Trulieve acquires licensed marijuana store in Massachusetts for $13.5 million

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Multistate marijuana company Trulieve Cannabis closed its acquisition of a licensed recreational marijuana store in Worcester, Massachusetts, for $13.5 million.

Nature’s Remedy of Massachusetts will receive $13.5 million, comprising $7 million in cash and the rest in Trulieve subordinate voting shares, according to a news release.

Tallahassee, Florida-based Trulieve said the location would be the company’s second Massachusetts outlet.

“This location will allow us to continue rolling out our expanded portfolio of products in Massachusetts … while providing industry-leading customer service including our no-questions-asked exchange and return policy,” Trulieve CEO Kim Rivers said in a statement.

The acquired dispensary should serve as “a good incremental profit contributor while also benefitting towards further diversification of (Trulieve’s) overall footprint,” Andrew Partheniou, Stifel GMP associate vice president of institutional research, wrote in a Wednesday note to clients.

Partheniou wrote that he expects Trulieve could open the Worcester dispensary “imminently.”

Trulieve recently acquired a cultivation license and dispensary permits in West Virginia’s medical marijuana market as well as a Pennsylvania medical cannabis retailer.

Shares of Trulieve trade on U.S. over-the-counter markets as TCNNF and on the Canadian Securities Exchange as TRUL.

Earlier this year, Nature’s Remedy of Massachusetts agreed to be acquired by Florida-based MSO Jushi Holdings for up to $110 million. That deal is expected to close later this year.