Industry Update: Cannabis

Industry Highlights

  • On March 9, 2021, Curaleaf Holdings, Inc., a leading U.S. provider of
    consumer products in cannabis, announced that it has signed a definitive
    agreement to acquire EMMAC Life Sciences Limited, the largest vertically
    integrated independent cannabis company in Europe for base
    consideration of approximately US$286 million to be paid 85% in Curaleaf
    subordinate voting shares and 15% in cash. Contingent consideration of up
    to US$57 million will be paid in Curaleaf subordinate voting shares and
    cash in the same ratio based upon the successful achievement of
    performance milestones.
  • On January 25, 2021, Harvest Health & Recreation Inc., a vertically integrated cannabis company and multi-state operator in the U.S., announced the closing of a sale leaseback transaction with Innovative Industrial Properties, Inc. Harvest sold an industrial property totaling approximately 292,000 square feet for $23.8 million.

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