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,” said 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.
