Florida’s Largest Medical Cannabis Firm Trulieve Proposes Public Offering

Courtesy of Trulieve

Trulieve Cannabis (CSE: TRUL) has filed a preliminary prospectus supplement for a proposed public offering of the company’s units.

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Each unit will consist of one 9.75% senior secured note of $1,000 and subordinate voting share purchase warrants, the Florida-based licensed medical cannabis provider said in a statement.

Canaccord Genuity Corp. will act as the exclusive agent for the offering which will be priced in the context of the market with the number of units, issue price of the units, number of warrants and exercise price thereof, and total size of the offering to be determined at the time of entering into an agency agreement for the offering.

The outstanding subordinate voting shares of the company are listed and posted for trading on the Canadian Securities Exchange. The company will apply to list the notes, the warrants and the subordinate voting shares to be issued upon the exercise of the warrants on the CSE.

Trulieve intends to use the net proceeds from the offering for capital expenditures, acquisitions, to repay indebtedness and for general corporate purposes.

The offering is subject to a number of customary conditions including, but not limited to, receipt of all necessary regulatory approval and stock exchange approval, including approval of the CSE and the entering into of an agency agreement with the agent.

Florida’s Largest Medical Cannabis Operator

Trulieve is the first and largest fully licensed medical cannabis company in Florida, the third most populous state in the U.S.

The company cultivates and produces all of its products in-house and distributes those products to Trulieve-branded stores throughout the state of Florida, as well as directly to patients via home delivery. It also operates in California, Massachusetts and Connecticut.

The company’s vertically-integrated “seed-to-sale” operation has approximately 65% of the Florida market. With a patient base that grows approximately 10% month-to-month, it is poised for growth in this attractive market.

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