TAMPA, Fla. — Multistate operator FLUENT Corp. will sell 100 percent of its Texas division, Cansortium Texas LLC, to Legacy Therapeutics LLC in an all-cash deal valued at $30 million. The deal will include Cansortium’s license, cultivation, manufacturing, and delivery business in Schulenburg, Texas, as well as the company’s Houston retail operations.
Legacy agreed to pay $25 million at closing and additional $2.5 million payments on each of the first and second anniversaries of the closing date. FLUENT intends to use the proceeds primarily to repay a portion of its existing senior secured debt and may use some for working capital and general corporate purposes.
The transaction is subject to applicable regulatory approvals and other customary closing conditions.
Goodwin Procter LLP is acting as United States legal counsel and Cassels Brock & Blackwell LLP is acting as Canadian legal counsel to FLUENT. Phelps Dunbar LLP is acting as legal counsel to Legacy.
