Trulieve Expands To West Virginia Via Mountaineer Deal, Launches Planting In Holyoke Facility

Cannabis company Trulieve Cannabis Corp. TRUL TCNNF is expanding in West Virginia through the acquisition of Mountaineer Holding LLC.

The Tallahassee, Florida-based company confirmed Monday it opted to buy a cultivation permit and two dispensary permits for $6 million.

The price tag includes $3 million in cash and $3 million in Trulieve subordinate voting shares.

The Mountaineer acquisition boosts the company's footprint in the Mountain State to six dispensaries and positions it for vertical operations.

Fox Rothschild LLP is acting as legal counsel for the transaction expected to close in the second quarter of 2021.

"Combining our expertise for growing high-quality medical cannabis with our passion for producing a premium product portfolio and providing broad access to a wide variety of medicine for patients will allow us to bring our full Trulieve brand experience to West Virginia," Trulieve CEO Kim Rivers stated.

Simultaneously, the company launched planting at its Holyoke-based cultivation and processing facility, following the Massachusetts Cannabis Control Commission's approval.

The facility includes more than 60,000 square feet of canopy and 18,000 square feet of processing space.

Trulieve expects the first harvest in the second half of this year.

Rivers said they are "pleased to have been given permission by the Cannabis Control Commission to start growing in our Tier 9 cultivation facility in Holyoke and are looking forward to bringing our high-quality flower and cannabis products to the Massachusetts community in 2021."

Trulieve recently opted for several management changes, including the promotion of Eric Powers to a chief legal officer, as well as the appointment of Ronda Sheffield as chief human resources officer, Zachary Kobrin as general counsel, and Aaron Lopez as its first director of government affairs.