Trulieve becomes the largest cannabis company in the United States

A busy time by Curaleaf, the leading position in terms of cannabis sales in the United States has been taken by Trulieve following the acquisition of the Arizona-based company Harvest Health & Recreation.

Transaction worth US$2.1 billion (€1.8 billion) had been announced in May. According to the company, Trulieve is now the largest and most profitable cannabis company in the United States.

With this acquisition, Florida-based Trulieve now owns 150 cannabis dispensaries across the country and over 25 hectares of cultivation space.

«The completion of this transaction marks an important milestone in our company's history and positions Trulieve as the leading operator of medical and adult-use cannabis in the U.S.,» said Kim Rivers, the company's CEO.

In August, Trulieve reported second-quarter revenues of US$215.1 million ($272 million), with net earnings of US$40.9 million ($51.8 million). Over the same period, Harvest reported revenues of US$102.5 million ($129 million).

«This combination brings together two companies with depth and breadth in key markets, providing a platform for growth for years to come,» said Steve White, CEO of Harvest. «Trulieve's customer-centric values align well with Harvest's commitment to improving lives through the benefits of cannabis,» added Steve White.

When the deal was announced in May, Rivers called it «the largest and most exciting acquisition in our sector to date».

«Harvest brings us an immediate and significant presence in new markets and accelerates our entry into the adult-use space in Arizona,» Rivers continued. «Trulieve and Harvest are leaders in our markets, recognized for our innovation, brands and operational expertise with true depth and scale in our businesses. We look forward to providing best-in-class service to patients and customers on a broader national scale as we create an iconic American cannabis brand. «