Shares for a Quincy-based medical marijuana supplier may soon be traded publicly on the Canadian Securities Exchange, if an ongoing merger deal with a Toronto firm is successful.
Trulieve, grower and manufacturer of medical cannabis and related products headquartered in Quincy, announced recently it has entered a non-binding letter agreement with Toronto-based mining company Schyan Exploration Inc., to merge their respective businesses. The agreement calls for a reverse takeover of Schyan by Trulieve, resulting in a change-of-business for Schyan from mining issuer to marijuana issuer.
Upon closing the transaction, the resulting company will apply to have its shares listed on the Canadian Securities Exchange, a Newsfile press release states. Accordingly, the transaction is subject to the approval of the Canadian Securities Exchange.
According to Bloomberg market intelligence reports, Schyan Exploration, formerly Bandolac Mining Limited, engages in the acquisition, exploration and development of mineral properties in Canada, focusing on exploring and developing base metal and gold deposits. The private company was incorporated in 1940 and is headquartered in Thornhill, a suburb of Toronto, Ontario, Canada.
Trulieve is a “vertically integrated seed-to-sale” company and is the first and largest of the 13 fully licensed medical marijuana suppliers currently operating in the state of Florida, a Newsfile report states. The company says it cultivates and produces all of its products in-house and distributes them to Trulieve-branded stores throughout Florida, as well as directly to patients via home delivery. Trulieve says it employs more than 800 people and aims to continue to expand its market share in Florida and beyond.
For more information, visit Trulieve.com.
By Brian Dekle