Trulieve Cannabis Corp. (CSE: TRUL) today announced that the Company has entered into agreements to acquire 100% of Life Essence, Inc. and 100% 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."
About Life Essence, Inc.
Life Essence is a Massachusetts corporation currently in the permitting and development phase for multiple adult-use and medical cannabis retail locations, and a cultivation and product manufacturing facility in the Commonwealth of Massachusetts.
About Leef Industries, LLC.
Leef Industries is a leading licensed medical & adult-use cannabis dispensary in Palm Springs, California offering in-store shopping, online purchases and home delivery.
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.