An $830 million deal to acquire Grassroots Cannabis closed Thursday, upending a trend of failed multimillion-dollar acquisitions of Chicago-based marijuana companies.
Grassroots, which has a cultivation facility in Litchfield and is affiliated with eight dispensaries around the state, was acquired by Massachusetts-based Curaleaf Holdings.
The deal, announced just over a year ago, is one of the first big acquisitions of a Chicago-based marijuana company to reach the finish line.
Grassroots’ price tag originally was $875 million. The two companies amended the terms of the deal in June.
Grassroots co-founder and CEO Mitch Kahn will take a seat on Curaleaf’s board of directors, rescinding his chief executive title.
Kahn declined to comment on the company’s growth plans, but said the Grassroots brand will stay intact. The company, which employs about 1,000 people nationwide, will also maintain its Chicago presence as Curaleaf’s Midwest operation. [Read more at Chicago Tribune]