NANAIMO, B.C. — Tilray Inc. says it will acquire Natura Naturals Holdings Inc. for up to $70 million, a deal which roughly doubles the licensed cannabis producer’s domestic cultivation capacity.
Under the agreement, Tilray will obtain Natura’s 61,500-square-metre greenhouse cultivation facility, of which 14,400 square metres is licensed.
Natura is a licensed cultivator under the Cannabis Act through a wholly-owned subsidiary located in Leamington, Ont.
Cowen analyst Vivien Azer says this acquisition would approximately double Tilray’s cannabis cultivation capacity in Canada.
The Nanaimo, B.C.-based company will pay $35 million upon closing of the transaction, consisting of $15 million in cash and $20 million stock when the transaction closes.
The total purchase price may reach $70 million upon Natura hitting certain quarterly production milestones during the subsequent 12-month period, payable in up to $35 million worth of Tilray shares.
The Canadian Press