TALLAHASSEE, Fla., Feb. 15, 2022 – PRESS RELEASE – Trulieve Cannabis Corp., a leading and top-performing cannabis company in the U.S., announced it has completed the acquisition of an operational 64,000-square-foot cultivation facility in Phoenix. Trulieve will pay $13.75 million cash at closing, with potential milestone payments subject to earn-out and escrow requirements.
"We are excited to close this acquisition which is in line with our strategic priorities," Trulieve CEO Kim Rivers 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."
The new cultivation facility immediately improves supply-chain capacity and becomes Trulieve's fifth cultivation facility in Arizona, supporting Trulieve's 17 dispensaries in the state 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.
