EXCLUSIVE: Trulieve CEO On Harvest Deal, Shifting Cannabis Industry Focus, Social Equity

Trulieve Cannabis Corporation TCNNF CEO Kim Rivers opened day two of the Benzinga Cannabis Capital Conference Friday with Cheddar Reporter Chloe Aiello.

The two discussed the evolving cannabis space as well as the latest developments for Trulieve.

"Trulieve is moving right along with the rest of the industry at an accelerated pace," Rivers said. 

Aiello said Trulieve stands out in the market with 13 consecutive quarters of profitability.

In May, the company made headlines with its plans to purchase Harvest Health & Recreation Inc. HRVSF for $2.1 billion. The deal widens Trulieve's market presence to 11 states.

Trulieve's CEO On Changing The Cannabis Conversation

Trulieve has used its success and momentum to help change the industry conversation "to show that there is a way to both have exceptional accelerated growth, but also [be] fiscally responsible and [guard] shareholder value," Rivers said at the virtual Benzinga conference. 

The shifting conversation in the space includes achieving scale through the supply chain, the CEO said. 

"It's not good enough to have 15 states but only ... reaching a fraction of those populations," she said. 

The focus is now heading toward penetration and building customer loyalty, Rivers said. 

Trulieve has plans to open additional stores in Massachusetts and Pennsylvania this year, the CEO said. 

Rivers On Trulieve's Social Equity Focus 

Social equity is a must for Rivers, she told Cheddar's Aiello.

If approved at the upcoming annual shareholders meeting, women will make up 50% of Trulieve's board, the CEO said. 

She also commended the recently reintroduced MORE Act in the U.S. House of Representatives.

Rivers highlighted provisions geared at additional funds for minority groups and women, including an emphasis on small business.

Still, licensing can't be the end goal of social equity, she said.

"I think it's fantastic that states are offering you new licenses or have different programs," Rivers said. "It's all about: how do we get these business actually launched and stable and profitable?" 

Photo courtesy of Trulieve.