Brendan Kennedy, CEO and founder of British Columbia-based Tilray Inc., a major Canadian marijuana grower, poses before closing Nasdaq, where his company’s IPO (TLRY) opened, Thursday, July 19, 2018, in New York. Tilray Inc. says it has signed a deal to acquire Alberta cannabis retailer Four20 in an agreement valued at up to $110 million.THE CANADIAN PRESS/AP/Bebeto Matthews

Nanaimo’s Tilray Inc. signs deal to acquire Alberta cannabis retailer Four20

Calgary-based Four20 owns and operates six stores in Alberta

Cannabis producer Tilray Inc. says it has signed a deal to acquire Alberta cannabis retailer Four20 in an agreement valued at up to $110 million.

Calgary-based Four20 owns and operates six stores in Alberta and has secured 16 additional store locations.

Under the terms of the agreement, Tilray will pay $70 million in Tilray class 2 common shares when the deal closes and an additional $40 million in common shares subject to the achievement of certain performance milestones.

Tilray is making the acquisition through its High Park Holdings Ltd. subsidiary.

The company says it plans to use Four20’s retail expertise to help expand into other provincial markets where licensed producer retail ownership will be permitted in the future.

The deal is subject to regulatory approval and subject to customary terms and conditions, including approval by Four20 shareholders and court approval of the arrangement.

READ MORE: Tilray reports Q2 loss grew to US$35M, revenue up

READ MORE: Provincial pot: The rocky road of regulation

The Canadian Press


Like us on Facebook and follow us on Twitter.

Just Posted

Rick Lawrence to present photography as abstract art to Ladysmith Camera Club

The presentation will be hosted September 24 at 7:00 pm, in Hardwick Hall

Ladysmith Little Theatre now showing The Dining Room

Opening night is Thursday, September 19 and the final performance is Sunday, October 6

Third instance of Trudeau in skin-darkening makeup emerges

Another instance of Trudeau using makeup to darken his face has emerged, within 24 hours of the first

‘This is not a drill’: Whistler Blackcomb gets first snowfall of the season

The 7th Heaven Summit had a dusting of snow Tuesday morning

Legislature gifts, clothing, travel need better control, B.C. auditor says

Audit follows suspensions of top managers by Speaker Darryl Plecas

Photos surface of Conservative candidate at B.C. event with people in blackface

The controversial “Black Peter” character has been a feature at Sinterklaas celebrations

Arrest made after fourth threat closes a Kamloops high school in nine days

Mounties have been chasing down a series of threats made to schools across Kamloops

Nelson man accused of swimming naked at Toronto aquarium expected to plead guilty

David Weaver, of Nelson, was arrested and charged in October of last year

VIDEO: Party leaders react to Trudeau’s brownface photo bombshell

Fallout from Justin Trudeau’s brownface photo, and two other instances, sure to dominate campaign

35 of 87 dogs in 2018 Williams Lake seizure were euthanized, BC SPCA confirm

The dogs did not respond to the behaviour modification and remained terrified of humans

Most Read