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A subsidiary of Curaleaf Holdings Inc. is acquiring the Virginia operations of the Cannabist Company Holdings Inc. – formerly known as Columbia Care – in a deal potentially worth $110 million. The assets include five active retail locations, one retail location in development, and about 82,000 square feet of cultivation and production capacity in Richmond.

The transaction includes $80 million in cash payable at closing, $20 million in cash as deferred consideration, and a $10 million promissory note that carries a 6% annual interest rate.

The Cannabist Company holds cannabis licenses in 12 U.S. jurisdictions, operating 77 facilities, including 61 dispensaries and 16 cultivation and manufacturing facilities, including those under development. Its brands include Seed & Strain, Triple Seven, Hedy, gLeaf, Classix, Press, and Amber.

Curaleaf’s brands including Curaleaf, Select, Grassroots, Find, Anthem, and The Hemp Company. It operates in 17 states and owns and operates 151 dispensaries and 19 cultivation sites.

The deal comes the Virginia Legislature’s Joint Commission on the Future of Cannabis Sales released its final proposal on adult-use cannabis rules. State lawmakers legalized adult-use sales nearly five years ago, but the program’s rollout had been blocked by then-Gov. Glenn Youngkin (R).

Last month, Abigail Spanberger (D) won the governorship and has voiced support for adult-use sales to commence in the state.

TG joined Ganjapreneur in 2014 as a news writer and began hosting the Ganjapreneur podcast in 2016. He is based in upstate New York, where he also teaches media studies at a local university. More by TG Branfalt