Fox Rothschild LLP advised Trulieve Cannabis Corp. on the deal.
Trulieve Cannabis Corp., (CSE: TRUL) (OTCQX: TCNNF), a leading and top-performing cannabis company in the United States, announced its $60 million acquisition of Anna Holdings LLC, the owner of a dispensary permittee operating under the name Keystone Shops (Keystone Shops), with locations in Philadelphia, Devon and King of Prussia.
The deal adds three fully operational dispensaries in the Philadelphia region to Trulieve’s national retail footprint and expands its Pennsylvania presence, which is the fifth most populated and limited-license state.
Trulieve has agreed to acquire Keystone Shops for an upfront payment of $60 million, comprised of $40 million in Trulieve subordinate voting 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 Fox Rothschild team was led by Sean P. Coyle (Picture). It also included Michelle S. Rosenberg, Maureen R. Monaghan, Adam B. Diaz and Joshua Horn.
Law Firms: Fox Rothschild;
Clients: Trulieve Cannabis Corp;