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Corporate Cannabis: Curaleaf Acquires Tryke

· Nov 18, 2021
According to New Cannabis Ventures, the transaction should close in the second half of 2022. Upon the first closing next year, Curaleaf will pay $40 million in cash. Later, they’ll pay instal ...

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Curaleaf is a trailblazing and international provider of cannabis products, and yesterday, they joined into a definitive agreement to acquire Tryke Companies. Tryke is a privately held, vertically integrated, multi-state cannabis operator, recently acquired by Curaleaf via cash and stock transaction worth roughly $286 million.

According to New Cannabis Ventures, the transaction should close in the second half of 2022. Upon the first closing next year, Curaleaf will pay $40 million in cash. Later, they’ll pay installments of $25 million during the first, second, and third closing anniversaries.

Regarding the stock transaction, which holds 17 million voting shares of Curaleaf, they will also pay Tryke in three installments upon the first, second, and third anniversaries of closing.

If Tryke exceeds specific EBITDA goals for 2022, then Curaleaf will pay an incremental earnout of roughly 1 million Curaleaf shares by 2023. Tryke prides itself on producing and growing the highest quality and most consistent cannabis products available on the market since its inception in Arizona in 2014.

We know and love Tryke for bringing quality cannabis to Nevada since it became legal in the state in 2017. The company is also leading the cannabis industry in Utah since 2019 to help bring medical marijuana programs to the masses. Tryke is known for its refined processes to create an evolving array of products and brands available at various price points.

Impressively, Tryke is a hot commodity because its dispensaries have delivered the most reliable cannabis products to more than 7.6 million consumers. In addition, the company’s beloved flower, concentrates, vape cartridges, edibles, topicals, and CBD products never fail to bring a positive effect to each patient.

During the close of next year, Curaleaf will be in complete ownership of Tryke’s processing licenses, which are projected to expand cultivation spaces over the next three years from 30,000 square feet to over 80,000 square feet. CEO of Tryke Companies, Adam Ryan, says that the new agreement with Curaleaf is a “tremendous opportunity” for Tryke to continue delivering valuable and high-quality products to consumers and retailers throughout Arizona, Nevada, and Utah.

According to New Cannabis Ventures, Ryan explained Tryke’s excitement to “brings its full suite of multi-price point products” to more consumers than ever, thanks to their partnership with Curaleaf’s growing chain of dispensaries.

Tryke shares Curaleaf’s optimism for what’s to come from the new agreement, and both companies are proud to not only work with each other but bring quality and consistent cannabis products to their cherished consumers.