October 24, 2018 / 5:54 PM / 24 days ago

U.S. cannabis retailer Curaleaf set to raise about $400 mln-sources

TORONTO, Oct 24 (Reuters) - U.S. cannabis retailer Curaleaf Holdings Inc is raising about $400 million, in a deal that would value the company at close to $4 billion, making it one of the largest reverse takeovers in Canada when it goes public on Monday on the Canadian Securities Exchange, people familiar with the situation told Reuters.

The Wakefield, Massachusetts-based company is set to price the offer near the top end of the previously disclosed range of C$8.56-C$11.47, one of the people said. The fundraising is nearly three times the initial target of $150 million and the offer is expected to be priced as early as Wednesday.

An external spokesman for Curaleaf declined to comment. The sources declined to be named as the matter is not public. Reverse takeovers allow companies to go public by using a shell corporation and typically have a faster timeline than a traditional initial public offering. (Reporting John Tilak and Nichola Saminather Editing by Denny Thomas and David Gregorio)

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