On October 6, 2021, Trulieve Cannabis Corp. (“Trulieve”) (CSE: TRUL) (OTCQX: TCNNF) announced the closing of a private placement of 8% senior secured notes for aggregate gross proceeds of USD$350 million. DLA Piper Canada acted for Trulieve in connection with this offering, which is believed to be the largest debt financing to date of any public multi-state operator.
Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S. operating in 11 states, with leading market positions in Arizona, Florida, and Pennsylvania. The offering was conducted on a “best-efforts”, private placement basis pursuant to the terms of an agency agreement between Trulieve and Canaccord Genuity Corp., as sole agent and sole bookrunner. Trulieve has made the required filings to list the Notes on the Canadian Securities Exchange following the expiry of the four-month Canadian statutory hold period.
You can read more about the transaction here.
The DLA Piper Canada team assisting Trulieve included Derek Sigel, Catherine Kay, Ilia Danef and Kevin Fritz (tax).