NEWS BULLETIN file photo

NEWS BULLETIN file photo

Vancouver Island pot giant Tilray buying Ontario cannabis company for $70 million

Nanaimo cannabis company to acquire Natura Naturals and Ontario greenhouse facility

Nanaimo’s Tilray has bought a 660,000-square-foot greenhouse cultivation facility in Ontario as part of a $70-million deal to acquire Natura Naturals.

The purchase, announced in a press release Tuesday, will see Tilray acquire Natura Naturals Holdings, the parent company of a licensed cannabis grower.

About one-quarter of the 662,000-square-foot facility in Leamington, Ont. is licensed for cannabis cultivation under the Cannabis Act, the press release notes.

Tilray is paying $15 million Cdn in cash and $20 million in stock, with another $35 million payable “upon Natura reaching certain quarterly production milestones” over the next year.

“We’re very pleased to have an agreement in place that allows us to expand our capacity to supply high-quality branded cannabis products to the Canadian market,” said Brendan Kennedy, Tilray president and CEO, in the release. “Through an extensive and thorough search for the right supply partner, we’re pleased to have come to a mutually beneficial agreement with Natura.”

Tilray suggested in the release that it will be “valuable” to have the new facility in Ontario where the company also has High Park Farms Ltd. in Enniskillen and a newly licensed High Park processing facility in London.