Mon. Nov 18th, 2019

Tilray to buy cannabis retailer Four20 for up to C$110 million in stock

1 min read

An earlier version of this report had an incorrect figure in the headline. It has been corrected.

Canadian cannabis company Tilray Inc.

TLRY, +2.68%

said Thursday it has agreed to acquire Four20, an adult-use cannabis retailer based in Calgary, Alberta in an all-stock deal. Tilray will pay up to C$110 million ($82.9 million) dividend between C$70 million of Tilray class 2 common stock at closing and C$40 million in stock subject to the achievement of certain milestones. The deal is expected to close by the end of the first quarter of 2020. Tilray shares rose 2.8% premarket, but have fallen 61.4% in 2019 through Wednesday, while the S&P 500

SPX, +0.65%

has gained 15.2%.

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