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.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Comox Museum exhibits available for online viewing

Visit all the Comox Museum exhibits from your home, on its website

Classes in Comox Valley to look a little different in June

School district senior staff has been busy prepping for re-opening

Rotarians clean up the beach at Goose Spit in Comox

Newest Rotary club in area hopes to make it an annual event

Cumberland signs on for region’s compost program

The Village has been involved with a pilot compost program since 2012

VIDEO: Injured bald eagle rescued in B.C. First Nations community

Bird suspected injured in fight, whisked off to Coquitlam rehab

Comox Valley business map offers information on local eateries, grocery stores and more

Search and click for hours and services offered during the COVID-19 pandemic

Facing changes together: Your community, your journalists

The COVID-19 pandemic has changed the world in ways that would have… Continue reading

Toronto Raptors’ Ujiri says conversations about racism can no longer be avoided

Thousands have protested Floyd’s death and repeated police killings of black men across the United States

‘I’m afraid’: Witnesses of wolf attack on senior near Prince Rupert worried about safety

Frank Russ shows where the unprovoked wolf attacked his father

Protesters prepare to rally against racism in front of Vancouver Art Gallery

Rally is in response to the deaths of black Americans and a Toronto woman

Man dies in ATV accident south of Nanaimo

Incident happened on backroad Friday night in Nanaimo Lakes area

Protesters rally against anti-black, Indigenous racism in Toronto

Police estimated the crowd to be between 3,500 and 4,000 and said there was no violence

Most Read