Trulieve Amazing: Trulieve deal to acquire Harvest finalized, creating nationwide cannabis empire | Cannabis – Tucson, Arizona

Tucson, Arizona 2021-10-23 11:00:00 –

Florida cannabis giant Trulieve Cannabis Corp. The $ 2.1 billion acquisition of Harvest Health & Recreation by Harvest Health & Recreation has finally been completed, creating the largest marijuana company in the United States with a total of 149 clinics and operations in 11 states.

Harvest has 39 sales offices in five states, including one on Tucson’s 2734 E. Grant Road, a state after the Arizona Health Department has greened its legitimate sales in Arizona. Was the first operator to sell adult marijuana in. January 22nd.

“We are excited to move forward as part of Trulieve,” Harvest co-founder and CEO Steve White wrote in a recent email to Weedly. “The integrated organization has the resources and talent to continue to expand access to cannabis and deliver a great customer experience.”

The transaction was initially announced on May 10 and closed on October 1, a few weeks after the Harvest Commission resolved to move forward. This did not actually threaten the transaction, but Trulieve submitted it to the Security Exchange Commission in January.

Trulieve’s problem was raised in 2015 when a U.S. grand jury in the northern part of Florida began investigating TJ Burnette, the husband of Kim Rivers, the company’s president and CEO, in connection with alleged corruption by “local civil servants” in Tallahassee, Florida. started.

In 2017, Rivers was summoned for Tallahassee’s involvement in the Community Redevelopment Agency and Barnett’s activities related to “political contributions.” [she] Made through related businesses. ”

According to the SEC filing, Rivers was not investigated and was not charged with crime, but in August 2021, Burnett was charged with nine federal corruption-related charges in a widely reported trial in Florida. Was convicted of. Tallahassee Democrat.

In addition to the Florida issue, Harvest was on the receiving side of a few investor proceedings, all of which were dismissed before the board vote to proceed.

“Whenever there is a significant public transaction, almost of course, there is a particular plaintiff’s law firm that will file a proceeding,” White said in a September 23 interview with Weedley. “This is pretty common and very routine … it’s like the taxes you pay for our open legal system. [it’s] It’s not a big deal. ”

The acquisition will allow Trulieve to become a national force to be considered in the event of federal legalization. According to a press release announcing the deal, Trulieve and Harvest have $ 289 million and $ 71 million in “cash equivalents,” respectively, with Trulieve’s recent $ 350 million debt loan and Harvest’s Florida. The $ 55 million received from the sale of the license is the terms of the transaction.

Cannabis also had a lot of political influence on White from Tempe, both in Arizona and Florida. He donated $ 1.8 million to help pass Proposal 207 for last year’s elections that legalized adult marijuana.

White continues to be a player in the marijuana business and continues to advocate the expansion of pot legalization.

“I will stay at True Leave as part of an executive team working to continue building the organization,” he said.

Trulieve Amazing: Trulieve deal to acquire Harvest finalized, creating nationwide cannabis empire | Cannabis Source link Trulieve Amazing: Trulieve deal to acquire Harvest finalized, creating nationwide cannabis empire | Cannabis

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