Court approves of Trulieve’s Harvest Health acquisition

Court approves of Trulieve’s Harvest Health acquisition

Bethan Rose Jenkins, Cannabis News Writer/Editorial

Cannabis-focused multi-state operator (MSO) Trulieve is celebrating the progress of its monumental $2.1 billion deal to purchase Harvest Health & Recreation

The latest reports reveal that Florida-based Trulieve is inching ever-closer to finalizing the deal, following Harvest’s final court order assenting to the agreement from the Supreme Court of British Columbia.

“We have and will continue to work collaboratively with the entire Trulieve team until we obtain all of (the) required regulatory approvals needed to close,” said the CEO of Harvest Health, Steve White, in a news release published on Thursday, August 19.

The deal was initially confirmed in May. However, it was contingent on the Canadian court’s approval due to the fact that, according to Trulieve, it “will be effected by way of a plan of arrangement pursuant to the Business Corporations Act (British Columbia).”

About Harvest Health

Boasting headquarters in Tempe, Arizona, Harvest Health & Recreation Inc. is a vertically-integrated cannabis company and MSO that has been serving the growing market since its inception in 2011. 

Through the manufacturing, retail sale and acquisition of various cannabis products, Harvest has successfully managed to broaden its retail and wholesale presence across the Nation. 

Aside from serving medical cannabis patients, Harvest also provides its services to licensed retail dispensaries across multiple U.S. states with one goal in mind: to enhance people’s lives with the green plant.

Stock market investors and traders can find Harvest trading on the Canadian Securities Exchange under the ticker “HARV” and on U.S. over-the-counter markets under the ticker “HRVSF”.

Harvest’s financial results reflect the cannabis company’s ongoing success. Second quarter revenue for 2021 was $102.5 million, which is 84 percent more than Q2 2020. Net losses reduced in the second quarter of this year to $19.2 million from $23.0 million in Q1 2021.

Moreover, adjusted EBITDA was recorded as $28.0 million in Q2 2021, compared to $26.9 million in Q1 2021.

About Trulieve

Trulieve prides itself on being the first and best medical cannabis company in the state of Florida. As much as 48 percent of the state’s market is served by Trulieve’s vertically-integrated “seed-to-sale” operation.

In addition to the 85 stores that are scattered across Florida, customers are also able to buy Trulieve’s cannabis products the company’s stock portfolio features over 700 SKUs from 90 nationwide stores. 

Stock market investors and traders can find shares of Trulieve trading on the Canadian Securities Exchange under the ticker “TRUL” and on the U.S. OTC markets under the ticker “TCNNF”.

The company’s financial results are certainly something to shout about, with archived revenues for quarter two of 2021 amounting to $215.1 million. In comparison with last year, this is a sequential increase of $21 million. 

Moreover, Trulieve generated net income of $40.9 million and confirmed an adjusted EBITDA of $94.9 million during Q2 2021. A total of $144.5 million gross profit was also registered.