|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||38.24 - 41.48|
|52 Week Range||8.47 - 53.73|
|Beta (5Y Monthly)||1.44|
|PE Ratio (TTM)||72.85|
|Earnings Date||May 13, 2021|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||71.54|
WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Harvest Health & Recreation Inc. ("Harvest" or the "Company") (OTC: HRVSF) in connection with the proposed acquisition of the Company by Trulieve Cannabis Corp. ("Trulieve") (OTC: TCNNF). Under the terms of the merger agreement, Harvest shareholders will receive 0.1170 shares of Trulieve common stock for each Harvest share that they own, representing implied per-share merger consideration of approximately $4.79 based upon Trulieve's May 7, 2021 closing price of $40.92. Upon consummation of the transaction, current Harvest shareholders will own only 26.7% of the issued and outstanding pro forma Trulieve shares.
Trulieve Cannabis Corp. ("Trulieve" or the "Company") (CSE: TRUL) (OTC: TCNNF) and Harvest Health & Recreation Inc. ("Harvest") (CSE: HARV, OTCQX: HRVSF) are pleased to announce they have entered into a definitive arrangement agreement (the "Arrangement Agreement") pursuant to which Trulieve will acquire all of the issued and outstanding subordinate voting shares, multiple voting shares and super voting shares (the "Harvest Shares") of Harvest (the "Transaction"). Under the terms of the Arrangement Agreement, shareholders of Harvest (the "Harvest Shareholders") will receive 0.1170 of a subordinate voting share of Trulieve (each whole share, a "Trulieve Share") for each Harvest subordinate voting share (or equivalent) held (the "Exchange Ratio"), representing total consideration of approximately $2.1 billion based on the closing price of the Trulieve Shares on May 7, 2021.
Medical cannabis company Trulieve Cannabis (TCNNF) has completed the acquisition of Mountaineer Holding LLC. Trulieve made a total payment of $6 million for this acquisition of which $3 million was paid in cash. The remaining payment was made by issuing 60,342 Trulieve subordinate voting shares. The acquisition sets up Trulieve’s vertical integration into West Virginia and bolsters its national expansion with the addition of operations in its sixth state. Trulieve CEO Kim Rivers said, “We are pleased to complete this transaction quickly as the addition of Mountaineer achieves a significant presence for us in West Virginia. Our teams have already been at work in the state and adding Mountaineer to our portfolio provides significant potential for depth and scale.” (See Trulieve stock analysis on TipRanks) Rivers added, “We look forward to serving West Virginia patients, and expect to be operational before the end of 2021.” On April 28, Needham analyst Matt McGinley reiterated a Buy rating on the stock with a $60.75 price target (55% upside potential). McGinley commented, “Trulieve has ~20% unit share, ~50% market share, and 80% of patients in FL are Trulieve customers. We estimate the medical cannabis market in Florida grows from ~$1.1B to ~$-2.5BI in 2024 and expect that potential changes to vertical integration requirements or adult-use legalization in Florida will benefit Trulieve.” The company is expected to report 1Q results on May 13. McGinley expects to see “strong topline and EBITDA growth” on the back of growth in Florida operations and benefits from recent acquisitions. Based on 9 unanimous Buys, consensus on the Street is that Trulieve is a Strong Buy. The average analyst price target of $69.74 implies 78% upside potential. Owing to heightened investor interest in Cannabis stocks, Trulieve shares have seen an approximate 301% gain over the past year. Related News: Microsoft Reports Better-Than-Expected 3Q Results; Shares Drop 3% After-Hours Alphabet Pops 4% After A Blowout Quarter, Google Cloud & Ad Revenues Outperform Apple’s 2Q Sales Pop 54% As Services and Mac Revenue Booms; Shares Gain After-Hours More recent articles from Smarter Analyst: Fox Corp Snaps Up Outkick Media Qorvo Snaps up NextInput; Street Says Buy H&F To Buy At Home For $2.8B; Investors To Receive $36 Per Share J&J Vision Receives Approval For TECNIS Synergy And TECNIS Synergy Toric II IOLs In US And Canada