Trulieve Cannabis (TRUL.C), a vertically integrated seed-to-sale cannabis company in the US, announced today that it has closed the acquisition of Solevo Wellness West Virginia and its three West Virginia dispensary permits.
“Completing this transaction broadens our presence in West Virginia. With the addition of Solevo West Virginia, and our recently announced transaction with Mountaineer Holding LLC, Trulieve now has cultivation, production and nine dispensary permits in the state…,” commented Kim Rivers, Trulieve’s Chief Executive Officer.
Solevo Wellness is a medical marijuana dispensary based in Pittsburgh, Pennsylvania. The PA-based company is focused on providing medical cannabis relief to consumers certified with serious medical conditions like arthritis, glaucoma, cancer, autism, and Parkinson’s disease. In addition to offering personal and professional care, Solevo offers an extensive lineup of quality cannabis products including vapes, edibles, concentrates, and topicals. Currently, Solevo operates three dispensary locations throughout Pennsylvania, located in Pittsburgh, Zelienople, and Washington.
In January 2021, Solevo was awarded two permits in Morgantown and one in Parkersburg as part of its West Virginia application process. With this in mind, these locations, combined with Trulieve’s dispensary permits, are spread across five counties, including some of most populated cities in West Virginia. Not convinced? In 2021, Morgantown and Parkersburg ranked third and fourth, respectively, for most populous cities in West Virginia. Furthermore, while Charleston, West Virginia’s most populated city, saw its population decrease, Morgantown has actually seen its population increase 5.40% since 2010.
Trulieve is committed to investing in the communities in which it operates. We will approach West Virginia with the same high level of integrity, focus on diversity, equity, and inclusion, and dedication to a variety of quality products to provide the best access and customer experiences to West Virginia patients,” continued Ms. Rivers.
Trulieve acquired Solevo West Virginia and its three dispensary permits for an upfront payment of $150,000 in cash, and $500,000 in Trulieve subordinate shares. With this in mind, Trulieve has completed the acquisition of Solevo for a total of $650,000. In addition to Trulieve’s latest acquisition, the Company’s has also announced its Pride Month initiatives, which directly support LGBTQ+ communities throughout the month of June. In Massachusetts, during the opening of Trulieve’s first dispensary location in Northampton, a percentage of sales went towards MassEquality, an organization dedicated to promoting sexual equality. Trulieve will also introduce new products, with a portion of sales going towards local organizations supporting the LGBTQ+ community.
Trulieve’s share price opened at $46.55, up from a previous close of $46.39. The Company’s shares are up 1.60% and are currently trading at $47.13 as of 11:11AM ET. This indicates that there has been some change following the news.
