Vertically integrated cannabis company
Trulieve Cannabis Corp. (CSE:TRUL) (OTCQX:TCNNF) reported Wednesday that it has finalized its purchase of Solevo Wellness West Virginia LLC and its three West Virginia dispensary licenses. The $650,000 acquisition was previously announced in April.
Solevo obtained two dispensary permits in Morgantown and one in Parkersburg in January as part of the West Virginia application process. When combined with Trulieve’s current dispensary permits, these stores cover five counties and some of the most populated areas in the state. Trulieve is headquartered in Quincy, Florida.
Under the deal, to complete the acquisition Trulieve agreed to provide an upfront payment of $200,000, consisting of $150,000 in cash and the remaining $500,000 in Trulieve’s subordinate voting shares. Trulieve's legal counsel for the transaction was Fox Rothschild LLP.