Trulieve to purchase Pennsylvania medical cannabis retailer for $60 million

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Florida-based medical cannabis company Trulieve is spending $60 million to buy more MMJ dispensaries in Pennsylvania.

The multistate operator said Monday it will be purchasing Keystone Shops, a medical cannabis company with retail locations in PhiladelphiaDevon and King of Prussia.

The deal is comprised of $40 million in Trulieve subordinate voting shares and $20 million in cash.

There is no deferred payment or earnout period for the deal, which is expected to close during the second quarter of 2021.

“The Keystone Shops are located in a densely populated area of Pennsylvania and with their staff’s knowledgeable and customer-centric approach to patients, these dispensaries are valuable additions to our Pennsylvania portfolio,” Trulieve CEO Kim Rivers said.

In 2020, Trulieve purchased two Pennsylvania MMJ companies – PurePenn and Keystone Relief Centers – in a $66 million deal.

Adding the three dispensaries will grow Trulieve’s retail footprint to 83 dispensaries nationally.