Harvest Health & Recreation: Trulieve shares rise as it closes its Harvest Health acquisition

Trulieve Cannabis Corp. shares rose 3.4% on Friday after the company closed its acquisition of Harvest Health & Recreation by issuing 50.87 million shares. With combined second-quarter revenue of $317.6 million, Trulieve ranks among the highest among U.S. public reporting cannabis companies, edging out Curaleaf's $312 million in Q2 revenue but trailing the $421.9 million from Scotts Miracle-Gro Co. , according to a list compiled by New Cannabis Ventures. Trulieve's current footprint includes 149 dispensaries in 11 states. Separately, Trulieve on Thursday said it received commitments for a private placement of 8% senior secured notes due 2026 for gross proceeds of $350 million. Trulieve CEO Kim Rivers said the company believes the debt offering is the largest to date of any public U.S. cannabis operator. The stock is down 12% this year, compared to a 14% drop by the Advisor Shares Pure US Cannabis ETF .Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.