Akerman LLP advised Trulieve Cannabis Corp. on the deal.
Trulieve Cannabis Corp. (Trulieve) announced the acquisition of PurePenn LLC and Pioneer Leasing & Consulting LLC (collectively PurePenn), as well Keystone Relief Centers LLC, doing business as Solevo Wellness (Solevo).
The acquisition of PurePenn, a licensed cultivator and producer of medical marijuana in Pennsylvania, and Solevo, a licensed medical marijuana dispensary operator in Pennsylvania, establishes a vertically integrated footprint for Trulieve in the fifth most populated state in America. With these acquisitions, Trulieve, the first and largest fully licensed medical cannabis company in Florida, expands its growing presence as a top multi-state cannabis operator, adding to its existing operations in Florida, California, Massachusetts, and Connecticut.
Trulieve has agreed to acquire PurePenn for an upfront payment of $46 million, plus a potential earn-out payment of up to approximately $60 million, and Solevo for an upfront purchase price of $20 million, plus a potential earn-out payment of up to approximately $15 million. Both acquisitions are agreed as of September 16, 2020 and are subject to customary closing conditions and regulatory approvals, expected to close during the fourth quarter of 2020.
Special Counsel Zachary Kobrin, Partner Sean Patrick Coyle (Picture) and Associate Daniel Silva, served as legal counsel to Trulieve.
Law Firms: Akerman;
Clients: Trulieve Cannabis Corp;