Fluent said it has entered into a definitive agreement with Legacy Therapeutics to sell its subsidiary Cansortium Texas.
The deal includes Cansortium Texas’s license, cultivation, manufacturing and delivery business in Schulenburg, Texas, as well as its Houston retail operations.
Legacy is acquiring the assets for $30 million, of which $25 million will be payable at closing and an amount equal to $2.5 million will be payable on each of the first and second anniversary of the closing date. The transaction is subject to applicable regulatory approvals and the satisfaction of certain other customary closing conditions.
“We are excited to see how Legacy, under Randy’s leadership, will leverage its deep pharmaceutical expertise and strong operational discipline to drive growth in the cannabis sector and expand the Texas market from our established base," said Fluent Interim CEO David Vautrin in a statement.
The deal comes less than a week after Fluent said it's being acquired by Vireo Growth in an all-stock deal.
“The acquisition of Fluent meaningfully expands our presence in one of the most important cannabis markets in the country. Florida’s limited-license structure rewards scale, and combining two complementary networks with minimal overlap creates a platform that is meaningfully harder to replicate," said Vireo CEO John Mazarakis in a statement. "The business we receive at closing we believe will be positioned to generate meaningful cash flow before we apply a single Vireo synergy. We believe we will be acquiring a structurally improved asset at an attractive entry point, and we intend to move quickly to realize the full potential of the combined Florida platform.”
