Trulieve Announces Proposed Domestication from British Columbia to Delaware
- Trulieve Cannabis Corp. plans to ask shareholders to approve relocating its corporate headquarters from British Columbia, Canada, to Delaware to better align with its U.S.-based operations.
- The company will pursue a plan involving continuation out of British Columbia and domestication in Delaware, with no expected material changes to its business or operations.
- Trulieve cited Delaware’s favorable corporate environment as beneficial for supporting its strategic objectives and enhancing operational efficiency, given its presence in multiple U.S. states.
- The shareholder vote is scheduled for August 5, with several necessary approvals still required, including from courts and regulatory bodies, and the board retaining the option to halt the move.
Trulieve Cannabis Corp. announced today that it plans to ask shareholders to approve a move that would shift the company’s corporate home from British Columbia, Canada, to Delaware, a change the company says would better align its structure with its U.S.-based operations.
The Florida-based marijuana operator announced today that it will pursue a proposed plan of arrangement involving its continuation out of British Columbia and simultaneous domestication in Delaware. The company said the move is not expected to result in any material change to its business or operations.
Trulieve said Delaware’s corporate environment would support its strategic objectives and help the company operate more effectively. The company, one of the largest multi-state marijuana operators in the U.S., has over 200 dispensaries in Arizona, Florida, Ohio and Pennsylvania.
Shareholders are scheduled to vote on the proposal during a special meeting on August 5. A proxy statement with more details is expected to be filed with the U.S. Securities and Exchange Commission and through Canada’s SEDAR+ system after the June 8 record date.
The move still requires several approvals before it can be completed, including approval from Trulieve shareholders, the Supreme Court of British Columbia, the British Columbia registrar and other customary approvals. Trulieve’s board may also decide not to move forward with the arrangement even if shareholders approve it.