Recent Acquisition Created World’s Largest Cannabis Company
Trulieve Cannabis Corporation, based in Florida but operating across multiple states, has bought Harvest, a chain of stores and dispensaries selling medical and recreational marijuana. This deal has created the largest cannabis operator in the world by several metrics.
The physical strength of the new business includes over 3.1 million square feet of cannabis cultivation facilities and 149 retail outlets to sell the product. The company is also in excellent financial health.
A Platform for Future Expansion
According to Trulieve’s CEO Kim Rivers, the main goal that both companies were pursuing with this acquisition was to accelerate their future growth. New Initiatives to legalize cannabis by individual states present excellent near-term opportunities. But there are also federal bills that seek to make the substance legal across the nation. If passed, they would bring instant success to businesses that are leaders in terms of capital, financial performance, and scalability.
A Win-Win Type of Deal
Rivers explained that Trulieve chose Harvest because of its presence in the key markets of Florida, Arizona, and Maryland. The depth and scale of Harvest's operations put it way ahead of the competitors. Harvest, in its turn, is now able to make its assets perform better than ever thanks to Trulieve’s cash flow and reputation.
The bigger of the two businesses has also made sure that Harvest’s CEOs find their place on the new company’s corporate ladder. And all the managers and employees are welcome to stay on board.
The now largest American cannabis operator plans to strengthen and expand its footprint across the US Northeast, Southeast, and Midwest. Harvest, which has been trading on the Canadian Securities Exchange, will be delisted today, October 4.
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