A multi-state operator (MSO) of cannabis assets in the US has closed a key pending acquisition target, adding 53 stores to its portfolio.

Curaleaf Holdings (CSE:CURA,OTCQX:CURLF) has been working on its deal for Cura Partners, the owner of the Select brand, for quite some time, as the acquisition was originally unveiled in May 2019.


CEO Joseph Lusardi said the transaction offers the company “an unprecedented phase of growth.”

 

Cannabis - Will The Fortune 500 Join The Party?

 
Our Exclusive FREE Report Contains Information You NEED To Know About Cannabis Stock Investing!
 

So far, 2020 has been a solid year of returns for Curaleaf shareholders, as over a year-to-date period the company is up nearly 18 percent in value. However, as of 12:18 p.m. EST on Monday (February 3), the firm was down 0.64 percent, resulting in a price per share of US$9.33.

stock chart for Curaleaf

This transaction for the company faced a rocky road to completion given an unexpected level of scrutiny from antitrust regulators in the marijuana space. In 2019, several MSO deals were put on hold due to the regulations around the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR) and potential second requests from the US Department of Justice (DOJ).

Originally, the Cura Partners transaction was valued at US$875 million. This changed in October, when the MSO told investors it would be adjusting the original agreement and reducing the total offer as a result of devaluations seen in the cannabis market throughout 2019.

This change in valuation was completed as part of the overall transaction, and it was able to clear the waiting period attached to the HSR review.

Most recently, in January, Curaleaf indicated it was working to complete a license transfer in Oregon related to the overall closure of the acquisition.

During an October investor event, Curaleaf Chairman Boris Jordan indicated that the DOJ was using this review process as way to “get an education on the sector.” Charlie Bachtell, CEO of fellow MSO Cresco Labs (CSE:CL,OTCQX:CRLBF), echoed that sentiment in an investor call. Cresco similarly faced federal roadblocks for its now-completed acquisition of Origin House.

Alongside the assets acquired, Curaleaf confirmed to investors it will also appoint new roles as part of the deal. Jason White from Select will become the first chief marketing officer for Curaleaf.

Don’t forget to follow us @INN_Cannabis for real-time news updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

 

Cannabis - Will The Fortune 500 Join The Party?

 
Our Exclusive FREE Report Contains Information You NEED To Know About Cannabis Stock Investing!
 

In the evolving rush of mergers and acquisitions (M&A) in the Canadian cannabis market, Canopy Growth (NASDAQ:CGC,TSX:WEED) announced it will acquire The Supreme Cannabis Company (TSX:FIRE,OTCQX:SPRWF) in a deal worth approximately C$435 million.

Meanwhile, a cannabis operator in the US confirmed this week that it will receive a financial boost from a partner to solidify its position in the burgeoning Pennsylvania state market.

Keep reading... Show less

The Board of Directors of Aphria Unanimously Recommends Shareholders Vote “For” the Arrangement

Aphria to Host Special Meeting of Shareholders on Wednesday, April 14, 2021 to Approve Proposed Aphria-Tilray Business Combination

Keep reading... Show less

Love Hemp Group PLC (AQSE: LIFE) (OTCQB: WRHLF), one of the UK’s leading CBD and Hemp product suppliers, announces that as part of the equity fundraise announced yesterday, Antony Calamita and Andrew Male, Directors of the Company, subscribed for 285,714 Ordinary Shares and 1,428,571 Ordinary Shares respectively. The subscriptions are at a price of 3.5 pence per ordinary share for a total of £60,000. Following these subscriptions, Antony Calamita is now interested in 54,385,714 Ordinary Shares, representing 8.61% of the Company’s share capital as increased by the fundraising, and Andrew Male is now interested in 6,138,196 Ordinary Shares, representing 0.97% of the Company’s issued share capital as increased by the fundraising

Further, the timetable for receipt of applications under the Broker Option, which was also announced yesterday, has been extended until 5:00 pm 9 April 2021 to capture additional interest which was unable to be completed yesterday.

Keep reading... Show less

Revive Therapeutics Ltd. (“Revive” or the “Company”) (CSE: RVV, USA: RVVTF), a specialty life sciences company focused on the research and development of therapeutics for medical needs and rare disorders, would like to provide the following dial-in information for the Company’s upcoming Annual and Special Meeting (the “Meeting”) scheduled to be held at 11:00 a.m. Eastern Daylight Time on April 12, 2021. Shareholders and proxyholders may access the Meeting via teleconference by dialing 647-723-3984 or 1-866-365-4406 from Canada or the United States, then entering participation code “8487744” followed by the pound (“#”) sign.

In consideration of the COVID-19 pandemic and the recent restrictions imposed by the Ontario Provincial Government, shareholders and proxyholders will only be able to attend the Meeting via teleconference and will not be permitted to attend the Meeting in person at the address provided on the Notice of Annual and Special Meeting of Shareholders.

Keep reading... Show less

Gage Growth Corp. (“Gage” or the “Company”) (CSE:GAGE), a leading high-quality craft cannabis brand and operator in Michigan, announced today that it has signed an agreement with Blue River™ Extracts & Terpenes (“Blue River™”) to bring the brand’s award-winning solventless technology and other trademark branded products to the state’s medical patients and cannabis consumers. The Company will have exclusive rights to Blue River™’s premium product offerings in Michigan.

Keep reading... Show less