Friday, January 28, 2022 8:40:47 AM
In acquiring Harvest, Trulieve positioned itself to rival Massachusetts-based Curaleaf Holdings as the largest marijuana company in the U.S. based on revenue.
Trulieve inherited Harvest’s industry-leading position in Arizona’s marijuana market, including 320,000 square feet of cultivation and processing facilities, 16 retail outlets, three additional licenses and an option on a 20th license.
Trulieve also enhanced its leading position in Florida’s massive medical cannabis market.
St. Louis-based investment research firm Stifel GMP wrote in September that, in Florida, “Trulieve can immediately absorb Harvest’s 12 open stores and additional production to increase productivity and efficiency, further defending its 45-50% market share.”
The Harvest acquisition overall, Stifel wrote, opens additional M&A opportunities for Trulieve to fill gaps in three hubs across the U.S.: the Southeast, Southwest and Northeast.
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