Trulieve Cannabis acquired a 64,000-square-foot cultivation facility in Phoenix for $13.75 million in cash, a move that increases the multistate operator’s massive marijuana holdings in the Arizona market.
Trulieve said in a news release that the agreement includes potential payments subject to certain performance milestones.
“The facility strengthens Trulieve’s presence in the cornerstone market of our Southwest hub, as well as expands our cultivation capacity,” Trulieve CEO Kim Rivers said in the release.
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Trulieve now has five cultivation facilities to support 17 retail outlets in Arizona’s billion-dollar medical and recreational marijuana market.
The Florida-based MSO became the market leader in the state by acquiring Arizona-based Harvest Health & Recreation last year.