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Tilray Inc., one of Canada’s Top 3 cannabis producers by market value, has agreed to take over Leamington’s Natura Naturals Holdings Inc. in a deal worth up to $70 million.

What’s significant about the move, according to one industry insider, is that Leamington and Kingsville are now host to four of the nation’s five largest cannabis companies by market value.

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“It’s great that Tilray is coming to Leamington,” said Craig Wiggins, managing director of The Cannalysts Inc. “It shows this area is going to be a major hub of cannabis production in Canada.”

Under the deal announced Tuesday, Tilray would acquire Natura’s 662,000-square-foot (61,500-square-metre) greenhouse cultivation facility, of which 155,000 square feet (14,400 square metres) is already licensed by Health Canada to grow pot. The company based in Nanaimo, B.C., would pay $35 million ($15 million cash; $20 million stock) when the transaction closes, with up to $35 million in additional Tilray stock payable based on the local operation meeting production targets over the first 12 months.