TALLAHASSEE, Fla., Jan. 21, 2022 Trulieve Cannabis Corp In Recent News announced it 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.
“We are excited to close this acquisition which is in line with our strategic priorities. 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.” said Kim Rivers, CEO of Trulieve.
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 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.
Trulieve is also celebrating it’s one year anniversary of Recreational Cannabis in Arizona which occurred shortly after voters approved Proposition 207, which legalized the possession and use of marijuana for adults. Proposition 207, also known as the Smart and Safe Arizona Act, was a voter initiative that appeared on the November 3, 2020 Arizona general election ballot. Passing with about 60% of the vote, the proposition allows for the legalization, taxation, and recreational use of cannabis for adults 21 and over. Proposition 207 includes a new statute (A.R.S. § 36-2862) that authorizes some people to petition a court for an order that will seal their marijuana-related criminal records. Eligible petitioners are those who were arrested, charged, convicted or acquitted of any of the below listed offenses based on conduct occurring before November 30, 2020.
Kim Rivers, CEO of Trulieve
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