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 story : UPDATE: Trulieve agrees to acquire Harvest Health in all-stock cannabis deal valued at about .1 billion #FinanceUSA #StockMarketNEWS Trulieve Cannabis Corp. said Monday it has reached an agreement

@stockMarketNEWS Mon 10 May, 2021

Posted in: #FinanceUSA #StockMarketNEWS

UPDATE: Trulieve agrees to acquire Harvest Health in all-stock cannabis deal valued at about .1 billion #FinanceUSA #StockMarketNEWS
Trulieve Cannabis Corp. said Monday it has reached an agreement to acquire Harvest Health & Recreation Inc. in an all-stock deal valued at about .1 billion. Under the terms of the deal, Harvest shareholders will receive 0.1170 of a subordinate voting share of Trulieve for each Harvest subordinate voting share owned. The exchange rate implies a price per Harvest share of .79, equal to a 34% premium over its closing price Friday. Harvest shareholders will own about 26.7% of the issued and outstanding pro forma Trulieve shares once the deal closes. Trulieve is a cannabis multi-state operator with a focus on the northeast and southeast regions of the U.S., while Harvest Health is focused on the west coast and northeast regions. The new entity will have operations in 11 states with 22 cultivation and processing facilities with a total capacity of 3.1 million square feet and 126 dispensaries serving the medical and adult-use recreational cannabis markets. "Harvest provides us with an immediate and significant presence in new and established markets and accelerates our entry into the adult use space in Arizona," said Trulieve CEO Kim Rivers in a statement. Harvest shares jumped 12.3% premarket and have gained 66% in the year to date, while the Cannabis ETF has gained 41.6% and the S&P 500 has gained 12.7%.


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