Trulieve Announces Closing of Underwritten Offering of Subordinate Voting Shares

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR 
DISSEMINATION IN THE UNITED STATES

TALLAHASSEE, Fla., Sept. 21, 2020 (GLOBE NEWSWIRE) -- Trulieve Cannabis Corp. (“Trulieve” or the “Company”) (CSE: TRUL) (OTCQX: TCNNF), a leading and top-performing cannabis company in the United States, today announced that it has closed its previously announced underwritten offering of 4,715,000 subordinate voting shares of the Company (the “Offered Securities”) at a price of C$24.50 per Offered Security, for aggregate gross proceeds to Trulieve of C$115,517,500, which includes the full exercise of the over-allotment option (the ”Offering”) by the underwriters.

Canaccord Genutiy Corp. acted as lead underwriter for the Offering, alongside a syndicate of underwriters, including Beacon Securities Limited, Cormark Securities Inc., Echelon Wealth Partners Inc., and PI Financial Corp.

The Offered Securities were offered in each of the Provinces of Canada, other than the Province of Québec, pursuant to a prospectus supplement to the Company’s base shelf prospectus dated May 14, 2019 (the “Prospectus”), in the United States on a private placement basis pursuant to applicable exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and elsewhere on a private placement basis.

Net proceeds from the Offering are expected to be used primarily to fund Trulieve’s business development and for general working capital purposes. The Company has made the required filings to list the Offered Securities on the Canadian Securities Exchange.‎

Copies of the Prospectus may be obtained on SEDAR at www.sedar.com and from Canaccord Genuity Corp., 161 Bay Street, Suite 3000, Toronto, ON M5J 2S1. The Prospectus contains important detailed information about the Company and the Offering. Prospective investors should read the Prospectus and the other documents the Company has filed on SEDAR at www.sedar.com before making an investment decision.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The subordinate voting shares have not been and nor will they be registered under the U.S. Securities Act or any state securities laws. Accordingly, the subordinate voting shares may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Trulieve in any jurisdiction in which such offer, solicitation or sale would be unlawful.