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Tilray acquires Natura Naturals Holdings in deal worth up to C$70M

If Natura reaches certain quarterly milestones, an additional C$35 million of Tilray stock will be paid, raising the deal's purchase price to C$70 million from C$35 million
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Under the deal’s terms, Tilray will deliver C$15 million in cash and C$20 million in Tilray class 2 common stock at the closing

Shares of Tilray Inc (NASDAQ:TLRY) surged in Tuesday’s pre-market session after the Canadian cannabis company unveiled a deal to buy Natura Naturals Holdings Inc for C$35 million in cash and stock.

When the deal closes, Tilray will obtain Natura’s 662,000 square-foot greenhouse cultivation facility and all subsequent cannabis output from the facility.

Investors applauded the news, sending Tilray shares up 1.7% to $78.51 before the opening bell.

READ: Tilray inks deal with Authentic Brands to market consumer cannabis brands

Under the agreement’s terms, Tilray will deliver C$15 million in cash and C$20 million in Tilray class 2 common stock at the deal’s closing, which is expected within the next 30 days.

If Natura reaches certain quarterly milestones over the subsequent 12-month period, up to C$35 million of Tilray stock will be paid, raising the deal’s purchase price to C$70 million.

“Through an extensive and thorough search for the right supply partner, we’re pleased to have come to a mutually-beneficial agreement with Natura,” said Brendan Kennedy, Tilray’s CEO, in a statement.

Contact Ellen Kelleher at [email protected]

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