Cresco Closes $90 Million Acquisition of Three Pennsylvania Medical Cannabis Dispensaries – New Cannabis Ventures


Cresco Labs Closes Acquisition of Three High-Performing Pennsylvania Dispensaries

CHICAGO, November 25, 2021–(BUSINESS WIRE)–Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco Labs” or “the Company”), a vertically integrated multistate operator and the number one U.S. wholesaler of branded cannabis products, announced today the closing of the Company’s previously announced acquisition of Bay, LLC d/b/a Cure Pennsylvania (“Cure Penn” or the “Transaction”).

Transaction Highlights

  • Three operational dispensaries in Lancaster, Phoenixville, and Philadelphia
  • Cure Penn’s dispensary locations are incremental and complementary to Cresco Labs’ five existing Sunnyside dispensaries in Pennsylvania
  • A retail platform that outperforms the average revenues per-store in Pennsylvania, to be further improved through Cresco Labs’ Sunnyside* retail model

Our focus heading into 2022 is on tailoring our strategy to the dynamics of each state to maintain a dominant market position and increase profitability. Between the acquisition of Cure Penn and the pending acquisition of Laurel Harvest, we are adding four new operational stores, licenses for five incremental stores and 52 thousand square feet of indoor cultivation space in Pennsylvania.

Charlie Bachtell, Cresco Labs’ CEO & Co-founder

The moves we’re making in this state to increase our retail footprint and add cultivation put us in the best position to remain the number one wholesaler in the current framework and continue to win when adult-use is ultimately introduced. Another example of our focus on strategic breadth, depth and execution as the path to success today and as this industry evolves.

The Company expects to transition all stores in Pennsylvania to Sunnyside* by the end of Q1 2022.

About Cresco Labs Inc.

Cresco Labs is one of the largest vertically integrated multistate cannabis operators in the United States, with a mission to normalize and professionalize the cannabis industry. Employing a consumer-packaged goods (“CPG”) approach, Cresco Labs is the largest wholesaler of branded cannabis products in the U.S. Its brands are designed to meet the needs of all consumer segments and comprised of some of the most recognized and trusted national brands including Cresco, High Supply, Mindy’s Edibles, Good News, Remedi, Wonder Wellness Co. and FloraCal Farms. Sunnyside, Cresco Labs’ national dispensary brand, is a wellness-focused retailer created to build trust, education and convenience for both existing and new cannabis consumers. Recognizing that the cannabis industry is poised to become one of the leading job creators in the country, Cresco Labs operates the industry’s largest Social Equity and Educational Development initiative, SEED, which was established to ensure that all members of society have the skills, knowledge and opportunity to work and own businesses in the cannabis industry. Learn more about Cresco Labs at www.crescolabs.com.

Original press release

For fact-based information on Cresco Labs, view the company’s sponsored Investor Dashboard.

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Published by NCV Newswire

NCV Newswire
The NCV Newswire by New Cannabis Ventures aims to curate high quality content and information about leading cannabis companies to help our readers filter out the noise and to stay on top of the most important cannabis business news. The NCV Newswire is hand-curated by an editor and not automated in anyway. Have a confidential news tip? Get in touch.

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