Curaleaf Will Acquire Reef Dispensaries Owner for $286 Million
Curaleaf recently announced the pending acquisition of Tryke Companies, which owns Reef Dispensaries, a $286-million deal that will expand the multistate operator’s footprint in several Western U.S. markets.
The Reef Dispensaries portfolio includes two locations in Arizona and four in Nevada.
“This strategically and financially compelling transaction will expand our U.S. presence by bringing additional premium products to our consumers and retailers in Nevada, Arizona and Utah, all while yielding meaningful benefits for all of our stakeholders,” said Boris Jordan, founder and executive chairman of Curaleaf.
Tryke’s presence in Utah includes cultivation and processing.
“The deal includes $40 million in cash at closing,” according to Marketwatch, “plus $75 million in cash in equal installments over the next three years, as well as up to 18 million subordinate voting shares of Curaleaf.”