Trulieve Expands In Pennsylvania, Acquires 3 Keystone Shops Dispensaries For $60M

Trulieve Cannabis Corp. TRUL TCNNF has acquired three Pennsylvania-based medical marijuana dispensaries.

The Tallahassee, Florida-based company purchased Keystone Shops' dispensaries in Philadelphia, Devon, and King of Prussia for $60 million.

The transaction boosts Trulieve's retail footprint to 83 dispensaries nationwide.

The sum includes $20 million in cash and $40 million in Trulieve subordinate voting shares.

Trulieve expects to close the acquisition of Anna Holdings LLC's dispensary license during the second quarter of 2021.

Fox Rothschild LLP acted as advisors and legal counsel to Trulieve.

"Trulieve continues to bolster our national expansion efforts with acquisitions that both complement our current portfolio and strengthen our long-term strategy," the company's CEO Kim Rivers said Monday.

"The Keystone Shops are located in a densely populated area of Pennsylvania, and with their staff's knowledgeable and customer-centric approach to patients, these dispensaries are valuable additions to our Pennsylvania portfolio," she added.

Even though its neighbors are legalizing marijuana one by one, with New York being the latest and 15th state to do so last week, Pennsylvania struggles to follow suit.

Moreover, more than 20,000 residents in the Keystone State were arrested for marijuana possession over the last year, High Times writes.

The analysis quoted by the outlet also suggests that 461 black people were arrested for cannabis possession for every 100,000 residents.

However, Governor Tom Wolf has been advocating for cannabis legalization over the past couple of months, as evidenced by recent tweets in which he urges an end to prohibition in recreational cannabis use.

Photo by Joshua Sukoff on Unsplash