On Monday,
Trulieve Cannabis Corp. (CSE:TRUL) (OTCQX:TCNNF) announced it s purchasing
Harvest Health & Recreation Inc. (CSE:HARV) (OTCQX:HRVSF) for roughly $2.1 billion in stock. Harvest shareholders will own roughly 26.7% of Trulieve s issued and outstanding pro forma shares on a fully diluted basis.
Commenting on the deal, Debra Borchardt, CEO of Green Market Report, told Benzinga, “The acquisition is likely to come with its fair share of headaches. Harvest Health has a mountain of debt and lots of lawsuits over various deals. Still Trulieve is certainly on a quest to become a nationwide company and this will certainly help pave the way.”
Operator
Good day and thank you for standing by. Welcome to the Charlotte s Web Holdings Inc. first-quarter conference call. [Operator instructions] I would now like to hand the conference over to your speaker today, Cory Pala, investor relations.
Please go ahead.
Investor Relations
Thank you, Megan. Good morning and thank you, everyone for joining us for our 2021 first-quarter earnings conference call for Charlotte s Web Holdings. My name is Cory Pala, director of investor relations. Leading the call today is Charlotte s Web s CEO, Deanie Elsner; and CFO, Russ Hammer.
The earnings press release, financial statements and our first quarter for our first quarter as well as our MD&A can be found on the investor relations of our website now, and these have all been filed on sedar.com. On today s call, Deanie will share some high-level comments on today s earnings results, an update on the business, and Russ will provide more detail around the financial results. We will take questi
1
Adjusted EBITDA presented in prior periods has been reclassified to conform with the current period presentation to include interest income as a reduction of EBITDA and restructuring charges as an addition to Adjusted EBITDA.
Forward-Looking Information
In the interest of providing the shareholders and potential investors of Charlotte s Web Holdings, Inc. with information about the Company, certain information provided constitutes forward-looking statements or information (collectively, forward-looking statements ). Forward-looking statements are typically identified by words such as may , will , should , could , anticipate , expect , project , estimate , forecast , plan , intend , target , believe and similar words suggesting future outcomes or statements regarding an outlook. Although these forward-looking statements are based on assumptions the Company considers to be reasonable based on the information available on the date such statements are made, suc
In Booming Cannabis Industry, Look for Even More M&A Activity
Cannabis mega-mergers could create industry giants. Weeks after Tilray and Aphria merged, Trulieve Cannabis just announced its plans to acquire Harvest Health & Recreation in a $2.1 billion all-stock deal. Combined they would be one of the largest cannabis companies in the world in terms of sales, notes Barron’s. Coupled with state and potential federal legalization of cannabis could be substantial news for companies like
Allied Corp. (OTCQB:ALID),
Canopy Growth Corporation (NASDAQ:CGC)(TSX:WEED),
Tilray Inc. (NASDAQ:TLRY), and
Charlotte’s Web Holdings Inc. (TSX:CWEB)(OTCQX:CWBHF).
When Charlotte s Web Holdings Inc. (OTC: CWBHF)(TSX: CWEB) agreed to buy Abacus Health Products Inc. (CSE: ABCS) in March, expectations were high. Abacus is a market-leading player in OTC topical products combining active pharmaceutical ingredients with hemp extract, Charlotte s. Read More. Don t Miss Any Updates! News Directly in Your Inbox Subscribe to: