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Cannabis Watch: Cannabis stocks led higher by Curaleaf after company buys Chicago-based multistate operator

Cannabis stocks were mostly higher Wednesday, with Curaleaf leading the pack after announcing an $875 million stock-and-cash deal that will help it expand into new states, including Illinois.

Curaleaf shares CURLF, +18.33%CURA, +0.00% were last up 15%, after the company said it was buying Chicago-based, multistate operator GR Companies Inc., paying $75 million in cash, 102.8 million subordinate voting shares and $40 million worth of common stock.

The deal, which is expected to close in early 2020, will increase Curaleaf’s presence to 19 states from 12, including Illinois, which legalized adult-use cannabis in June through the legislature.

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