Trulieve Cannabis Corp. Acquires Harvest Health And Recreation Inc. In $2 Billion Deal

Florida-based Trulieve Cannabis Corp. announced on Monday that it has reached an agreement to acquire Harvest Health and Recreation Inc. of Arizona in an all-stock deal valued at approximately $2.1 billion. The transaction creates a company with a combined footprint in 11 states in what Trulieve CEO Kim Rivers characterized as the “the largest and most exciting acquisition so far in our industry, creating the most profitable public multistate operator.”

“This combination offers us the opportunity to leverage our respective strong foundations and propel us forward with an unparalleled platform for future growth,” Rivers said in a statement from Trulieve. “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. Trulieve and Harvest are leaders in our markets, recognized for our innovation, brands, and operational expertise with true depth and scale in our businesses.”

Under the terms of the deal, shareholders of Harvest will receive 0.1170 of a subordinate voting share of Trulieve for each Harvest subordinate voting share owned. The rate of exchange for Harvest’s shares indicates a price of $4.79 per share, which equates to a premium of 34% over Friday’s close for stock in the

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