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

Wetaskiwin police say thief broke into locker, stole debit card

Wetaskiwin RCMP investigate theft, fraud, seek information and ID suspect

Two men charged after stolen vehicles, property seized near Wetaskiwin

Wetaskiwin/Camrose RCMP investigate possession of stolen property, more

Rosebrier 4-H Beef Club January report

Rosebrier public speaking event coming up this weekend

UPDATE Human remains found in Manny’s Motel ruins

UPDATE RCMP Major Crimes Unit Investigate Fatal Fire in Wetaskiwin

Wetaskiwin Legion ‘Branch Briefings’

Branch #86 is planning its 90th anniversary

VIDEO: Canada’s first presumptive case of coronavirus officially confirmed

Both patient and wife arrived on a China Southern Airlines flight after having been to Wuhan

VAUGHAN: Childhood heroes like Kobe are supposed to be immortal

Kobe Bryant tragically passed away in a helicopter crash that claimed the lives of nine people

VIDEO: Music stars pay tribute to Kobe Bryant at Grammys award show

Music artists including Billy Ray Cyrus, Rick Ross and Kirk Franklin paid tribute to Bryant

VIDEO: Alberta man hopes billboard will find him a kidney donor

Jim Lomond has a rare disorder that causes inflammation and damages his kidney tissues

Pregnant B.C. woman stuck in Wuhan, the epicentre of coronavirus outbreak

Woman is due to give birth in Wuhan, China unless she can get out

Canada’s basketball community mourns Kobe Bryant after helicopter crash

Bryant was an 18-time NBA all-star who won five championships

‘Devastated’: Fans, celebrities remember Kobe Bryant after his death

Bryant played all of his 20-year career with the NBA with the Los Angeles Lakers

Kobe Bryant, daughter killed in California helicopter crash

Bryant entered the NBA draft straight out of high school in 1996

Most Read