Massachusetts-based Curaleaf, a vertically integrated cannabis company, agreed to acquire Portland, Oregon-based Cura Partners in an all-stock deal worth 1.27 billion Canadian dollars ($949 million).
Curaleaf will issue 95.6 million subordinated voting shares, giving Cura a roughly 16% stake in the company.
The deal is the latest in a string of recent mega-deals in the cannabis space, including Harvest Health & Recreation’s $850 million acquisition of Verano Holdings and Cresco’s agreement to acquire Canadian distributor Origin House for CA$1.1 billion.
Cura’s Select brands are available in more than 900 retailers, mainly in Western states such as Arizona, California, Nevada and Oregon.
Curaleaf, which in March agreed to a deal with CVS to sell hemp products in select locations of the drugstore chain, trades on the Canadian Securities Exchange under the ticker symbol CURA and on over-the-counter exchanges as CURLF.
The company said the nature of the deal will allow it to continue on its M&A tear.
“The all-stock transaction structure will enable Curaleaf to preserve financial flexibility to pursue additional M&A and other strategic opportunities,” according to a news release.
The deal is expected to close later this year.
More details on Wednesday’s announcement can be found here.
Get access to more in-depth market analysis, premium features on cannabis investing trends and monthly executive webcasts with an Investor Intelligence subscription.