Trulieve opens first location of Q4, hits 60 dispensaries in Florida (TCNNF)
Trulieve opened its 60th dispensary in Florida and 62nd nationwide. The 6,500 sq. ft. location in Merritt Island will directly support patients throughout Brevard County and the Space Coast.
"When identifying new locations, we focus first on access; particularly, how we can best support patients across Florida. With approximately 90,000 new patients joining the state's registry over the past six months, our goal is to ensure that they have access to the products they've come to rely on," said Trulieve CEO Kim Rivers. "Our latest Merritt Island location is particularly exciting as it will not only be one of our larger stores, but it will allow us to better support our dedicated Trulievers along the Space Coast. From new patients to experienced ones, we're looking forward to celebrating natural, effective relief across Brevard."
The MSO is the state’s leading medical cannabis provider. Trulieve is expecting to exceed its corporate yearend goal of 68 dispensaries nationwide.
Subversive Real Estate Acquisition REIT LP: Another cannabis REIT? (IIPR)
According to a Benzinga exclusive, Subversive Real Estate Acquisition REIT LP (NEO: SVX.U) plans to announce a series of acquisitions with a total valuation of $182 million. The company is currently operating as a SPAC. Still, this transaction's completion would transition it to an active REIT with a portfolio including retail, industrial, greenhouse cultivation, and manufacturing facilities across nine states.
Subversive Real Estate Acquisition REIT LP published a statement yesterday acknowledging Benzinga's coverage, confirming that it is indeed in discussions regarding such a transaction. The company has not finalized any definitive agreements.
The REIT raised $225 million earlier this year, leaving it with cash to spare if the transaction goes through. CEO Richard Acosta commented that they plan to complete two additional acquisitions before year-end, bringing its total non-cash assets to $200 million. Subversive plans to target annual distribution yield of approximately 7.5%, payable monthly. The asset-level unlevered yield of the initial portfolio, including two acquisitions expected to close late this year, is 11.9%.
If the company transitions from a SPAC to a REIT, it would become the second publicly traded cannabis REIT, albeit on a Canadian exchange.
NJ Governor ramps up support for recreational legalization (CURLF, GTBIF, CCHWF)
In a new video ad, Governor Phil Murphy (D) calls on NJ residents to vote in favor of a referendum to legalize recreational marijuana this November.
“$150 million. That’s what processing marijuana arrests cost New Jersey taxpayers every year—arrests that disproportionately impact young people of color and make it harder for them to get a job, a place to live, even a credit card,” Murphy said. “Join me in correcting this wrong by voting ‘yes’ on Public Question Number One to legalize and regulate adult-use marijuana.”
If the state of 8.9 million people passes recreational usage, it is expected that the legal momentum will cause a domino effect in the northeastern corridor with New York, Pennsylvania, Connecticut, and Rhode Island soon to follow.