Business

Trulieve acquires two of Pittsburgh’s biggest cannabis startups

By Patty Tascarella – Senior Reporter, Pittsburgh Business Times

WPXI SOLEVO RETAIL CENTER Solevo’s retail center in Squirrel Hill was the first dispensary to open in Allegheny County. (Pittsburgh Business Times) (SOLEVO)

By Patty Tascarella – Senior Reporter, Pittsburgh Business Times

PITTSBURGH — Two of the largest Pittsburgh-area cannabis startups, including the first dispensary to open in Allegheny County, have been acquired by a Florida company that is marking its entrance into Pennsylvania, its fifth state to date.

Trulieve Cannabis Corp., based in Tallahassee, Florida, on Wednesday announced that it has entered into definitive agreements to acquire McKeesport-based PurePenn LLC and Pioneer Leasing & Consulting LLC, known collectively as PurePenn, and Keystone Relief Centers LLC, which does business as Solevo, and is based in Pittsburgh.

Trulieve is acquiring PurePenn for an upfront payment of $46 million, comprised of $27 million in Trulieve voting shares and $19 million in cash, plus a potential earn-out payment of up to $50 million in Trulieve shares based on achievement of certain agreed milestones.

Read more from our news partners at the Pittsburgh Business Times.

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