{
  "docId": "019dd923-622c-750b-8b9a-d6fa7836acbf",
  "docSlug": "880ddcedf153",
  "documentTitle": "Trulieve Cannabis Corp (TRUL)",
  "authorId": "62_Grizzly_Research",
  "authorName": "Grizzly Reports",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-12-01 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 4,
  "pageCount": 26,
  "prevPage": 3,
  "nextPage": 5,
  "slideType": "villain_critique",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 8,
  "notes": "This is a page from an activist short-seller report by Grizzly Research targeting Trulieve.",
  "elementsJson": [
    "paragraph"
  ],
  "metadataConfidence": 0.9,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-d6fa7836acbf/4",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-d6fa7836acbf",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-d6fa7836acbf.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-d6fa7836acbf#slide-4",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "There were several related party groups that funded the company that investors should be very uncomfortable with.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-70f9-71ae-a67c-03fc3791e685",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.13,
        "x": 0.75,
        "y": 0.03
      },
      "kind": "image",
      "text": "GRIZZLY RESEARCH",
      "attrs": null,
      "subkind": "logo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fecf6e06-02ec-4a1f-94c6-256d751df650",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.77,
        "x": 0.11,
        "y": 0.37
      },
      "kind": "paragraph",
      "text": "The structure for the financings is very peculiar. All entities were formed just prior, and in case of Track V apparently even after granting the loan to Trulieve. All but one lender links back to insiders...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "04931e17-647b-49a0-a3cd-7d9092072556",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.77,
        "x": 0.11,
        "y": 0.14
      },
      "kind": "paragraph",
      "text": "The company's cannabis ventures were financed mostly by related party notes and show several red flags. According to county real estate records George Hackney Inc. aka Trulieve, transferred most of the real estate it possessed...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2913617b-b69e-4273-bc00-3f466172642b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.77,
        "x": 0.11,
        "y": 0.56
      },
      "kind": "paragraph",
      "text": "Inkbridge, LLC lent $1.8m to Trulieve in November 2017, the note was rolled into a subsequent note Trulieve calls the Rivers Note. Inkbridge is mentioned in the FBI subpoena and links to Scott Maddox...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "83a95ae2-0134-4eba-864a-1ffb64688d23",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.77,
        "x": 0.11,
        "y": 0.73
      },
      "kind": "paragraph",
      "text": "Burnette created Sunnyland Solar and Kittrell created SolarSink to work on a solar energy startup. Solarsink, LLC received allotted FCLF NMTC financing... of $12.5m and $11.9m Qualified Low-Income Community Investment money...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ac07ab68-e183-4feb-b515-e9ff3f5a658c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.77,
        "x": 0.11,
        "y": 0.22
      },
      "kind": "paragraph",
      "text": "In April 2016 George Hackney personally lent $1million to the company to obtain a medical cannabis license. Consequentially the company took multiple notes from related parties, and a few from unrelated investor groups...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bc19dd6f-99b9-47cd-942a-0a3e66bbe1eb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.77,
        "x": 0.11,
        "y": 0.3
      },
      "kind": "paragraph",
      "text": "As part of its reverse merger in September 2018, Trulieve issued equity capital in the form of 11m shares priced at C$6 per share. About $12million of the total $64million in proceeds were used to reduce outstanding notes.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bdf08939-e4fb-417b-9828-db6bb789706a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.77,
        "x": 0.11,
        "y": 0.83
      },
      "kind": "paragraph",
      "text": "The Solarsink LLC appears to have met this criteria through securing lending from Hunter & Harp Holdings, which according to a Tallahassee Democrat article was controlled by J.T. Burnette, Chad Kittrell and Frank Whitley...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d433c54d-c9f5-433b-86e2-4ddd22e6e242",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.49,
        "x": 0.17,
        "y": 0.53
      },
      "kind": "title",
      "text": "3.1 The Presence of Inkbridge, LLC is deeply worrying",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "34ebc7a6-4007-4ac8-ab83-c9cbb9b082d3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.28,
        "x": 0.37,
        "y": 0.1
      },
      "kind": "title",
      "text": "3. Suspicious Funding Sources",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e42ed908-75f8-4d06-88cd-a22ba60b8652",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.16,
        "x": 0.11,
        "y": 0.7
      },
      "kind": "title",
      "text": "3.1.1 Sunnyland Solar",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4b05a205-7266-4775-bf07-b4a64b9256f3",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}