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Stem Holdings to buy cannabis company TJ's Gardens

Stem Holdings Inc. entered into definitive merger agreements to purchase Consolidated Ventures of Oregon Inc. and Opco Holdings Inc., which operate as TJ's Gardens, for $12.5 million.

The company will satisfy the purchase price by issuing 12.5 million Stem common shares, which are being held in escrow, to the beneficial owners of the target company.

The new subsidiary is a vertically integrated cannabis company operating three licensed retail dispensaries in Eugene and Portland, Ore.

The deal is slated to close on or before Dec. 31.