmittal, with Odyssey Trust Company.
TCNNF has a Long-Term Technical Rank of 18. Find out what this means to you and get the rest of the rankings on TCNNF!
Trulieve Cannabis Corp is a vertically integrated seed to sale and fully licensed medical marijuana company. It is mainly engaged in the cultivation, possession, use, sale, and distribution of medical cannabis.
