Sale of PurePenn complete
By JEFF STITT
jstitt@yourmvi.com
PurePenn, a medical marijuana cultivator and producer located in McKeesport, has been acquired by Florida-based Trulieve Cannabis Corp.
The company announced that the closing of the acquisition of “all of the issued and outstanding equity interests” of PurePenn LLC and Pioneer Leasing & Consulting LLC, combined as PurePenn, and dispensary operator Keystone Relief Centers LLC, doing business as Solevo Wellness or “Solevo,” was completed Nov. 12.
Trulieve said it paid $66 million combined for PurePenn and Solevo, which was satisfied through a payment of $29 million and the issuance of 1,780,062 subordinate voting shares of Trulieve Cannabis Corp.
“We are pleased to complete these transactions, which strengthens our presence in the northeast and provides us with a new operating state,” Trulieve CEO Kim Rivers said, adding that the business deal is supported by McKeesport Mayor Michael Cherepko, state Sen. Jim Brewster and state Rep. Austin Davis, both McKeesport Democrats, and Allegheny County Executive Rich Fitzgerald.
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