MediaNews Group via Getty ImagesTrulieve Cannabis, the largest cannabis cultivator and retailer in Florida, announced that it will acquire Harvest Health and Recreation, the largest cannabis operator in Arizona, in an all stock deal valued at $2.1 billion. The transaction must be approved by regulators, but if completed it would create one of largest cannabis companies in the U.S. “It’s a significant moment for both of our companies as we create the most profitable cannabis company in the largest market in the world,” says Trulieve CEO Kim Rivers. “The transaction will create the largest U.S. cannabis operator on a combined retail and cultivation basis and the most profitable U.S. [cannabis company] on an adjusted EBITDA basis,” Cowen’s Viven Azer wrote. But in the near and mid-term, she says Trulieve’s operations in Florida, Arizona and Pennsylvania will help drive efficiencies in each region.

Source: Forbes May 12, 2021 11:48 UTC