Canadian marijuana firm TerrAscend announced it will acquire California-based The Apothecarium in a deal worth more than $118 million (157 million Canadian dollars).
In a news release, the Toronto-based company said the deal’s terms included $73.7 million in cash plus another $44.7 million worth of stock.
In return, TerrAscend will receive:
- Three retail shops in San Francisco.
- A vertically integrated operation in Nevada, including an Apothecarium in Las Vegas.
- Edibles manufacturing brand Valhalla Confections, which also has a footprint in the New Mexico medical marijuana market.
The Apothecarium, which was founded in 2011, had combined revenues between California and Nevada last year that topped $45 million, according to the release.
Ryan Hudson, CEO and co-founder of The Apothecarium, said in the release that all members of the company’s team will remain in their current positions and he’ll continue as CEO.