Trulieve is now the largest cannabis operator in the U.S. after closing $2.1 billion deal

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Trulieve, a cannabis company that operates across 11 U.S. states, has completed the acquisition of Arizona-based Harvest Health & Recreation Inc. The US$2.1 billion deal was first announced in May. Trulieve is now the largest and most profitable cannabis operation in the U.S., according to the company’s announcement.

“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.,” said company CEO Kim Rivers.

As a result of the deal, Harvest shares will be delisted from the Canadian Securities Exchange at the close of trading on Oct. 4, 2021, notes Green Report.

In August, Trulieve reported revenues of US$215.1 million ($272 million) for the second quarter, with a net income of US$40.9 million ($51.8 million). In the same period, Harvest reported revenues of US$102.5 million ($129 million).

“This combination brings together two companies with depth and scale in key markets, providing a platform for growth for years to come,” said Steve White, CEO of Harvest. “Trulieve’s customer-centric values match well with Harvest’s dedication to improving lives through the goodness of cannabis,” White added.

When the deal was announced in May, Rivers called it “the largest and most exciting acquisition so far in our industry.”

“Harvest provides us with an immediate and significant presence in new and established markets and accelerates our entry into the adult-use space in Arizona,” Rivers continued. “Trulieve and Harvest are leaders in our markets, recognized for our innovation, brands and operational expertise with true depth and scale in our businesses. We look forward to providing best-in-class service to patients and customers on a broader national scale as we create an iconic U.S. cannabis brand.”

 

 
 
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