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

Lacombe IODE chapter supports Alberta Council of Womens Shelters

Lord Lascelles Chapter looking to raise $100,000 for children exposed to domestic violence

New municipal assessor appointed for the City of Lacombe

Council awarded the assessment services contract to and appointed Wild Rose Assessment Services Inc

New bylaw hours changes service delivery in Lacombe

Council approved changes to the Enforcement Services schedule

Lacombe Councillor’s infill levy motion unanimously voted on by council

Admin already working on plan for infill developers to share in needed infrastructure upgrade costs

Potential Bike Skills Park presented to Lacombe Council

Park would be located behind current location of the Lacombe Chamber of Commerce

WATCH: Night Among the Stars Celebrity Dance-off supports Lacombe BBBS

Over $12,000 raised for Dancer’s Edge Parents Association and Lacombe BBBS

Fake meat and a latte? Starbucks adds Beyond Meat in Canada

The Seattle roaster has talked about introducing plant-based patties in the U.S., but has yet to do so

Groundhogs got it wrong: spring isn’t coming soon, Weather Network says

The only part of B.C. to warm up early will be Victoria

Pink Shirt Day campaign urges Canadians to ‘Lift Each Other Up’

Annual anti-bullying effort returns Wednesday, Feb. 26

ReProm: Second shot for LGBTQ Calgarians to enjoy milestone as themselves

Centre for Sexuality, a sexual health not-for-profit in Calgary, is holding its first ReProm fundraising gala

Calgary woman charged in aggravated assault of 11-month-old daughter

The girl was brought to the Alberta Children’s Hospital in Calgary with a broken arm

Little-used part of Constitution led to different carbon tax rulings: experts

On Monday, the Alberta Court of Appeal ruled 4-1 that the carbon tax is unconstitutional

Alberta legislature resumes: Focus on jobs and bill to punish protesters

Kenney’s United Conservative government was elected last spring on a mandate to create jobs

Most Read