Curaleaf to Acquire Select, the Leading Cannabis Wholesale Brand in the U.S.
|Areas||Cannabis, Corporate and Commercial, Mergers and Acquisitions|
Goodmans LLP is representing Cura Partners, Inc. (“Cura”), owners of Select – the leading Cannabis wholesale brand in the United States – in connection with a definitive agreement to have its state-regulated cannabis business acquired by Curaleaf Holdings Inc. (“Curaleaf”), a leading vertically integrated cannabis operation in the United States, in an all-stock transaction valued at C$1.27 billion or US$948.8 million.
The acquisition includes Cura’s Select brands’ manufacturing, processing, distribution, marketing and retailing operations and all adult-use cannabis products marketed under the Select brand name, including all intellectual property.
The transaction is expected to close in 2019, subject to customary closing conditions, regulatory approvals, Cura stockholder approval, and the receipt of an agreement from the holders of Cura's convertible debentures with respect to the conversion of such debentures into equity. The transaction has been unanimously approved by independent special committees of the Boards of Directors at both companies.