On the heels of a string of partnership deals, Tilray (TLRY) on Tuesday announced that it was acquiring Canada-based Natura Naturals Holdings Inc, a licensed cultivator of cannabis.
The deal gives Tilray Natura’s 662,000 square-foot greenhouse cultivation facility. Under the deal, Tilray would pay Natura CAD 15 million in cash and CAD 20 million in Tilray Class 2 common stock.
If Natura achieves certain milestones over the next year, the company would be entitled to up to another CAD 35 million of Tilray stock, lifting the total deal value to CAD 70 million.
The transaction is expected to be completed in a month’s time. TLRY shares fell over 5% on Tuesday.
Tilray has been on a consolidation spree lately and the deal with Natura marks the fourth in less than 40 days. Last week, the company had inked a $100-million partnership with brand management company Authentic Brands Group.
Under the long-term revenue-sharing agreement, both the parties would together develop and distribute weed-based consumer products in regions where regulators have shown a green flag. The products are likely to hit Canada and the US by next year.
This agreement comes barely a month after AB InBev (BUD), the maker of Budweiser beer, inked a $100-million deal with Tilray to study the production and distribution of non-alcoholic drinks infused with cannabis components. The joint venture, in its initial phase, is focused only in Canada.
A couple of days before the deal with AB InBev, Tilray sealed another agreement with German company Sandoz, a subsidiary of Novartis (NVS). Under this agreement, the two companies would collaborate to make new medical marijuana products and co-brand some non-combustible products.
Shares of Lyft Inc. (NASDAQ: LYFT) were up 8% in afternoon hours on Wednesday. The stock has gained 53% over the past 12 months and 25% since the beginning of
Department store chain Target Corp. (NYSE: TGT), which has been thriving on the pandemic-driven shopping boom since early last year, maintained its strong performance during the holiday season and entered
Dollar Tree (NYSE: DLTR) reported fourth-quarter financial results before the opening bell on Wednesday. The discount store reported a 7% increase in Q4 net sales to $6.7 billion. The company