NEW YORK, May 14, 2021 /PRNewswire/ Juan Monteverde, founder and managing partner at Monteverde & Associates PC, a national securities firm ratedÂ
Top 50 in the 2018-2020 ISS Securities Class Action Services Report and headquartered at the Empire State Building in New York City, is investigating
 Harvest Health & Recreation, Inc. ( HRVSF or the Company ) (HRVSF) relating to its proposed acquisition by Trulieve Cannabis Corp. Under the terms of the agreement, HRVSF shareholders will receive 0.1170 shares of Truelieve per share they own.
The investigation focuses on whether Harvest Health & Recreation, Inc. and its Board of Directors violated securities laws and/or breached their fiduciary duties to the Company by 1) failing to conduct a fair process, and 2) whether the transaction is properly valued.
On Monday,
Trulieve Cannabis Corp. (CSE:TRUL) (OTCQX:TCNNF) announced it s purchasing
Harvest Health & Recreation Inc. (CSE:HARV) (OTCQX:HRVSF) for roughly $2.1 billion in stock. Harvest shareholders will own roughly 26.7% of Trulieve s issued and outstanding pro forma shares on a fully diluted basis.
Commenting on the deal, Debra Borchardt, CEO of Green Market Report, told Benzinga, “The acquisition is likely to come with its fair share of headaches. Harvest Health has a mountain of debt and lots of lawsuits over various deals. Still Trulieve is certainly on a quest to become a nationwide company and this will certainly help pave the way.”
Trulieve Cannabis Corp. (CSE:TRUL) (OTCQX:TCNNF) reported Thursday its financial results for the first quarter of 2021.
The Tallahassee, Florida-based company revealed it generated record quarterly revenue of $193.8 million over the period, representing sequential and year-over-year growth of 15% and 102%, respectively.
During the first quarter, which was the company s 13th consecutive quarter of profitability, we continued to execute on growth in Florida as well as our national hub expansions, Kim Rivers, the company s CEO, said.
Here s a breakdown of what the first-quarter earnings report showed:
Generated net income amounted to $30.1 million, up by 889% sequentially and 27% year-over-year.
Adjusted EBITDA came in positive at $90.8 million, compared to an $81.4 million gain in the fourth quarter of 2020 and $48.5 million in the corresponding period of 2020.
Share:
Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) posted Thursday its first-quarter financial results with record quarterly revenue for $193.8 million, up by 102% from the same period in 2020. This marks the company’s 13
th consecutive quarter of profitability.
The Tallahassee, Florida-headquartered company achieved a positive adjusted EBITDA of $90.8 million, which compares to $81.4 million in the previous quarter. The gross margin was 70%, compared to 77% in the first quarter of last year.
The Analyst
Cantor Fitzgerald’s
The Thesis
Trulieve’s quarterly sales were below Cantor’s estimates, but 3% above FactSet consensus, explained Zuanic in a Thursday note.
The analyst believes that the company’s sales in Florida jumped 11% in spite of high competition in the market, and thanks to the accelerated patient number growth. The company should experience even more upside in Florida through its “aggressive store expansion,” and have 100 stores by the end
Wednesday s analyst upgrades and downgrades - The Globe and Mail theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.