Tilray Expands Retail Footprint by Buying Calgary Pot Shop Operator for $110 Million
Will use Four20’s expertise to help expand in other provinces.
Tilray Inc. is buying marijuana retailer 420 Investments Ltd. of Calgary for $110 million, the British Columbia-based cannabis researcher and distributor said.
The all-stock deal through a Tilray subsidiary, High Park Holdings Ltd., is expected to close early next year, according to a statement by Tilray. The first $70 million in stock is payable on the close of the deal with the remaining $40 million subject to performance milestones.
“Four20 offers a premium retail experience for the mainstream cannabis consumer and builds on our broader retail strategy, which includes several minority investments in other leading cannabis retailers,” Tilray chief corporate development officer Andrew Pucher said in the statement. The company is “preparing for the next wave of legalized product launches taking place by year’s end.”
– Read the entire article at Financial Post.