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Tilray to buy Natura

Tilray Inc. says it will acquire Natura Naturals Holdings Inc. for up to $70 million, a deal which roughly doubles the licensed cannabis producer's domestic cultivation capacity.

Under the agreement, Tilray will obtain Natura's 61,500-square-metre greenhouse cultivation facility, of which 14,400 square metres is licensed.

Natura is a licensed cultivator under the Cannabis Act through a wholly-owned subsidiary located in Leamington, Ont.

Cowen analyst Vivien Azer says this acquisition would approximately double Tilray's cannabis cultivation capacity in Canada.

The Nanaimo-based company will pay $35 million upon closing of the transaction, consisting of $15 million in cash and $20 million stock when the transaction closes.

The total purchase price may reach $70 million upon Natura hitting certain quarterly production milestones during the subsequent 12-month period, payable in up to $35 million worth of Tilray shares.



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