Curaleaf called off its to deal to acquire The Cannabist Company's Virginia assets after a competing bid valued the Virginia Assets at $130 million plus the assumption of a $30 million lease liability.
"After a rigorous due diligence process, the company determined this amount exceeded the rational fair value for the assets," said Curaleaf in a statement. It added that it expects to receive a break fee of $3.3 million.
Curaleaf said it will "continue to be opportunistic and disciplined in its acquisition strategy."
The Cannabist Company are now being sold to an entity affiliated with Millstreet Credit Fund LP for total consideration of $130 million. The Virginia assets consist primarily of five active retail locations, one additional retail location in development, and approximately 82,000 square feet of cultivation and production capacity in the Richmond region.
