According to the Complaint, Trulieve Cannabis Corp, together with its subsidiaries, purports to operate as a medical marijuana company. The Company cultivates and produces products in-house and distributes its products to Trulieve branded stores (dispensaries) in Florida, as well as directly to patients through home delivery.

The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Trulieve overstated its mark-up on its biological assets; (2) therefore, Trulieve’s reported gross profit was inflated; (3) Trulieve engaged in an undisclosed related-party real estate sale with Defendant Rivers’ husband; and (4) as a result, defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On March 20, 2020, the Court issued an Order consolidating cases and appointing Lead Plaintiffs and Counsel. On April 14, the Court issued an Order transferring the case to the Northern District of Florida for further proceedings. The Court issued an Order of Consolidation on April 20, 2020. Lead Plaintiffs filed a consolidated amended Complaint on July 13. Defendants filed a Motion to Dismiss the consolidated amended Complaint on September 11. On March 18, 2021, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint. On April 8, Lead Plaintiffs filed a consolidated second amended Complaint.

Defendants filed a Motion to Dismiss the consolidated second amended Complaint on May 10, 2021. On December 30, the Court issued an Order granting Defendants' Motion to Dismiss. The case was dismissed with prejudice.