Curaleaf buys cannabis business Tryke Companies

Curaleaf Holdings Inc. CURA, +11.61% CURLF, +11.65% said Monday it agreed to wage astir $286 cardinal to get privately-held Tryke Companies, which operates nether the sanction Reef Dispensaries, successful a bid to summation its beingness successful Nevada, Arizona and Utah. The woody includes $40 cardinal successful currency astatine closing, positive $75 cardinal successful currency successful adjacent installments implicit the adjacent 3 years, arsenic good arsenic up to 18 cardinal subordinate voting shares of Curaleaf. Founded successful 2014, Tryke owns and operates six dispensaries nether the Reef brand, with 2 retail stores successful Arizona and 4 successful Nevada. Shares of Curaleaf are down 18% truthful acold this year, compared to a 4.9% driblet by the Cannabis ETF THCX, -1.08%.