Cresco Labs Closes Acquisition of Cultivate, Strengthens Position in Massachusetts
CHICAGO-September 03, 2021 -(BUSINESS WIRE)–Cresco Labs Inc. (CSE:CL) (OTCQX:CRLBF) (“Cresco Labs” or the “Company”), a vertically integrated multi-state operator and the number one U.S. wholesaler of branded cannabis products, announced today the closing of the Company’s previously announced acquisition of Cultivate (the “Transaction”).
- Approximately 42,000 square feet of active flowering canopy, bringing combined canopy in-state to approximately 64,000 square feet. The Transaction also includes space available to further expand cultivation capacity.
- Three operational dispensaries located in Leicester, Framingham, and Worcester, bringing combined retail storefronts in-state to four. Concurrent with closing, the Company’s Fall River retail location has transitioned to medical sales only.
- Greater operating platform to pursue market share growth in the largest adult use cannabis market in the northeast. The Massachusetts’ market structure offers a unique opportunity to wholesalers given limited cultivation licenses, robust pricing, and abundant retail stores throughout the state.
The closing today constitutes another important step for Cresco Labs as we deepen our presence in large, attractive states like Massachusetts and increasingly tailor and strengthen our state-level strategies to optimize growth and profitability.
Charlie Bachtell, CEO and Co-Founder of Cresco Labs.
Expanding operations in the most strategic U.S. cannabis markets is at the heart of our growth strategy and we’re thrilled to have the opportunity to show what can be achieved through a maximized footprint in Massachusetts. We have been thoroughly impressed with the Cultivate team and the quality of their operations. We look forward to a productive and efficient integration process to carry their historical strong momentum into the fourth quarter and beyond.