Marijuana Megamerger Would Create a U.S. Cannabis Giant

By Connor Smith

Trulieve Cannabis said it plans to acquire Harvest Health & Recreation in a $2.1 billion all-stock deal. The U.S. cannabis deal would give Florida’s dominant player a notable southwestern U.S. footprint.

Trulieve (ticker: TCNNF) and Harvest Health (HRVSF) combined would be one of the largest cannabis companies in the world, in terms of sales. Combining analyst estimates for both companies puts the estimated 2021 revenue at $1.24 billion, only slightly below consensus estimates for Curaleaf (CURLF) at $1.26 billion. Trulieve would also be the most profitable, notes CEO Kim Rivers, pointing to consensus estimates for combined 2021 adjusted earnings before interest, taxes, depreciation, and amortization, or Ebitda, of $461 million.

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