Trulieve Becomes First MSO to Launch Clone Sales in Massachusetts

Company successfully launches cannabis clone sales, emphasizing support of home grow for Massachusetts residents and expanding product variety in Northampton location

FLORIDA:  Trulieve Cannabis Corp., a leading and top-performing cannabis company in the United States, today announced it has successfully launched a pilot program selling its premium-quality cannabis clones at its Northampton, MA dispensary, in accordance with state law. This marks a significant first-to-market entry for the Company, where it is now the only multi state operator (MSO) to provide home growers with its products in the form of consistent, healthy, top-tier plants.

“Trulieve supports home grow initiatives in Massachusetts and we are excited to offer our top-tier genetics to those who would prefer to grow their own cannabis plants at home,” said Kim Rivers, CEO of Trulieve. “We’re delivering on our promise to meet cannabis consumers wherever they are in their level of experience, as well as our commitment to expanding access to the plant as we continue to grow in the Massachusetts market.”

At the time of program launch, Trulieve is releasing a limited amount of its Chocolope NewBerry Sativa strain, which can be ordered online through the Company’s Northampton location website and will be available for in-store pickup at 216 North King Street, Northampton, MA beginning Friday, August 20. Clones will be sold in packs of three and sales limited to one per customer during the initial launch phase. In the future, the Company plans to offer different strains based on consumer feedback and will expand clone availability across its Massachusetts locations.

For citizens of Massachusetts interested in home grow, the launch of Trulieve’s clone program represents a new opportunity to access the highest-quality genetics in a ready-to-grow format and ensures clone consistency and quality not previously available in the state. Cannabis clones carry the exact same genetic potential as their mother plant and will have similar cannabinoid and terpene profiles when grown properly. When clones are selected from healthy, high-quality mother plants, they also inherit their vigor, and natural resistance to mold, mildew, and pests.

For further information on the Massachusetts home grow program, please see the guidance document provided by the Cannabis Control Commission and refer to the home cultivation section of the Commission’s website.

Trulieve Announces Start of Operations in West Virginia

FLORIDA:Trulieve Cannabis Corp., a leading and top-performing cannabis company based in the United States, announced today that it commenced operations in West Virginia. The Company has begun cultivation at their 100,000 square foot size facility in Huntington, West Virginia.

“West Virginia patients have been waiting on medical cannabis for some time, and we are happy to announce we have planted our first crop,” said Trulieve Chief Executive Officer Kim Rivers.  “As we have demonstrated in our home state of Florida, Trulieve is dedicated to providing meaningful access to patients. We look forward to introducing the Trulieve brand in the state, providing patients with the highest quality products to meet their medical needs.”

As of June 30, 2021, the state of West Virginia has 2,305 patients enrolled in their medical cannabis program, meeting the deadline for three-year registration. Those who register by September 30th will be eligible for two years, and after October 1st will be eligible for a one-year card. For more information visit http://www.medcanwv.org.

Trulieve is committed to investing in the communities it operates in and is approaching West Virginia with the same high level of integrity, focusing on diversity, equity, and inclusion, and dedication to a variety of quality products.  Trulieve is currently hiring for numerous roles in West Virginia. Please visit https://www.trulieve.com/community-outreach/careers to learn more.

Trulieve Announces the Largest US Cannabis Transaction; Acquisition of Harvest Health & Recreation Inc., Creates the Most Profitable Multi-State Operator in the World’s Largest Cannabis Market

Combined Company Will Maintain Industry Leading Scale in Retail, Cultivation & Production

Footprint Provides National Scale with a Deep Regional Focus in Attractive Markets

Expanded Runway for Growth with new Southwest Hub and Expanded Northeast and Southeast Hubs

Combined Consensus 2021E Revenue of $1.2 Billion

 

FLORIDA & ARIZONA: Trulieve Cannabis Corp. and Harvest Health & Recreation Inc. announce they have entered into a definitive arrangement agreement pursuant to which Trulieve will acquire all of the issued and outstanding subordinate voting shares, multiple voting shares and super voting shares of Harvest. Under the terms of the Arrangement Agreement, shareholders of Harvest will receive 0.1170 of a subordinate voting share of Trulieve for each Harvest subordinate voting share (or equivalent) held, representing total consideration of approximately $2.1 billion based on the closing price of the Trulieve Shares on May 7, 2021.

Trulieve, a leading multi-state operator with a focus on the northeast and southeast regions of the United States, and Harvest, a leading multi-state operator with a focus on the west coast and northeast regions of the United States, have built deep, vertically integrated operations in their key markets, becoming leading operators in the United States, the world’s largest regulated cannabis market.

Upon completion of the Transaction, as well as the closing of other previously announced acquisitions by Harvest and Trulieve, the combined business will have operations in 11 states, comprised of 22 cultivation and processing facilities with a total capacity of 3.1 million square feet, and 126 dispensaries serving both the medical and adult-use recreational cannabis markets.

Key Transaction Highlights and Benefits

  • Increases Scale Across Our Hub Markets – through the creation of the largest U.S. cannabis operator on a combined retail and cultivation footprint basis;
  • Creates the Most Profitable US MSO – with combined 2020 Adjusted EBITDA of $266 million1,2 and combined 2021E consensus Adjusted EBITDA3 of $461 million, delivering an unparalleled platform for continued growth;
  • Delivers a Superior Existing Retail and Distribution Model – from a robust retail network of 126 dispensaries across 11 states, the combined company will have leading market shares in Arizona and Florida;
  • Strong and Expanding Multi-State Presence – bolsters Trulieve’s expansion in US northeast and southeast hubs in Florida, Pennsylvania and Maryland, and establishes a southwest hub in core markets including Arizona, where recreational adult use of cannabis was recently legalized;
  • Optimizes Nationwide Presence – through well-established retail and wholesale channels across markets, as well as the ability to reach an estimated total addressable market of US$19.3 billion in 2025E (Arcview market estimate);
  • Adds Premium Brands – to Trulieve’s portfolio of in-house brands and national brand partners with a successful line of products across multiple form factors;
  • Leverages Expert Operating Teams and Best Practices – from each of Trulieve and Harvest, enhancing operational excellence by combining unparalleled knowledge of, and success in winning, state license application processes and the ability to rapidly bring operations to market; and
  • Accretive Transaction Reinforces Trulieve’s Leading Financial Metrics – by reinforcing superior financial performance relative to peers through industry-leading margins and strong projected profitable growth.

Management Commentary

“Today’s announcement is the largest and most exciting acquisition so far in our industry, creating the most profitable public multi-state operator.  Importantly, our companies share similar customer values with a focus on going deep in core markets. This combination offers us the opportunity to leverage our respective strong foundations and propel us forward with an unparalleled platform for future growth,” stated Kim Rivers, Chief Executive Officer of Trulieve. “Harvest provides us with an immediate and significant presence in new and established markets and accelerates our entry into the adult use space in Arizona. Trulieve and Harvest are leaders in our markets, recognized for our innovation, brands, and operational expertise with true depth and scale in our businesses. We look forward to providing best-in-class service to patients and customers on a broader national scale as we create an iconic US cannabis brand.”

“We are thrilled to be joining Trulieve, a company that has achieved unrivaled success and scale in its home state of Florida,” said Steve White, Chief Executive Officer of Harvest.  “As one of the oldest multi-state operators, we believe our track record of identifying and developing attractive market opportunities combined with our recent successful launch of adult use sales in Arizona will add tremendous value to the combined organization as it continues to expand and grow in the coming years.”

Terms of the Transaction

The Transaction will be effected by way of a plan of arrangement pursuant to the Business Corporations Act (British Columbia). Under the terms of the Arrangement Agreement, Trulieve will acquire all of the issued and outstanding Harvest Shares, with each Harvest Shareholder receiving 0.1170 of a Trulieve Share for each Harvest Share, implying a price per Harvest Share of US$4.79, which represents a 34% premium to the May 7, 2021 closing price of the Harvest Shares. After giving effect to the Transaction, Harvest Shareholders will hold approximately 26.7% of the issued and outstanding pro forma Trulieve Shares (on a fully-diluted basis). The Exchange Ratio is subject to adjustment in the event that Harvest completes certain interim period refinancing measures, with the potential adjustment in proportion to the incremental costs from such financing relative to the Transaction value. Additional details of the Transaction will be described in the management information circular and proxy statement that will be mailed to Harvest Shareholders in connection with a special meeting of Harvest Shareholders expected to be held in the third quarter to approve the Transaction.

The Transaction has been unanimously approved by the Boards of Directors of each of Trulieve and Harvest. Harvest Shareholders holding more than 50% of the voting power of the issued and outstanding Harvest Shares have entered into voting support agreements with Trulieve to vote in favor of the Transaction.

The Arrangement Agreement provides for certain customary provisions, including covenants in respect of non-solicitation of alternative transactions, a right to match superior proposals, US$100 million reciprocal termination fees under certain circumstances and reciprocal expense reimbursement provisions in certain circumstances.

The Transaction is subject to, among other things, the approval of the necessary approvals of the Supreme Court of British Columbia, the approval of two-thirds of the votes cast by Harvest Shareholders at the Special Meeting, receipt of the required regulatory approvals, including, but not limited, approval pursuant to the Hart–Scott–Rodino Antitrust Improvements Act, and other customary conditions of closing. Approval of Trulieve Shareholders is not required. Additional details of the Transaction will be provided in the Circular.

The Board of Directors of Harvest has unanimously determined, after receiving financial and legal advice and following the receipt and review of a unanimous recommendation of a special committee of independent directors, that the Transaction is in the best interests of Harvest, and that, on the basis of the Fairness Opinion (as defined herein), that the consideration to be received by the Harvest Shareholders is fair, from a financial point of view, to the Harvest Shareholders.

The Harvest Board unanimously recommends that Harvest Shareholders vote in favor of the resolution to approve the Transaction. The Special Committee obtained a fairness opinion from Haywood Securities Inc., which provides that, as at the date of such opinion and based upon and subject to the assumptions, procedures, factors, limitations and qualifications set forth therein, the consideration to be received by the Harvest Shareholders pursuant to the Transaction is fair, from a financial point of view, to the Harvest Shareholders.

Trulieve Opens First Dispensary In Seffner, Florida

The new dispensary marks the Company’s 75th location nationwide

FLORIDA:  Trulieve Cannabis Corp., a leading and top-performing cannabis company based in the United States, announced today the opening of a brand-new Florida dispensary, the Company’s 75th nationwide. The new location marks the first dispensary to open in Seffner, bringing patients direct access to Florida’s largest and broadest assortment of medical cannabis products.

The new dispensary supports Trulieve’s goal of expanding and ensuring direct, reliable patient access to medical cannabis across its home state of Florida. It joins the Company’s 69 other dispensaries statewide, including several in nearby Tampa, Clearwater, and St. Petersburg.

“Access is important to us and has been a driving factor for our growth across Florida for years. Over the past few months, we’ve prioritized opening in cities and towns where access to medical marijuana was limited because we believe patients should have reliable and safe access to the medications they’ve come to rely on,” said Trulieve CEO Kim Rivers. “We’ve come a long way in four years and we’re excited to end the year strong with our 75th location nationwide and the first dispensary in Seffner.”

In honor of the Company’s brand-new dispensary, all patients — from those new to Trulieve to the dedicated Truliever community — will be eligible for a 25% in-store discount at the new Seffner dispensary on opening day. In line with policies adopted statewide, all visitors are required to wear masks for the duration of their dispensary visit. Additionally, only patients and their state-approved caregivers will be allowed inside the waiting room and dispensary at this time.

ANNOUNCING: Trulieve Seffner Grand Opening
WHERE: 801 W Martin Luther King Blvd., Seffner, Florida 33584
WHEN: Wednesday, December 30, 2020, at 9:00 a.m.

In stores and online, patients will find Florida’s largest selection of THC and CBD products, available in a variety of delivery methods, including edibles, smokable cannabis, concentrates, tinctures, topical creams, vaporizers, and more. Trulieve also offers home delivery statewide for patients and convenient in-store pickup at each of its 70 dispensaries in Florida.

To assist patients with ordering, Trulieve has made our entire catalog of products available for online ordering, with in-store pickup and statewide home delivery options available. In addition, patients can schedule a complimentary 30-minute virtual consultation with a Trulieve certified consultant to help navigate questions on products, devices, or to review their doctor’s recommendation.

Furthermore, to assist with CDC recommendations for social distancing and in compliance with additional company-enforced safety guidelines, several measures have been taken to ensure the health and well-being of employees and patients, including modifications to the layout of all stores, installation of plexiglass partitions and HEPA air filtration scrubbers in every dispensary, increasing access to masks and sanitizer throughout the store for staff and visitors, utilizing visual aids to direct traffic throughout the store, and increasing the frequency of deep cleanings for all dispensaries.

Trulieve is closely monitoring the coronavirus situation and will update store policies as needed to ensure the highest level of safety of our patients and staff. All updates will be shared directly on Trulieve’s website as they are enacted.

The Office of Medical Marijuana Use recently announced the registry had surpassed 450,000 registered medical marijuana patients with an active ID card, with Trulieve consistently selling approximately half of the state’s overall volume per the Florida Department of Health. To support the state’s rapidly growing patient base, there are more than 2,700 registered ordering physicians in the State of Florida.

Edibles, Medical, Concentrates, Oh My! The Best Brands In Each Weed Category

Most smokers remember a day when they were happy to get whatever strain of weed they could find — but now that marijuana is decriminalized across much of the U.S. and legalized medically and/or recreationally in more than half of all states, stoners can afford to be a bit more discriminating. These days, cannabis lovers can enjoy a large and diverse selection of brands and products, from traditional flower to vape products, concentrates, capsules, edibles and more.

If you don’t want to waste your time trying lower-quality weed products, you don’t have to. Read on for recommendations for the best of the best brands in each product category.

medical weedMedical

Since medicinal marijuana has been legalized in more states than recreational weed, there has been more time for medical cannabis brands to grow and develop. While medical marijuana products vary in type — you can find medical bud and pre-rolls as well as edibles, vapes and more — we are separating this category because brands here have claims about their products that other weed brands might not. Specifically, medical cannabis tends to boast a higher quality of product and more controlled experiences, such as less euphoria and paranoia and more pain relief or relaxation. Some medical marijuana brands target specific medical ailments, like menstrual discomfort or arthritis, but here are the best general medical marijuana brands on the market:

  • Nature’s Medicines. Starting as a dispensary chain and now producing a line of unique, high-quality strains and concentrates, Nature’s Medicines is gaining national attention for its efficacy.
  • Trulieve. Offering flower, vape cartridges and a number of concentrates, Trulieve is an exceedingly accessible medical marijuana brand that places emphasis on safety.
  • KIND Concentrates. As the name suggests, KIND Concentrates specializes in concentrates, specifically capsules, vape pens, RSOs and the like, with high percentages of THC.

Flower

To those new to cannabis culture, “flower” (also called bud and nug) is the portion of the marijuana plant that contains the highest percentage of cannabinoids that create the mind and body high stoners (and other marijuana users) seek. While flower is ground up and refined in chemical processes to produce edibles, concentrates and other weed products, you can still purchase flower on its own to smoke in joints, pipes and bongs or to generate your own cannabis creations. However, flower can vary greatly in quality, so until you get a feel for finding the best buds in your local dispensary, you should stick to ordering from these brands:

  • Caviar Gold. Marketed as the strongest weed in America, Caviar Gold offers four types of flower, all of them considerably higher quality than anything else in the market.
  • Omaha Farms. Recently purchased by marijuana giant MedMen, Omaha Farms is wildly popular for its flower Salad Bowls, which should be widely available soon.

Edibles

Humans have long experimented with baking and cooking cannabis into all forms of food, with the result that the candies, baked goods, crackers and other treats now available tend to be exceptionally refined recipes that taste as good (or better) as anything you can find in a regular grocery store. The world of edibles is huge and truly deserves a post all to itself — after all, how do you compare a chocolate bar with beef jerky? Still, experts agree that you can’t go wrong with the following edible brands:

  • Kiva. It’s hard to mention edibles without bringing up Kiva, which was the first widely available edible brand that used professionally trained chefs and chocolatiers to produce high-quality treats.
  • Baked Bros. Baked Bros essentially set the industry standard for infused gummies back in 2014 when their Sour Kush Kids won the Cannabis Cup, and they continue to offer the best worms, rings, bears and more on the market.
  • LOL Edibles. Specializing in reimagining popular snacks as weedy treats, LOL Edibles offers pitch-perfect THC versions of Froot Loops, Cap’n Crunch, Cheetos and more.
  • Kush Nuts. For potheads without a sweet tooth, Kush Nuts produces savory nut mixes seasoned with THC-infused oils. They look and feel fancy, but they’ll definitely get you high.

Vapes

Even amidst the concern about a vape-related lung illness, vaping remains one of the most popular ways to use cannabis. Vapes tend to offer a concentrated hit of CBD and/or THC that creates an immediate effect; plus, they are small and tend to produce less odor than traditional smoking, making them discreet for stoners on the go. Yet, it is becoming ever more obvious that quality is imperative in vape tools and products, so you should stick to these best vape brands:

  • Dosist. Setting aside the vape juice for a moment, it should be noted that Dosist produces some of the most attractive vape pens of all time. Perhaps this is why Dosist is becoming one of the fastest growing marijuana businesses in the country.
  • Willie’s Reserve. In truth, Willie Nelson offers all kinds of stuff in his line of marijuana products, but his vape cartridges are the cream of the crop.
  • Roots. Roots offers another stunningly beautiful vape pen as well as premium vape oil extracted from the highest quality cannabis plants.

You don’t have to settle for whatever weed you can scrounge up from the shady neighborhood dealer. If you try any one of the above brands, you won’t ever be tempted to go back to low-quality skunk; you’ll develop the refined marijuana palette that you deserve.