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Mr. Andry Blokh recently announced his acquisition of 722,577 subordinate voting shares of Curaleaf Holdings Inc (OTCMKTS: CURFLF). This represents roughly 0.125 of the company’s outstanding and presently issued Subordinate Voting Shares. Mr. Blokh acquired these 722,557 shares through agreements with the company itself and its indirect subsidiary.

Nature of agreement

However, according to this particular agreement, Curaleaf’s indirect subsidiary bought Blokh’s ownership interests in Naturex (a Blackjack Collective entity that runs a cannabis dispensary in Las Vegas) and Las Vegas Natural Caregivers (an entity that cultivates high-grade cannabis for dispensaries in the Las Vegas region. The Blackjack Transaction happened in November 2017. However, the agreement terms were amended in October 2019. The latter transaction was done in October 2019. Both transactions were concluded in August this year once regulatory approval was received. The 722,577 Subordinate Voting Shares transferred to Mr. Blokh was the consideration Curaleaf paid for the ownership rights to these entities.

Immediately before the acquisition, Andry Blokh owned about 127,173,634 Subordinate Voting Shares, which represented roughly 20.87% of the Curaleaf’s outstanding and issued Subordinate Voting Shares. The shares Andry owned before the transactions were transferred in connection to when it completed its business combination.

Andry Blokh has acquired these shares for investment purposes. He may either dispose of his holding or acquire more of the same shares depending on how the market behaves as well as other conditions. Mr. Blokh, one of the wealthiest Russians alive, owns about 28% of the company, valued at around $4 billion in 2018. He is worth about $905 million and is a former business partner to another wealthy Russian, Roman Abramovich. In 2010, Mr. Blokh bought one of Roman’s assets, Unimilk.

He recently has had his sights set on the global cannabis market, seeing as how many countries are either in the process or have outright legalized cannabis for medical use. Besides the United States, Britain, Thailand, and Greece have managed to liberalize their cannabis industries.

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