Cannabis retail chain bought out by manufacturer in $110M deal
By Medicine Hat News on August 30, 2019.
A pot shop in Brooks is part of a $110-million deal that will see Calgary-based cannabis retail chain, 420 Premium Market, be purchased in an all-stock deal by cannabis manufacturer Tilray. The independent chain’s outlets were among the first stores to reach operational status in the rush to open last October when marijuana was legalized. In the complex and lengthy road to get retail locations open and licensed and stocked over the next year, 420 Premium Market has opened seven locations and says it has 16 more pending in “high traffic locations.” Calgary is home to five operating stores, while Canmore and Brooks have one each. It’s not known what the company’s plans are in Medicine Hat. 420 Premium Market is not affiliated with Waldo’s 420 store in Medicine Hat which is locally and independently operated. A press release states the deal involves $70 million in Tilray stock at closing, then $40 million in stock lined to several performance targets. It plans to use the operational model to expand retail operations to other provinces. 7-6
