Regulatory achievement marks a key milestone in formalizing acquisition of California-based cannabis dispensary
TORONTO, Nov. 30, 2018 /CNW/ - Further to its press release of November 8, 2018. Trulieve Cannabis Corp. (CSE: TRUL) ("Trulieve" or the "Company") today announced it has received qualifying approvals from the City of Palm Springs for the transfer of Leef Industries, LLC's ("Leef Industries") dispensary permits and has acquired 80% of the issued and outstanding membership interest of Leef Industries.
In accordance with the terms of the definitive agreement of purchase and sale dated November 8, 2018, Trulieve will acquire the remaining 20% of Leef Industries upon receipt of final regulatory approval from the State of California.
"We are very pleased to complete this important step in Trulieve's acquisition of Leef Industries," said Kim Rivers, CEO of Trulieve. "We look forward to soon providing our high-quality products and market-leading customer experience to the Palm Springs market."
About Leef Industries, LLC.
Leef Industries is a licensed medical and adult-use cannabis dispensary located in Palm Springs, California. Leef Industries recently received one of only 12 fully-permitted annual licenses issued by the State of California.
About Trulieve Cannabis Corp.
Trulieve is a vertically integrated "seed-to-sale" company and is the first and largest fully licensed medical cannabis company in the State of Florida. Trulieve cultivates and produces all of its products in-house and distributes those products to Trulieve-branded stores (dispensaries) throughout the State of Florida, as well as directly to patients via home delivery. Trulieve is listed on the Canadian Securities Exchange under the symbol TRUL.
This press release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state of the United States and may not be offered or sold within the United States (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
This news release includes forward-looking information and statements, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company, including the receipt of regulatory approval from the State of California. Such statements include statements regarding the completion of the proposed acquisitions and the plans for the assets of the entities being acquired. Words such as "expects", "continue", "will", "anticipates" and "intends" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the Company's current projections and expectations about future events and financial trends that management believes might affect its financial condition, results of operations, business strategy and financial needs, and on certain assumptions and analysis made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors management believes are appropriate. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
SOURCE Trulieve Cannabis Corp.
For further information: Kevin Darmody, Director, Investor Relations, (850) 480-7955, [email protected]