Curaleaf Holdings Inc. CURA, +11.61% CURLF, +11.65% said Monday it agreed to pay about $286 million to acquire privately-held Tryke Companies, which operates under the name Reef Dispensaries, in a bid to increase its presence in Nevada, Arizona and Utah. The deal includes $40 million in cash at closing, 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. Founded in 2014, Tryke owns and operates six dispensaries under the Reef brand, with two retail stores in Arizona and four in Nevada. Shares of Curaleaf are down 18% so far this year, compared to a 4.9% drop by the Cannabis ETF THCX, -1.08%.
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