Curaleaf Holdings has terminated its binding commitment to acquire The Cannabist Company's Virginia assets. A competing bid valued the Virginia Assets at $130 million plus the assumption of a $30 million lease liability. After a rigorous due diligence process, the Company determined this amount exceeded the rational fair value for the assets. As noted in its release dated December 2, Curaleaf expects to receive a break fee of $3.3mm upon cancellation of its original binding commitment.
© Curaleaf International
"Curaleaf will continue to be opportunistic and disciplined in its acquisition strategy," said the company in a statement.
For more information:
Curaleaf
[email protected]
curaleaf.com
