Another done (marijuana) deal: Trulieve finishes merger with Canadian concern

Trulieve, a Florida medical marijuana provider, and a Canadian mining company on Friday said they had completed their merger and will start trading stock publicly in Canada.

Trulieve will begin trading on the Canadian Securities Exchange (CSE) under the symbol “TRUL” on Tuesday, according to a press release. Toronto-based Schyan Exploration Inc. combined with Trulieve to become Trulieve Cannabis Corp. 

The new company’s CEO and board chairman is Kim Rivers, the head of the former Trulieve Inc., who now holds 159,867 of what are termed “Super Voting Shares” in the new company, or 18.75 percent, a company statement said.

Thad Beshears, co-owner and chief operating officer of Jefferson County’s Simpson Nurseries, holds 150,000 Super Voting Shares, or 17.6 percent. He’s a brother of state Rep. Halsey Beshears, a Monticello Republican. Simpson Nurseries is the Beshears family business. 

The closing is the latest big deal in the state’s medicinal cannabis market, which has been seen as a potential multibillion-dollar industry by investors.

Trulieve has one of 14 “medical marijuana treatment center” (MMTC) licenses in the state, according to the Department of Health’s Office of Medical Marijuana Use.

Florida has a vertically-integrated market, meaning the same provider grows, processes and sells its own marijuana. 

A legal challenge against the state is still pending. It’s over how many retail stores Trulieve can open, and where, under state law. Its website last listed 17 retail locations and a call center.