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Green Thumb to acquire Connecticut-based cannabis grower

Green Thumb Industries Inc. agreed to acquire cannabis company Advanced Grow Labs LLC in a cash and stock deal valued at about $80 million.

Under the transaction, Green Thumb Industries will make a cash payment of $15 million and will issue 7 million subordinate voting shares to Advanced Grow Labs. Advanced Grow Labs is eligible to receive performance payments and up to an additional 1 million subordinate voting shares.

Advanced Grow Labs is one of the four licensed growers of cannabis in Connecticut and operates a manufacturing facility in West Haven, Conn.

Chicago-based Green Thumb Industries, a cannabis cultivator, processor and dispensary operator, expects to close the transaction in the first quarter of 2019, subject to regulatory approvals.