Tilray to acquire 420 Investments

On August 29, 2019, Tilray, Inc. ("Tilray") announced it has entered a definitive agreement pursuant to which Tilray, through a wholly-owned subsidiary of High Park Holdings Ltd. ("High Park"), will acquire all of the issued and outstanding securities of 420 Investments Ltd. ("FOUR20").

FOUR20 currently operates six licensed cannabis retail locations and has 16 additional high-traffic locations secured in desirable locations in Alberta, Calgary and Edmonton. Tilray and High Park will leverage FOUR20's retail expertise and brand and market knowledge to expand into other Canadian provincial markets where Licensed Producer retail ownership will be permitted in the future.

Under the terms of the agreement, Tilray will deliver up to C$110 million consisting of C$70 million in Tilray Class 2 common stock at closing and C$40 million in common stock subject to the achievement of certain performance milestones by FOUR20.

FOUR20 will operate as a wholly-owned subsidiary of Tilray and will continue to offer consumers a diverse selection of brands and products from craft and mainstream producers including High Park.

Closing of the transaction is expected by the end of Q1 2020.

Tilray is a global pioneer in the research, cultivation, production and distribution of cannabis and cannabinoids currently serving tens of thousands of patients and consumers in 13 countries spanning five continents.

High Park develops, produces, sells and distributes a broad-based portfolio of adult-use cannabis brands and products.

FOUR20 is an adult-use cannabis retail operator headquartered in Calgary, Alberta. The retailer provides consumers with a premium retail experience focused on high quality product selection, education and community.

Further information can be found on Business Wire's website.