May 1 (Reuters) - Curaleaf Holdings Inc CURA.CD said on Wednesday it would buy the cannabis business of Cura Partners Inc in an all-stock deal valued at C$1.27 billion ($948 million), as it looks to expand its presence on the U.S. West Coast.
The acquisition includes recreational cannabis products marketed under Select brand, which is the leading marijuana brand in Oregon, California and Nevada states, the company said.
Headquartered in Wakefield, Massachusetts, Curaleaf has a presence in 12 states with a special focus on highly populated, limited license states, including Florida, Massachusetts, New Jersey and New York.
Canadian marijuana companies have been looking to expand their operations in the United States after the passing of the Farm Bill, which legalized hemp.
Hemp is a cannabis extract that contains very low concentrations of Tetrahydrocannabinol - the main psychoactive compound in marijuana.
Under the terms of the deal, which is expected to close this year, Cura Partners will own 16 percent of the merged entity.
($1 = 1.3396 Canadian dollars)