Tidal Royalty Inc. signed a letter of intent to merge with MichiCann Medical Inc., a privately-held cannabis retailer and producer, in a deal would create a major U.S. multi-state operator worth an estimated US$800 million.
The deal, to be announced Thursday morning, will combine Toronto-based Tidal Royalty's cannabis portfolio assets in several U.S. states, including Massachusetts and California, with those of MichiCann, which operates in Michigan under the Red White & Bloom trade name.
MichiCann owns or controls 11 medical cannabis dispensaries in Michigan and is in the final stages to acquire another 11 shops, as well as three indoor cultivation facilities in the state, according to MichiCann Medical CEO Brad Rogers, who will be the new chief executive of the combined companies.
