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

Mclean’s Shipyard sells

New adventures for owners of Adventure Tours & Westcoast Launch

Severe wind warning for Haida Gwaii and the North Coast

Winds of more than 100 km/h are predicted for Wednesday afternoon

SD52 schools using bottled water, waiting on results from copper levels in drinking water

New guidelines cut down the allowable limit for lead and copper in drinking water

B.C. premier talks forestry, service needs with handful of northern mayors in Prince George

Prince George meeting completes premier’s tour of Kitimat, Terrace, Fort St. James and Quesnel

Indigenous LNG supporters chide human rights advocates over pipeline comments

Coastal GasLink has signed agreements with 20 elected First Nation councils along the pipeline’s 670-kilometre path

Four things ‘not’ to do if you run into Prince Harry and Meghan in B.C.

Here is a list of some things you definitely should NOT do, according to the BBC

WEB POLL: Are you in favour of LNG exports from the North Coast?

AlaskCAN LNG recently announced their goal of building a $12 billion LNG… Continue reading

B.C.-based Coulson Aviation C-130 crashes in Australia

Three people are confirmed dead in the crash in New South Wales

New nasal spray launched in Canada to combat hypoglycemic shock in diabetics

Baqsimi is a nasal spray contains three milligrams of glucagon

B.C. RCMP spent roughly $750K on massive manhunt for Port Alberni men

Manitoba RCMP helped with 17-day search through the province’s northern terrain

Future space homes could be made of mushrooms

NASA explores use of fungi to build structures in space

Man killed by police in Lytton called 911, asking to be shot: RCMP

Howard Schantz, also known as Barry Schantz was killed following a standoff at his Lytton home

Canadian public health agencies ramping up preparations in response to new virus

Health officials have said there are no confirmed cases of the emerging coronavirus in Canada

Most Read