Cannabis company Golden Leaf Holdings Ltd. GLH GLDFF is poised to purchase a Northwest Oregon-based multi-store chain.

The acquisition is expected to increase the company's annual run rate revenue by at least $10 million.

John Varghese, the executive chairman of the Portland-based company, said they will announce details once the definitive purchase agreement is inked.

"The acquisition of this retail chain will be transformative for GLH, as it would further cement us as a leader in the Oregon market," Golden Leaf CEO Jeff Yapp disclosed Friday.

Golden Leaf expects this transaction to be accretive on close, and achieve "tremendous synergy" with the introduction of its Chalice brand products, Yapp explained.

The consideration for the transaction will include cash, common shares, and a promissory note.

The company recently raised CA$2.38 million ($1.87 million) as an initial tranche of its current non-brokered private placement.

GHL will utilize the funds secured via its private placement deal to fund the transaction's cash portion.

The deal is expected to close upon receiving all regulatory approvals, or eight weeks once both parties enter a definitive purchase agreement.