Business

Trulieve Announces Closing of $90 Million Financing

CEO Kim Rivers announces two non-dilutive financing loans secured by Florida-based cannabis MSO this month.

Published

9 months ago

December 26, 2022

Brad Cheng

Trulieve’s company headquarters is seen in Tallahassee, FL. PHOTO TRULIEVE

Trulieve (CSE: TRUL) (OTCQX: TCNNF), the Tallahassee-based cannabis company led by CEO Kim Rivers, today announced the securing of two loans totally just over $90 million. A $18.9 million commercial loan secured by a cultivation and manufacturing facility located in West Virginia and one for $71.5 million was secured by a cultivation and manufacturing site in Florida. The company intends to use the net loan proceeds for general corporate purposes.

The company’s growing presence as a multi-state operator, anchored by leading market positions in Arizona, Florida, and Pennsylvania, helped secure Trulieve a fixed rate of 7.3% for the first five years of the ten-year loan of $18.9 million and 7.53% for the duration of the $71.5 million five-year loan.

“We are pleased to announce our second non-dilutive financing this month,” said Trulieve Chief Executive Officer, Kim Rivers. “This financing at attractive terms further bolsters our cash position as we enter 2023.”

Trulieve is an industry leading, vertically integrated cannabis company and MSO in the U.S., with established hubs in the Northeast, Southeast, and Southwest, focused on growth and expansion through its hub strategy.

For more information, please visit Trulieve.com.

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