Trulieve Expands In Massachusetts Via $13.5M Acquisition Of Worcester Pot Shop

Trulieve Cannabis Corp. TRUL TCNNF has purchased a Worcester-based dispensary from Nature's Remedy of Massachusetts, Inc., for $13.5 million, boosting its footprint to two shops in the Bay State.

"This location will allow us to continue rolling out our expanded portfolio of products in Massachusetts, including our newly launched Sweet Talk edibles line and Muse premium vape and concentrates line while providing industry-leading customer service including our no-questions-asked exchange and return policy," said Trulieve CEO Kim Rivers on Wednesday

The move follows the company's recent debut in West Virginia in May when Trulieve bought Mountaineer Holding LLC for $6 million. expanding its retail locations to six.

Under the terms of the Massachusetts agreement, the company agreed to pay $7 million in cash and issue 237,881 of its subordinate voting shares.

The store, located at 142-148 Southbridge Street, in Worcester, holds a Final Adult Use Marijuana Retailer License from the Cannabis Control Commission, a Host Community Agreement from the City of Worcester, alongside other regulatory authorizations to operate.

In the company's latest earnings report, Rivers disclosed that the company "continued to execute on growth in Florida as well as our national hub expansions," which resulted in achieving its 13th consecutive quarter of profitability. Trulieve reported having earned $193.8 million in the first three months of 2021, representing sequential and year-over-year growth of 15% and 102%, respectively.

The $2.1 billion merger with Harvest Health & Recreation Inc. HARV HRVSF in May, enables Trulieve to reach an estimated total addressable market of $19.3 billion in 2025 in leading market shares in Arizona and Florida.

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