Trulieve Completes Acquisition of Keystone Shops in Pennsylvania
Broadens Trulieve’s presence in Pennsylvania by entering the Greater Philadelphia area, the most populated region in Pennsylvania
TALLAHASSEE, FLA, July 8, 2021 /PRNewswire/ – Trulieve Cannabis Corp. (“Trulieve” or the “Company”) (CSE: TRUL) (OTCQX: TCNNF), a leading and top-performing cannabis company in the United States, today announced the closing of the equity acquisition of Anna Holdings LLC, a company who is the sole equity holder in Chamounix Ventures, LLC which holds a permit to operate dispensaries under Keystone Shops (“Keystone Shops”), with locations in Philadelphia, Devon, and King of Prussia.
Total transaction consideration was $60 million satisfied through the payment of $20 million in cash and by the issuance of 1,009,336 subordinate voting shares of the Company (the “Trulieve Shares”) which are subject to lockup periods of up to 18 months following the closing date of the transaction. The deal does not carry a deferred payment or an earn-out period and provides for an additional $5 million in consideration which is contingent upon the enactment, adoption or approval of laws allowing for adult-use cannabis in Pennsylvania.