Tallahassee, Florida-based Trulieve Cannabis Corp. has agreed to pay $60 million to acquire the medical marijuana dispensary license of Anna Holdings, which operates as Keystone Shops with locations in South Philadelphia, Devon and King of Prussia.
The deal, expected to close some time in the second quarter, includes $40 million in Trulieve subordinate voting shares and $20 million in cash. The deal does not carry a deferred payment or an earn-out period.
Trulieve (OTC: TCNNF) is a national operator with 83 dispensary licenses in Florida, California, Massachusetts, Pennsylvania, Connecticut and West Virginia. CEO Kim Rivers said in a statement that the deal bolsters national expansion efforts and complements its current portfolio.
“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,” Rivers said.