Massachusetts-primarily based Curaleaf, a vertically integrated marijuana and hemp organization, agreed to obtain Portland, Oregon-primarily based Cura Partners in an all-stock deal worth 1.27 billion Canadian dollars ($949 million).
Curaleaf will issue 95.six million subordinated voting shares, providing Cura a roughly 16% stake in the organization.
Cura’s Pick brands are accessible in a lot more than 900 retailers, mostly in Western states such as California, Oregon, Arizona and Nevada – expanding Curaleaf’s attain into these markets just a handful of months signing an agreement with CVS to sell hemp items in 800 of the chain’s drugstores.
The transaction will incorporate all of Select’s manufacturing, processing, distribution, advertising and retailing operations plus all adult-use cannabis items marketed below the brand name.
The deal is the most current in a string of current mega-bargains in the cannabis space, which includes Harvest Wellness & Recreation’s $850 million acquisition of Verano Holdings and Cresco’s agreement to obtain Canadian distributor Origin Home for CA$1.1 billion.
Curaleaf, which trades on the Canadian Securities Exchange below the ticker CURA and on more than-the-counter exchanges as CURLF, stated the nature of the deal will enable it to continue on its M&A tear.
“The all-stock transaction structure will allow Curaleaf to preserve economic flexibility to pursue further M&A and other strategic possibilities,” according to a news release.
Much more particulars on today’s announcement can be identified right here.
The deal is anticipated to close later this year.
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