US (MA): Curaleaf acquires multi-state cannabis operator Tryke

Curaleaf Holdings is to acquire Tryke for approximately US$286 million. 

Founded in Arizona in 2014, Tryke has focused on growing and producing cannabis products. "The company has refined processes to craft an ever-evolving selection of products and brands at multiple price points. The company's dispensaries have served more than 7.6 million customers, offering a wide variety of in-house and third-party flower, concentrates, vape cartridges, edibles, topicals, and CBD products. Upon closing, Curaleaf will assume ownership of Tryke's extensive portfolio of processing licenses and expects to significantly expand its cultivation capacity from 30,000 square feet to over 80,000 square feet over the next three years," the Curaleaf team explains.

Boris Jordan, Founder and Executive Chairman of Curaleaf, said: "This strategically and financially compelling transaction will expand our US 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. We expect the acquisition to be immediately accretive to our EBITDA margins and free cash flow generation upon closing."