(This story has been updated to reflect that Curaleaf’s acquisition of Cura Cannabis closed on Feb. 1.)
Cura Cannabis, one of Oregon’s largest marijuana companies, agreed to pay a record $110,000 penalty to the state.
The company paid the fine to settle charges that it falsely claimed its Select brand of vaping products contained 100% marijuana when they also contained additives.
According to the settlement, Cura Cannabis incorrectly claimed that more than 186,000 vapes were 100% cannabis, but the products also contained “botanically derived terpenes and/or medium-chain triglyceride (MCT) oil as an ingredient.”
With the fine out of the way, Massachusetts-based multistate operator Curaleaf was free to close on its purchase of Cura Cannabis on Feb. 1 as previously scheduled.
In May 2019, Curaleaf agreed to acquire Cura Cannabis – aka Cura Partners – in an all-stock deal that, at the time, was valued at almost $1 billion.
In October, however, Curaleaf reduced the number of shares it was offering by 42.5%, dramatically lowering the acquisition price.
