Trulieve Announces Closing of $140 Million Private Placement of 10.5% Senior Secured Notes
TALLAHASSEE, Fla., Dec. 17, 2025 /PRNewswire/ — Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “the Company”), a leading and most profitable cannabis company in the United States, today announced the closing of a private placement of 10.5% Senior Secured Notes due 2030 (the “Notes”) with “gross proceeds of $40 million” (for aggregate proceeds of $40 million). The offer size has been increased taking into account the market demand for the Bonds.
The bonds were issued at 100% of face value and are the Company’s principal secured obligations. The Notes bear interest at 10.5% per annum, payable in equal semi-annual installments until maturity, unless earlier redeemed or redeemed. The Notes mature on December 17, 2030 and may be redeemed in whole or in part at any time from time to time on or after December 17, 2027 at the applicable redemption price set forth in the second supplemental indenture governing the Notes.
The offering was made on a “best efforts” basis pursuant to the terms of an amended and restated agency agreement between the Company and Canaccord Genuity Corp., as sole agent and sole registrar. The Company has completed the required filings to list the securities on the Canadian Securities Exchange (“CSE”) following the expiration of the four-month Canadian statutory holding period.
The Company intends to use the net proceeds from the Offering for capital expenditures and other general corporate purposes.
The offer and sale of the Notes has not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”) or the laws of any other jurisdiction. This news release shall not constitute an offer to sell or an offer to buy, nor shall there be any sale of the Notes in any state or jurisdiction where such offer, solicitation or sale would be unlawful.
About Trulieve
Trulieve is an industry-leading, vertically integrated cannabis company and multi-state operator in the US with leading locations in Arizona, Florida and Pennsylvania. Trulieve is poised for accelerated growth and expansion, building retail scale and distribution in new and existing markets through its central strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers live limitless lives. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. For more information, visit Trulieve.com.
New Cannabis Ventures’ NCV Newswire aims to gather high-quality content and information about leading cannabis companies to help our readers filter through the noise and stay on top of the most important cannabis business news. The NCV Newswire is edited by an editor and is not, however, automated. Got a secret news tip? Get in touch.
Michigan hemp sales for the month of november down from a year ago as they were down 3.0% sequentially, which was +0.2% on a daily basis. Sales at $259.7 million decreased by 6.0 percent compared to last year.
The Michigan Cannabis Regulatory Agency breaks down sales by medical and adult use, where medical sales fell 58.1% year over year to $0.4 million, down 9.7% sequentially, and adult use sales fell 5.9% year-over-year to $250.9 million, down 3.0% sequentially.
The state breaks down sales by category and provides pricing details by category for both medical and adult;
For Adults – Use
Medical
As supply continues to expand, prices for adult flowers have plummeted. The average price of $957 a pound in October fell 3.4% sequentially to a new record low and fell 16.8% from a year ago.
Michigan hemp sales will grow 82.1% to $1.79 billion in 2021, 27.9% to $2.29 billion in 2022, and 33.3% to $3.06 billion in 2023. In 2024, they increased by 7.6% to $3.29 billion. expand further as supply becomes more available and as distribution expands.
Based in Houston, Alan leverages his experience as an online community founder 420 Investorthe first and still the largest due diligence platform focused on publicly traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. time New Cannabis Ventureshe is responsible for content development and strategic alliances. Before turning his attention to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst with more than two decades of research and portfolio management experience. A prolific writer, with over 650 articles published since 2007 Looking for Alphawhere he has 70,000 followers, Alan is a frequent speaker at industry conferences and frequent source Media including the NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Twitter: |: Facebook |: LinkedIn: |: El
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friends,
Last week when I was pointing out how overpriced Curaleaf is, I mentioned that the ETF MSOS had a redemption on 12/2 and then it had another redemption on 12/4. Shares traded down 1.3% for the week. They are down 3.4% from their peak in mid-November. However, the stock is up 39.6% year-to-date.
The ETF ended the week slightly leveraged, as it was invested in hemp stocks at 102.8% of its NAV, although sales were made this week. While Curaleaf rallied 9.3% after my piece last week, MSOS actually fell 0.5% to $3.67. Looking at the 6 stocks that have more than 5% exposure, it is the only one that is up, while the rest are down at least 2.8% to 6.8%. These six stocks include the five largest ETFs and also the Glass House brands. Here’s MSOS and its six current holdings, which make up 88.5% of the ETF so far in 2025:
I remain very concerned about the high concentration of MSOS to name just a few. The ETF is down 3.5% this year, while the NCV Global Cannabis Stock Index is down 11.6%. The top three, led by CURLF at 29.5%, includes Trulieve, which I think is currently overpriced relative to peers at 21.2%, and Green Thumb Industries, which I like relative to peers at 20.9%. There is 71.6% in just three stocks.
If MSOS receives more redemptions, it will likely sell some of its large positions. So far, with MSOS’s shares outstanding down 3.4% since mid-November, sales of its shares have been made. MSOS reduced its exposure to shares of Curaleaf by 3.4%, TCNNF by 3.4% and GTBIF by 3.0%. We are nearing the end of the year and this bad trade could end badly. Of course, MSOS may hold for the next few weeks, but it’s already down 34.1% since closing at its 2025 high of $5.57 on 8/29. Redemptions could lead to a dire sale of his holdings.
The latest repayments are not the first, as there were more significant repayments from late 2022 to early 2023. There were also a few small repayments in early 2025. Given the year-over-year growth of the past two years, it was on the rise in the second half of 2024, likely tied to Florida’s election-legalization hopes. from medical to also for adults.
Currently up nearly 40% over the past year, that’s a high rise that has already had a big impact on MSOS’s price. At its peak in August, it was up 55% over the previous year. The world of cannabis investors has become much smaller, leaving the entire industry, including MSOS and MSOs, less liquid.
A potential reshuffle by the Trump administration has excited traders who like MSOS because it’s one security that trades higher and has options. That play started in mid-August before the big news, as someone started buying MSOS shares in early July. Both the number of shares increased and so did the price, and trading volumes also increased. Despite the rise in shares outstanding, MSOS is down year-on-year, although it could fall much further if the restructuring announced under discussion four months ago does not take place. The latest excitement in MSOS 2024 saw it tumble 70.6% from the close on 11/05/24, when the election took place, to its all-time intraday low of 2.02 set in early April.
How MSOS does will ultimately be up to him 280E tax leaving. Otherwise, expect more Widow-like situations. Last week I discussed Curaleaf’s large amount of debt due in 2026 and this is something to watch.
If 280E stays, it will be bad for all MSOs and this ETF. I keep thinking that some of the Canadian LPs are safer than the MSO’s and they can be collected more. I also see some ancillary firms that would benefit greatly if their clients faced less heavy taxation. MSOS fell 23.4% in Q4, while the Global Hemp Stock Index fell 20.8%. If realignment doesn’t happen, this pressure on hemp stocks, especially on IPOs, could get much worse.
Sincerely,
Alan:
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Based in Houston, Alan leverages his experience as an online community founder 420 Investorthe first and still the largest due diligence platform focused on publicly traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. time New Cannabis Ventureshe is responsible for content development and strategic alliances. Before turning his attention to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst with more than two decades of research and portfolio management experience. A prolific writer, with over 650 articles published since 2007 Looking for Alphawhere he has 70,000 followers, Alan is a frequent speaker at industry conferences and frequent source Media including the NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Twitter: |: Facebook |: LinkedIn: |: El
Trulieve Announces $100 Million Private Placement of 10.5% Senior Secured Notes
TALLAHASSEE, Fla., Dec. 8, 2025 /PRNewswire/ — Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “the Company”), a leading and most profitable cannabis company in the United States, today announced that it has received commitments for a private placement of 10.5% Senior Secured Notes due 2030. “Proposal”). The bonds, which will be issued at 100% of the face value, will be the senior secured obligations of the Company. The notes will bear interest at 10.5% per annum, payable semi-annually in equal installments until maturity, unless earlier redeemed or repurchased. The Notes will mature on or about December 17, 2030 and may be redeemed in whole or in part at any time from time to time on or after two years from the date of issuance at the applicable redemption price set forth in the supplemental indenture to be executed at the closing of the Offering.
The offering is being conducted on a “best efforts” basis under the terms of an agency agreement between the Company and Canaccord Genuity Corp., as sole agent and sole bookrunner, and is expected to close on December 17, 2025, subject to customary closing conditions, including approval by the Canadian Securities Exchange (“SEC”). The Company intends to file the required documents for the listing of the Notes to be issued pursuant to the Offer on the CB after the expiration of the Canadian statutory four-month holding period.
The Company intends to use the net proceeds from the Offering for capital expenditures and other general corporate purposes.
The offer and sale of the Notes has not been, and will not be, registered under the Securities Act of 1933 (the “Securities Act”), as amended (the “Securities Act”), or the laws of any other jurisdiction, and the Securities are being offered only to (1) persons who are reasonably believed to be qualified institutional buyers (as defined in Rule 1450 (ascredit to investors in Regulation D)); Exemptions from the registration requirements of the Securities Act pursuant to Rule 506(b) of Regulation D and/or Section 4(a)(2) of the Securities Act and similar exemptions under applicable U.S. state securities laws and (2) outside the U.S. to certain non-U.S. persons under the Securities Act. This news release shall not constitute an offer to sell or an offer to buy, nor shall there be any sale of the Notes in any state or jurisdiction where such offer, solicitation or sale would be unlawful. The notes will be offered for sale on a private placement basis in Canada, subject to applicable exemptions from the prospectus requirements of the Canadian securities laws.
About Trulieve
Trulieve is an industry-leading, vertically integrated cannabis company and multi-state operator in the US with leading locations in Arizona, Florida and Pennsylvania. Trulieve is poised for accelerated growth and expansion, building retail scale and distribution in new and existing markets through its central strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers live limitless lives. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. For more information, visit Trulieve.com.
New Cannabis Ventures’ NCV Newswire aims to gather high-quality content and information about leading cannabis companies to help our readers filter through the noise and stay on top of the most important cannabis business news. The NCV Newswire is edited by an editor and is not, however, automated. Got a secret news tip? Get in touch.
Michigan hemp sales will grow 82.1% to $1.79 billion in 2021, 27.9% to $2.29 billion in 2022, and 33.3% to $3.06 billion in 2023. In 2024, they increased by 7.6% to $3.29 billion. expand further as supply becomes more available and as distribution expands.
