What's Going On With Trulieve?
Trulieve (TCNNF) today announced the completion of its acquisition of Solevo Wellness West Virginia LLC and its three West Virginia dispensary permits for a total of $650,000. Shares of the company were trading higher 0.78% to $38.50 a share on Wednesday.
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.
What Does This Mean For Trulieve?
Solevo was granted two permits in Morgantown and one in Parkersburg in January 2021 as part of the West Virginia application process. These locations are spread across five counties and include a number of the largest populated areas in the mostly rural state.
"Completing this transaction broadens our presence in West Virginia. With the addition of Solevo West Virginia, and our recently announced transaction with Mountaineer Holding LLC, Trulieve now has cultivation, production and nine dispensary permits in the state. Trulieve is committed to investing in the communities in which it operates. We will approach West Virginia with the same high level of integrity, focus on diversity, equity, and inclusion, and dedication to a variety of quality products to provide the best access and customer experiences to West Virginia patients," said Trulieve CEO Kim Rivers.
Trulieve Cannabis Corp., together with its subsidiaries, operates as a medical cannabis company. The company cultivates and produces products in-house and distributes its products to Trulieve branded stores (dispensaries) in Florida, California, Massachusetts, Connecticut, Pennsylvania, and West Virginia, as well as directly to patients through home delivery.
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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.
