Trulieve Cannabis Expands Beyond Florida With 2 Acquisitions

Florida-based vertically integrated cannabis company Trulieve has announced plans to expand into California and Massachusetts through the acquisition of the companies Life Essence and Leef Industries. 

Truelieve To Boost Production, Retail Operations

Trulieve is the first and largest fully licensed medical marijuana company in Florida that is engaged in cultivation of cannabis, product manufacturing and distribution through branded dispensaries across the state.

At the end of October, Trulieve opened its 21st dispensary in Florida in Palm Beach. 

With the acquisition of Life Essence, Trulieve’s operations will also include the cultivation, processing and sale of marijuana in Massachusetts. Life Essence is applying for three medical marijuana dispensaries, three recreational licenses and a 126,000-square-foot cultivation and processing facility. 

Leef Industries has received one of 12 full -permitted annual licenses issued in California.

“These transactions mark an important milestone in the growth of the Trulieve brand and our goal of becoming a leading multistate operator. 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,” Trulieve CEO Kim Rivers said in a statement. 

The details and values of the transactions have not been disclosed and are subject to regulatory approval. 

Life Essence CEO Richard Tannenbaum said: “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.” 

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© 2018 Benzinga does not provide investment advice. All rights reserved.

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