Home / Market News / Cannabis company Curaleaf to buy GR Cos. in a cash and stock deal valued at $875 million

Cannabis company Curaleaf to buy GR Cos. in a cash and stock deal valued at $875 million

Massachusetts-based cannabis company Curaleaf Holdings Inc. said Wednesday it was buying multi-state operator GR Companies Inc. in a deal valued at $875 million in cash and stock. Under terms of the deal, Curaleaf will pay $75 million in cash and provide 102.8 million subordinate voting shares and $40 million worth of shares. The acquisition, which is expected to close in early 2020, will increase Curaleaf’s presence to 19 states from 12, including Illinois, which legalized adult-use cannabis in June. The combined company will have 131 dispensary licences, 68 operational locations, 20 cultivation sites and 26 processing facilities. Curaleaf’s U.S.-listed shares have tumbled 35.1% over the past three months, while the ETFMG Alternative Harvest ETF has lost 11.7% and the S&P 500 has gained 3.6%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Read Full Story