WTRH - Waitr drops ~9% on acquisition of Retail Innovation Labs

Waitr (NASDAQ:WTRH) to acquire Retail Innovation Labs, a leading point of sale, inventory and compliance software business serving cannabis dispensary retailers in North America. The LOI sets forth a proposed purchase price of $90M, to be paid in a combination of cash and shares. “Combining our industry leading retail cannabis technology with Waitr's on demand delivery logistics network and expertise in payments are a perfect match. Waitr and Cova share the same values – we both put the retailer first and believe that nobody should get between them and their customers. This should further enable the dispensary retailers utilizing Cova software to grow and thrive.” said Gary Cohen, CEO of Cova. Stock drops 8.7% during pre-market.

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Waitr drops ~9% on acquisition of Retail Innovation Labs