January 28, 2022 — Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “the Company”), a leading and top-performing cannabis company in the U.S., today announced that it has closed a second tranche of its previously announced private placement of 8% Senior Secured Notes due 2026 (the “Notes”) for aggregate gross proceeds of US$75.0 million (the “Offering”). Together with the first offering of Notes, which closed on October 6, 2021, Trulieve has issued Notes totaling aggregate gross proceeds of US$425.0 million.
The Notes have the same terms as those issued on October 6, 2021.
Canaccord Genuity Corp. (the “Agent”) acted as sole agent and sole bookrunner in connection with the Offering. The Offering was conducted on a “best-efforts”, private placement basis pursuant to the terms of an agency agreement between the Company and the Agent. The Company has made the required filings to list the Notes on the Canadian Securities Exchange (the “CSE”) following the expiry of the four-month Canadian statutory hold period.
“Trulieve’s strong financial profile and profitable track record afford us access to non-dilutive growth capital at industry leading terms for U.S. cannabis companies with multi-state operations,” said Trulieve Chief Executive Officer, Kim Rivers. “This additional funding provides greater flexibility as we execute on our strategic initiatives in 2022.”
The Company intends to use the net proceeds of the Offering for capital expenditures and other general corporate purposes.
The offering and sale of the Notes have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or the laws of any other jurisdiction. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful.
Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S. operating in 11 states, 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 Trulieve.com.