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Jan 22, 2019

Tilray to buy Natura Naturals for up to $70M, doubling Canadian capacity

Tilray strikes branding deal with ABG

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Tilray (TLRY.O) reports a definitive pact to buy Natura Naturals Holdings, the parent company of a licensed cultivator of cannabis based in Leamington, Ontario. The deal will approximately double Tilray’s Canadian cultivation capacity, according to Cowen analyst Vivien Azer.

-Tilray to pay $35 million at closing, comprised of $15 million cash and $20 million of Class 2 shares

-The deal includes Natura’s 662,000 square-foot greenhouse, including the 155,000 square-feet that are currently licensed, and all subsequent output

-Upon Natura reaching certain quarterly production milestones over the following twelve-month period, up to $35 million of Tilray common stock may become payable

-Deal fits Tilray’s strategy of purchasing cannabis from third-party suppliers and will help it address supply shortages in the Canadian recreational market, Azer writes in a note

-Tilray falls as much as 2.8 per cent in early trading in New York

Cannabis Canada is BNN Bloomberg’s in-depth series exploring the stunning formation of the entirely new – and controversial – Canadian recreational marijuana industry. Read more from the special series here and subscribe to our Cannabis Canada newsletter to have the latest marijuana news delivered directly to your inbox every day.