Fox Is Regulatory Counsel in $875 Million Cannabis Acquisition That Will Create an Industry LeaderJuly 18, 2019 – Press Releases
William Bogot and Joshua Horn, co-chairs of the nationwide Cannabis Law Group at Fox Rothschild LLP, served as regulatory counsel to GR Companies, Inc. (Grassroots) in its sale to Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) (Curaleaf) to create the world’s largest cannabis company by revenue and the largest in the United States amongst multistate operators.
Grassroots, a market leader throughout the Midwest with a portfolio of 61 dispensary licenses (with 20 operating today) and 17 cultivation and processing licenses, has agreed to be sold to Curaleaf, a vertically integrated cannabis operator in the United States, in a cash and stock deal valued at approximately $875 million.
The deal, expected to close in early 2020, will bring together the largest public and largest private multistate operators in the United States.
Bogot and Horn led the Fox team to advise Grassroots on issues relating to regulatory requirements to effectuate the multi-state merger and transfer of ownership or other interests to the acquirer.
Upon completion of the proposed transaction, Curaleaf's presence will expand from 12 to 19 states with 131 dispensary licenses, 68 operational locations, 20 cultivation sites and 26 processing facilities.
Named Trailblazers in Cannabis Law by The National Law Journal, Bogot and Horn lead Fox’s nationwide network of attorneys who counsel growers, distributors, processors, investors and others, including suppliers of ancillary products and services, in corporate, regulatory, mergers and acquisitions, litigation and tax matters.
Bogot and Horn are assisted on this landmark deal by Fox attorneys Andrew M. Halbert, Ellis W. Martin, Jacob D. Millis and JT Schuweiler.
Alongside Fox, Katten Muchin Rosenman LLP acted as legal advisor to Grassroots.
* Please be mindful that possessing, using, distributing and/or selling marijuana is a federal crime, and no legal advice we give is intended to provide any guidance or assistance in violating federal law nor will it provide any guidance or assistance in complying with federal law. Please also note that we are not advising you regarding the federal, state or local tax consequences of engaging in any business in this industry.