Trulieve (OTC:TCNNF) invests $2.1 billion in West Coast peer Harvents Health & Recreation (OTC:HRVSF). Strong potential ahead as marijuana consumption lounge bills advance in California, Nevada.
Trulieve Cannabis Corporation is active in the pharmaceuticals industry and a representative name in the health care sector. It employs over 6,000 people and is headquartered in Quincy, Florida. Trulieve announced it will invest $2.1 billion to expand its operations on the West Coast by buying rival Harvest Health & Recreation. The deal will add two more hubs in the region and thereby give the company a better national footprint.
This is a medical cannabis company, as suggested by its name. It cultivates, produces, and distributes its products through its own stores throughout the United States. It also operates through close to ninety dispensaries in America. With the marijuana momentum growing in America, Trulieve is an interesting prospect..
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Trulieve Expands Operation Through $2.1 Billion Acquisition
Trulieve announced it will invest $2.1 billion to expand its operations on the West Coast by buying rival Harvest Health & Recreation. The deal will add two more hubs in the region and thereby give the company a better national footprint.
By acquiring Harvest, Trulieve reveals a strategic direction and should support a higher valuation than the current one. Speaking of valuations, Trulieve is up close to 200% in the last twelve months, with the recent announcement being a game-changer for the company.
Trulieve managed to grow its revenue by 103.45% YoY, beating the sector’s median by a mile. Thus, investors willing to gain exposure to a new, rising industry may consider Trulieve stock.