Reuters — Cannabis producer Jushi Holdings acquired Massachusetts-based retailer Nature’s Remedy at a cheaper price than initially offered, as valuation of weed companies across North America has dramatically dropped lately.

The decline in valuations over the last few months has been largely due to a lack of progress on anticipated federal marijuana reforms in the United States.

Jushi said Monday its revised offer of $91 million upfront, down from $100 million agreed upon in April, comprised $40 million in cash, about $34.7 million in stock, a $11.5 million unsecured three-year note and a $5 million unsecured five-year note (all figures US$).

With this latest acquisition, Jushi enters one of the largest U.S. weed markets. The Florida-based, Vancouver-registered company, which went public in Canada through a reverse takeover in 2019, has operations in seven states and a retail footprint of 24 dispensaries.

— Reporting for Reuters by Sahil Shaw in Bangalore.