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.
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]