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Fox Rothschild Represents Trulieve in $60 Million Acquisition of Keystone Shops

April 6, 2021 – Press Releases

A Fox Rothschild LLP cannabis team, led by Partner Sean P. Coyle, represented Trulieve Cannabis Corp., (CSE: TRUL) (OTCQX: TCNNF), a leading and top-performing cannabis company in the United States, in its $60 million acquisition of Anna Holdings LLC, the owner of a dispensary permittee operating under the name Keystone Shops (Keystone Shops), with locations in Philadelphia, Devon and King of Prussia.

The deal adds three fully operational dispensaries in the Philadelphia region to Trulieve’s national retail footprint and expands its Pennsylvania presence, which is the fifth most populated and limited-license state.

Trulieve has agreed to acquire Keystone Shops for an upfront payment of $60 million, comprised of $40 million in Trulieve subordinate voting shares and $20 million in cash. The deal does not carry a deferred payment or an earn-out period. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close during the second quarter of 2021.

Coyle was assisted by Fox attorneys Michelle S. Rosenberg, Maureen R. Monaghan, Adam B. Diaz and Joshua Horn.