Trulieve Cannabis Corp. TRUL TCNNF has completed the acquisition of an operational 64,000 sq. ft. cultivation facility in Phoenix, Arizona.
Trulieve will pay $13.75 million cash at closing, with potential milestone payments subject to earn-out and escrow requirements.
The new cultivation facility immediately improves supply chain capacity and becomes Trulieve's fifth cultivation facility in Arizona, supporting the company’s 17 dispensaries in the state of Arizona with flower for medical patients and adult-use customers.
Trulieve locations in Arizona include Avondale, Casa Grande, Chandler, Cottonwood, Glendale, Guadalupe, Lake Havasu, Mesa, Peoria, Phoenix, Scottsdale, Tempe and Tucson.
"We are excited to close this acquisition which is in line with our strategic priorities," Kim Rivers, CEO of Trulieve, said. "The facility strengthens Trulieve's presence in the cornerstone market of our Southwest hub, as well as expands our cultivation capacity. We look forward to serving more patients and customers throughout Arizona with our high-quality, proprietary brands."
Photo: Courtesy of Ryan Lange on Unsplash
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