TRULIEVE ACQUIRES SOLEVO WELLNESS WEST VIRGINIA IN $650K DEAL

In #finance, Trulieve acquires three more #MMJ #dispensary licenses in West #Virginia, ahead of the state’s upcoming market launch. Under the deal, #Florida’s leading #cannabis company paid 650,000 #dollars for a subsidiary of #Pennsylvania-based Solevo #Wellness, which was awarded two retail permits in Morgantown, and one in Parkersburg, back in #January. The #payment includes 150,000 dollars in #cash, and 500,000 in subordinate #voting shares. This comes on the heels of Trulieve’s nearly 228 #million dollar public offering, which, with the full execution of an over-allotment option, surpassed company expectations by almost 30 million dollars. Industry analysts predict some of that #capital will be used to build out the new stores in West Virginia. With the recently-announced planned purchase of #Mountaineer Holdings, Trulieve will own a #cultivation and processing facility, as well as a total of nine dispensary licenses in the state, solidifying their position in the new MMJ market. Though the rollout of West Virginia’s program has been slow-moving, with sales finally imminent 4 years after legislators legalized medical cannabis, other multistate operators, like #Columbia Care, Holistic Industries and Verano #Holdings, are also setting up vertically-integrated businesses in the limited license state.

William Bradley

William Bradley

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