Trulieve just acquired Harvest Health & Recreation, officially making them the largest cannabis company in the nation.
Trulieve finalized this purchase today for $2.2 billion. The company, based out of Tallahassee, and founded to be a medical cannabis entity, the largest legal cannabis company to date.
“Trulieve is primarily a vertically integrated, ‘seed-to-sale’ company in the U.S. and is the first and largest fully licensed medical cannabis company in the State of Florida,” according to a press release. “Trulieve cultivates and produces all of its products in-house and distributes those products to Trulieve-branded dispensaries throughout the State of Florida, as well as directly to patients via home delivery. Trulieve is also a licensed operator in California, Massachusetts, Connecticut, Pennsylvania and West Virginia.”
Separately, Trulieve and Harvest Health & Recreation reported a combined income of $317.6 million in the second quarter of the year, not a small chunk of change. Truileve also gained a major cash acquisition with their $350 in debt financing back in June, and Harvest received $55 million recently from a licensing sale in Florida. Trulieve brought in $289 million in cash and cash alternatives as of June, and Harvest brought in $71 million.
Trulieve brought in $215 million in revenue during the second quarter, with income of almost $41 million. Harvest reported more than $102 million in revenue, for the combined $318 million.
To date, this is the highest among public reporting cannabis companies in this country, putting Trulieve at the top.
“Today’s announcement is the largest and most exciting acquisition so far in our industry, creating the most profitable public multi-state operator. Importantly, our companies share similar customer values with a focus on going deep in core markets. This combination offers us the opportunity to leverage our respective strong foundations