Trulieve Cannabis Corp. to Acquire Life Essence, Inc. and Leef Industries, LLC

The transactions on both coasts are the first operational ventures beyond the state of Florida.

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November 9, 2018

TORONTO, Nov. 8, 2018 /CNW/ - PRESS RELEASE - Trulieve Cannabis Corp. has announced that the company has entered into agreements to acquire 100 percent of Life Essence, Inc. and 100 percent of Leef Industries, LLC. These two acquisitions – expected to close when certain regulatory approvals are received – represent the first operational ventures for Trulieve beyond the state of Florida.

Life Essence is a seed-to-sale cannabis company with multiple locations under development in the Commonwealth of Massachusetts. It was recently awarded letters of support from the cities of Northampton, Cambridge and Holyoke, Massachusetts, and is applying for licenses to build and operate three medical Registered Marijuana Dispensaries, three recreational marijuana licenses, and a 126,000-square-foot cultivation and processing facility. These initiatives will allow Life Essence to build out its infrastructure and engage in cannabis cultivation, processing and retailing.

Leef Industries is a licensed medical and adult-use cannabis dispensary located in Palm Springs, California. Leef Industries recently received one of only twelve fully-permitted annual licenses issued by the state of California. Currently, Leef Industries has demonstrated encouraging growth in the market, offering in-store and online shopping, along with product home delivery.

"These transactions mark an important milestone in the growth of the Trulieve brand and our goal of becoming a leading multi-state operator," said Kim Rivers, CEO of Trulieve. "Life Essence is establishing itself as a prominent seed-to-sale operator in Massachusetts, while Palm Springs-based Leef Industries is a leading cannabis retailer in one of the largest and most significant cannabis markets in the country. We look forward to establishing the Trulieve brand and leveraging our proven business model to deliver a truly unique and full-service experience to customers in these booming markets."

Both Life Essence and Leef Industries echoed Rivers' enthusiasm for their respective transactions.

"This acquisition presents an extraordinary opportunity for two organizations to come together to provide a best-in-class offering to Massachusetts customers from a trusted brand name," said Richard Tannenbaum, CEO of Life Essence. "There is clear alignment with Trulieve's values and mission and we are delighted to become a part of the Trulieve family."

"I am excited about how Trulieve's experience and brand savvy will accelerate the growth of the cannabis market in Palm Springs and beyond," said Kort Potter, CEO of Leef Industries. "We look forward to joining forces with an industry leader like Trulieve."