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Trulieve To Sell Some 4.4M Subordinate Voting Shares In US And Canada Via Underwritten Public Offering

Trulieve Cannabis Corp. (CSE:TRUL) (OTC:TCNNF) is poised to raise funds through a marketed public offering of its shares.

The Tallahassee, Florida-based company opted to sell some 4,400,440 subordinate voting shares in the United States and Canada in an underwritten public offering.

Underwriters will be granted a month to buy up to an additional 660,066 subordinate voting shares at the public offering price, which was not disclosed.

The offering, conducted via a syndicate of underwriters, will be led by Canaccord Genuity LLC. The closing date is subject to the receipt of all regulatory and stock exchange approvals.

The company said Monday it intends to utilize the proceeds to fund business ‎development, as well as for general working capital purposes‎.

Expanding Fast

This week, Trulieve also opted to expand its footprint recently by acquiring three Pennsylvania-based medical marijuana dispensaries. According to its Monday update, the company purchased three Keystone Shops stores for $60 million.

In March, the acquisition of Mountaineer Holding LLC boosted its footprint in West Virginia to six dispensaries.

“As we enter 2021 with the political changes and heightened focus on cannabis in the country, we believe these shifts along with our momentum and strategic vision position us for a strong year ahead,” CEO Kim Rivers said.

According to its latest earnings update, the company expects to generate between $815 million and $850 million in revenue during 2021 and between $355 million and $375 million in adjusted EBITDA.

Photo by Esteban Lopez on Unsplash

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