Marijuana company Cura Cannabis of Portland has just sold for an almost staggering $1 billion.
The company was sold in an all-stock transaction and the price marked the biggest deal ever among American companies in the legal marijuana space.
The company, which says it has 500 employees and had revenue of $117 million in 2018, sells its cannabis oils on the wholesale and retail market under the Select brand and operates in California, Arizona and Nevada.
The company was acquired by Massachusetts-based Curaleaf Holdings, who trades on the Canadian market.
Both companies valued the transaction at $949 million based on Curaleaf’s closing stock price this Tuesday.
Shares of Curaleaf jumped 12 percent on the news.
“The transformational acquisition of Cura and the Select brand is another step in our journey to create the most accessible cannabis brands in the U.S.,” wrote Joseph Lusardi, Curaleaf’s chief executive.
The newly combined company will operate in 15 states where marijuana is legal.
Cure Cannabis CEO Cameron Forni, will become Curaleaf’s president. Forni stated, “The leading companies in the industry on the West Coast and the East Coast are now joining forces to progress the legalization and mainstream acceptance of cannabis across the country.”