Page 30 - SOUTH FLORIDA HOPSITAL NEWS JUNE 2021

Method Testing Labs Launches Trulieve Announces the Largest

Florida Cannabis Testing U.S. Cannabis Transaction

Trulieve Cannabis Corp. and Harvest Health &
Recreation Inc. are pleased to announce they have
entered into a definitive arrangement agreement pur-
suant to which Trulieve will acquire all of the issued
and outstanding subordinate voting shares, multiple
voting shares and super voting shares of Harvest. Under
the terms of the Arrangement Agreement, shareholders
of Harvest will receive 0.1170 of a subordinate voting
share of Trulieve for each Harvest subordinate voting
share (or equivalent) held, representing total consider-
ation of approximately $2.1 billion based on the closing
price of the Trulieve Shares on May 7, 2021.
Trulieve, a leading multi-state operator with a focus
on the northeast and southeast regions of the United Kim Rivers
States, and Harvest, a leading multi-state operator with
a focus on the west coast and northeast regions of the
United States, have built deep, vertically integrated
operations in their key markets, becoming leading
(l-r) Rob Radke and Keith Browning operators in the United States, the world's largest regu-
lated cannabis market.
Method Testing Labs recently became the sixth company licensed to test cannabis Upon completion of the Transaction, as well as the
in Florida. Based in Tampa, Method provides cannabis testing throughout Florida and closing of other previously announced acquisitions by
Hemp testing throughout the country. Harvest and Trulieve, the combined business will have
“Having led businesses as a cannabis operator, we understand the business and our operations in 11 states, comprised of 22 cultivation and
customers’ needs and built our laboratory from the ground up based on that experi- processing facilities with a total capacity of 3.1 million
ence. We’ve set up multiple testing laboratories, bought third-party lab services, expe- square feet, and 126 dispensaries serving both the med-
rienced the challenges in the supply chain, and we know the need for transparency of ical and adult-use recreational cannabis markets.
results and patient safety,” said Keith Browning, Method Testing Labs’ CEO. “This announcement is the largest and most exciting Steve White
The lab offers a full spectrum of testing and industry-leading turnaround times, acquisition so far in our industry, creating the most
issuing all results within 24-72 hours. It was developed with an entirely digitized profitable public multi-state operator. Importantly, our companies share similar cus-
sample process, using a customized laboratory management system and patient por- tomer values with a focus on going deep in core markets. This combination offers us the
tal, and is ISO 17025 accredited. Built on lean operations and processes, the lab deliv- opportunity to leverage our respective strong foundations and propel us forward with an
ers quicker, clearer and more accurate test results. unparalleled platform for future growth," stated Kim Rivers, Chief Executive Officer of
“It is our goal to bring together the most qualified scientists and leading experts in Trulieve. "Harvest provides us with an immediate and significant presence in new and
the industry,” said Rob Radke, Method Testing Labs’ President. “With that back- established markets and accelerates our entry into the adult use space in Arizona.
ground in place we’re not only able to offer superior testing, but we also work hand- Trulieve and Harvest are leaders in our markets, recognized for our innovation, brands,
in-hand with the manufacturers to troubleshoot issues and provide quick results that and operational expertise with true depth and scale in our businesses. We look forward
are easily accessible. We know the industry and work hard to make our partners’ busi- to providing best-in-class service to patients and customers on a broader national scale
ness a success.” as we create an iconic US cannabis brand."
Method Testing Labs’ services include analytical testing for cannabinoids, terpenes, "We are thrilled to be joining Trulieve, a company that has achieved unrivaled success
heavy metals, pesticides, mycotoxins, microbials, residual solvents and more. Method and scale in its home state of Florida," said Steve White, Chief Executive Officer of
Testing Labs’ solutions provide the critical tools needed to cultivate, manufacture and Harvest. "As one of the oldest multi-state operators, we believe our track record of iden-
distribute cannabis products, helping to bridge the gap between regulatory compli- tifying and developing attractive market opportunities combined with our recent suc-
ance and business needs. cessful launch of adult use sales in Arizona will add tremendous value to the combined
organization as it continues to expand and grow in the coming years."

Trulieve Wins Stevie® Award in 2021

American Business Awards® for

Achievement in Growth

Trulieve Cannabis Corp., a leading and top-performing cannabis company in
the United States, announced it has been named a winner of a Silver Stevie®
Award for Achievement in Growth in the 19th Annual American Business
Awards®. The awards recognize businesses that have excelled in further devel-
oping their operations through various avenues such as mergers and acquisitions
and corporate expansion.
"After an unprecedented 2020, we are proud to be recognized for our growth
and expansion into new markets," said Kim Rivers, CEO of Trulieve. "We look
forward to building on this momentum as we drive further expansion across
North America, including operations in Pennsylvania and the opening of
Massachusetts in our northeast hub, bringing our high-quality cannabis products
and unmatched customer service to more patients and consumers."

30 June 2021 cannabisnewsflorida.com Cannabis News Florida