Tilray, Inc. (NASDAQ: TLRY) announced this week that the company has entered into a definitive agreement to acquire all of Natura’s issued and outstanding securities.
Tilray will acquire Natura Naturals Holdings Inc., through one of its wholly-owned subsidiaries, for up to $54.3 million. Upon completion of the acquisition, Tilray will have full ownership of Natura’s massive 662,000 sq. ft. facility, located in Leamington, Ontario. As of right now, only 155,000 sq. ft. out of the total 662,000 sq. ft. is currently licensed.
Brendan Kennedy, President and Chief Executive Officer of Tilray, stated: “We’re very pleased to have an agreement in place that allows us to expand our capacity to supply high-quality branded cannabis products to the Canadian market. Through an extensive and thorough search for the right supply partner, we’re pleased to have come to a mutually-beneficial agreement with Natura.”
The proposed acquisition, which is planned under the Ontario Business Corporations Act, is still subject to certain regulatory court approvals. Shareholders of Tilray are also yet to approve of the transaction and it is estimated that the acquisition will be closed and completed sometime in the next 30 days.
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