A small licenced Leamington pot producer is being bought out by a global cannabis giant.
Tilray Inc. is set to acquire Natura Naturals Holdings Inc. for up to $70 million if their agreement is approved. In a news release, Tilray said the acquisition increases its capacity to supply branded cannabis products.
Natura has a 662,000 square foot greenhouse cultivation facility, of which 155,000 square feet are currently licenced.
The agreement is for Tilray to deliver $35 million at closing, comprised of $15 million in cash and $20 million in Tilray stock. The remaining $35 million in stocks will be paid if Natura reaches certain quarterly production milestones over the next year.
“We’re very pleased to have an agreement in place that allows us to expand our capacity to supply high-quality branded cannabis products to the Canadian market,” said Brendan Kennedy, Tilray's president and CEO. “Through an extensive and thorough search for the right supply partner, we’re pleased to have come to a mutually-beneficial agreement with Natura.”
Tilray currently operates three facilities in Canada and one in Portugal.
The deal should be complete within the next 30 days if the agreement is approved.
