TALLAHASSEE, Fla., Dec. 27, 2023 — Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “the Company”), a leading and top-performing cannabis company in the U.S., today announced the closing of a commercial loan secured by a cultivation site in Florida for aggregate gross proceeds of $25 million. Trulieve will pay interest at a fixed rate of 8.31% for the duration of the five-year loan. Lenders were comprised of two banks, with First Federal Bank serving as lead agent. The Company intends to use the net loan proceeds for general corporate purposes.
“We are pleased to announce this non-dilutive financing, particularly given the current macroeconomic backdrop,” said Trulieve Chief Executive Officer, Kim Rivers. “This loan provides Trulieve greater flexibility and bolsters our cash position as we focus on preparing for growth catalysts.”
“The cannabis industry is an important and complex sector with a significant presence in Florida. We are honored to offer deposit and lending solutions, and particularly this loan to facilitate Trulieve’s growth,” said John Medina, President and CEO of First Federal Bank.
About First Federal Bank
First Federal Bank is a mutual bank offering consumer and commercial banking solutions, including online and mobile solutions and services. With a financial rating of “5-Star, Superior” from BauerFinancial, Inc., of Coral Gables, Fla. for more than two decades, First Federal Bank serves customers throughout the southeast. To learn more about First Federal Bank, please visit https://www.ffbf.com/.
Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S., with leading market positions in Arizona, Florida, and Pennsylvania. Trulieve is poised for accelerated growth and expansion, building scale in retail and distribution in new and existing markets through its hub strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers to live without limits. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. For more information, please visit https://www.trulieve.com/.