Trulieve Cannabis Corp Finalizes Purchase Of Solevo Wellness, Deepens Its Presence In West Virginia

Vertically integrated cannabis company Trulieve Cannabis Corp. TRUL TCNNF reported Wednesday that it has finalized its purchase of Solevo Wellness West Virginia LLC and its three West Virginia dispensary licenses. The $650,000 acquisition was previously announced in April.

Solevo obtained two dispensary permits in Morgantown and one in Parkersburg in January as part of the West Virginia application process. When combined with Trulieve’s current dispensary permits, these stores cover five counties and some of the most populated areas in the state. Trulieve is headquartered in Quincy, Florida.

Under the deal, to complete the acquisition Trulieve agreed to provide an upfront payment of $200,000, consisting of $150,000 in cash and the remaining $500,000 in Trulieve’s subordinate voting shares. Trulieve's legal counsel for the transaction was Fox Rothschild LLP.

"Completing this transaction broadens our presence in West Virginia,” said Trulieve's CEO, Kim Rivers. “With the addition of Solevo West Virginia and our recently announced transaction with Mountaineer Holding LLC, Trulieve now has cultivation, production, and nine dispensary permits in the state.”

Rivers added that Trulieve is committed to investing in the communities where it operates.

“We will approach West Virginia with the same high level of integrity, focus on diversity, equity, and inclusion, and dedication to a variety of quality products to provide the best access and customer experiences to West Virginia patients."

Trulieve’s shares were trading 2.04% higher at $38.98 per share at the time of writing.

Photo by Shane Rounce on Unsplash