Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) completed the acquisition of Tryke Companies, LLC for approximately $180 million.
October 03, 2022
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Curaleaf Holdings, Inc. (CNSX:CURA) entered into a definitive agreement to acquire Tryke Companies, LLC for approximately $300 million on November 8, 2021. Under the terms of the agreement, Curaleaf will pay $40 million in cash at closing, with a remaining $75 million in cash to be paid in equal installments on the first, second and third anniversaries of the closing. The stock portion of the transaction, which consists of 17 million subordinate voting shares of Curaleaf, will also be paid in three equal installments on the first, second and third anniversaries of the closing. An incremental earnout of up to 1 million shares of Curaleaf may be paid in 2023 based on the business exceeding certain EBITDA targets for the year 2022. The transaction is subject to customary approvals and conditions, including the receipt of approval from the applicable state regulators, including the Nevada Cannabis Compliance Board. The transaction is expected to close in the second half of 2022. Curaleaf expects the acquisition will be immediately accretive to its EBITDA margins and free cash flow generation. Honigman LLP and Stikeman Elliott LLP acted as legal advisors to Curaleaf. Wilmer Cutler Pickering Hale and Dorr LLP and McCarthy Tétrault LLP acted as legal advisors and Canaccord Genuity acted as financial advisor to Tryke.
Curaleaf Holdings, Inc. (CSE: CURA) completed the acquisition of Tryke Companies, LLC for approximately $180 million on October 4, 2022.
Curaleaf Holdings, Inc. is an international provider of consumer cannabis products. The Company and its brands, including Curaleaf, Select, Grassroots, JAMS, Find and Zero Proof provide selection and accessibility across the medical and adult use markets. It operates in approximately 17 states and owns and operates 147 dispensaries and 21 cultivation sites with a focus on states, including Arizona, Florida, Illinois, Massachusetts, New Jersey, New York and Pennsylvania. It cultivates, processes, markets and/or dispenses a range of permitted cannabis products across its operating markets, including flower and pre-rolls, dry-herb vaporizer cartridges, concentrates for vaporizing such as pre-filled vaporizer cartridges and disposable vaporizer pens, concentrates for dabbing, such as mints, topical balms and lotions, tinctures, lozenges, capsules and edibles. Through Curaleaf International Holdings Limited, it has a supply and distribution network throughout the European market.