Trulieve Ramps Up Operations In Arizona Via Acquisition Of Tucson-Based PurpleMed Healing Center

Trulieve Cannabis Corp. TRUL TCNNF announced Tuesday that it's acquiring PurpleMed Healing Center in Tucson, Arizona.

What Happened

The Tallahassee, Florida-based company reported that the retail location at 1010 S Freeway in Tucson is being rebranded to Harvest House of Cannabis and will open on Wednesday, Dec. 29.

Consideration paid for the acquisition was deemed immaterial, the company disclosed.

What Does This Mean For Trulieve?

The acquisition expands the company's retail footprint in Tuscon, adding a "second location in the state's second-largest market," Kim Rivers, the company's CEO said. "We look forward to serving patients and customers at both of our Tucson-area locations and building strong relationships in the community."

Trulieve-affiliated dispensary locations in Arizona include Avondale, Casa Grande, Chandler, Cottonwood, Glendale, Guadalupe, Lake Havasu, Mesa, Peoria, Phoenix, Scottsdale, Tempe and Tucson.

Trulieve & Harvest Merger

The two companies followed through with their previously announced billion-dollar merger in October on the heels of Trulieve securing $350 million in financing through a private placement of 8% senior secured notes due 2026.

The combined company is poised to operate a robust retail network of 149 dispensaries across 11 states and three strategic regional hubs. Trulieve has been rebranding Harvest Health dispensaries following the closing of the merger.

More recent news from Trulieve:

• Cannabis Dispensary Roundup: Trulieve Continues Store Opening Streak In Florida, Gage Growth Opens Second Kalamazoo Shop
• Cannabis Dispensary Roundup: Curaleaf To Launch Four Shops In Florida, Trulieve, Lume & C3 Industries Open Stores
• Cantor Lowers Price Target On Trulieve But The Stock Is Still Their Top Pick Among MSOs
• Trulieve Rolls Out Bhang's Weed-Infused Chocolates In All Its Florida Cannabis Dispensaries

TCNNF Price Action

Trulieve's shares traded at $26.8 per share at market close on Monday.

Photo: Courtesy of Scott Graham on Unsplash