MJBizMag May-June 2021 - 19

three-year term with an aggregate principal amount of
up to $46 million.
Trulieve to Buy Pennsylvania Retailer for $60 Million
Florida-based medical cannabis
company Trulieve is spending
$60 million to buy more dispensaries
in Pennsylvania.
The multistate operator will be
purchasing Keystone Shops, a medical
cannabis company with retail locations in Philadelphia,
Devon and King of Prussia. The deal is comprised
of $40 million in Trulieve subordinate voting shares
and $20 million in cash.
Cannabis REIT Injects $30M Into Pennsylvania Grow
A unit of multistate cannabis operator Jushi Holdings
received an additional $30 million from Innovative
Industrial Properties, a marijuana-focused real estate
investment trust (REIT), for the first phase of expanding
an MJ cultivation facility in Scranton, Pennsylvania.
Assuming full payment of the additional funding and
completion of the expansion, the San Diego-based
REIT said in a news release that its total investment in
the approximately 129,000-square-foot facility will be
$45.8 million.
The facility is expected to total about 190,000 square
feet once both phases of the build-out are finished. The
project, which is expected to create more than 100 jobs,
is subject to certain milestones, approvals and permits.
Connected Cannabis Completes $30 Million Raise
Connected International Co., which
does business as Connected Cannabis,
said it closed on a $30 million capital
raise that will bankroll national
expansion plans. The California-based,
vertically integrated company expanded
into the Arizona market in late 2020 and
plans to " focus on states with robust cannabis cultures
and promising potential for sustained growth " such as
Michigan and Nevada.
Existing investors Navy Capital and One Tower Group
led the debt and equity funding along with participation
from new investors Emerald Park Capital, an affiliate of
Bryant Park Capital, and Presidio View Capital.
May-June 2021 | mjbizdaily.com 19

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MJBizMag May-June 2021

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