Trulieve Cannabis (CSE: TRUL) has added assets in Ohio to its portfolio following the conclusion of litigation in the state related to the acquisition of certain Harvest of Ohio assets in connection with its 2021 purchase of Harvest Health and Recreation..
The litigation was launched in July of last year in relation to $23.8 million in unpaid loans and other fees owed to Trulieve, which was used for capital and operating expenses, including funding payroll, paying licensing fees and rent.
As part of the settlement of that debt, Trulieve is to acquire Harvest of Ohio, LLC, which has retail storefront licenses for medical cannabis dispensaries in Columbus and Beavercreek. A third dispensary operated by Harvest of Ohio meanwhile will be transferred to Ariane Kirkpatrick, while the assets of Harvest Grows, LLC, and Harvest Processing, LLC, will be divested by Kirkpatrick. Those two entities are used to operate a production facility in Ironton, which will be sold to an unrelated third party whom Trulieve will enter into a service agreement with to provide operational support.
READ: Trulieve Sues Ex-CFO For Using Firm’s Funds As “Personal Slush Fund”
As part of the settlement, Trulieve is to also pay an “immaterial amount” to Kirkpatrick.
Following the settlement, Trulieve will operate three dispensaries within the state.
Trulieve last traded at $13.10 on the CSE.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
