Trulieve Closes Oversubscribed $115.5 Million Financing
Trulieve Cannabis (CSE: TRUL) has closed its previously announced private placement, raising gross proceeds of C$115,517,500. The offering saw the full over allotment exercised by the underwriters, resulting in a total of 4,715,000 subordinate voting shares of the issuer being sold.
Securities were sold at a price of $24.50 per subordinate voting share under the terms of the placement, with funds to be used primarily for business development and general working capital. The offering was lead by Canaccord Genuity whom acted as lead underwriter alongside a syndicate.
The private placement was announced by Trulieve last week, with the initial value of the raise pegged at C$100.5 million. The financing was announced shortly after the company informed the market that it would be entering the Pennsylvania market with the acquisition of both a cannabis cultivation operation as well as a dispensary operator, for $46 million and US$20 million respectively, before earn-out payments are factored in.
Trulieve Cannabis last traded at $25.40 on the CSE.
Information for this briefing was found via Sedar and Trulieve Cannabis Corp. 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.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
