Trulieve Completes Harvest Acquisition in Record $2.1B Deal

Trulieve Cannabis Corp. has completed its takeover of Harvest Health and Recreation in a $2.1 billion deal, the largest ever in the U.S. cannabis industry.

Full story after the jump.

Trulieve Cannabis Corp. has completed its takeover of Harvest Health and Recreation in a $2.1 billion dealthe largest ever in the U.S. cannabis industry. On a combined basis, in the second quarter 2021, Trulieve and Harvest had $317.6 million in reported revenue, the highest among U.S. public reporting cannabis companies, the firm’s said.

The combined company now owns and operates 149 cannabis dispensaries across 11 states. In May, when the deal was first announced, the companies estimated that the combined firm would have a consensus 2021 revenue of $1.2 billion.

Kim Rivers, Trulieve CEO, described the deal as “a transformational milestone” for the firm “and positions Trulieve as the leading medical and adult-use cannabis operator in the U.S.”

“The combined footprint provides Trulieve with a solid foundation for continued growth and scale. We look forward to fully integrating Harvest as we continue to execute on our hub strategy in the U.S., creating an unrivalled brand and reputation in the marketplace and value for our shareholders.”Rivers in a press release  

Under the terms of the deal, Harvest shareholders received 0.1170 of a subordinate voting share of Trulieve for each subordinate voting share of Harvest (on a converted basis) held. In total, Trulieve issued 50,874,175 Trulieve shares in connection with the transaction in exchange for all of the issued and outstanding Harvest shares. The company anticipates that the subordinate voting shares of Harvest will be delisted from the Canadian Securities Exchange as of the close of trading on October 4.

“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, in a statement. “Trulieve’s customer-centric values match well with Harvest’s dedication to improving lives through the goodness of cannabis.”

Get daily cannabis business news updates. Subscribe

Have an additional perspective to share? Send us a message to let us know, and if your comment is chosen by our editors it could be featured here.


Ganjapreneur is made possible by our partners:

Latest Cannabis News

View all news Get email updates

Featured Business Profiles

Create a profile View all categories

From Our Partners