Acquisition paves the way for Cresco Labs’ expansion into Florida

Growth op

Multi-state cannabis operator Cresco Labs has agreed to acquire Florida-based Bluma Wellness Inc., a move that provides the company with a foothold in the state.The two companies announced that they had entered into a definitive agreement,  notes a joint statement. As per the agreement, Cresco Labs will acquire all of the issued and outstanding shares of Bluma Wellness in an all-share transaction that values Bluma at an equity value of US$213 million.“Our strategy at Cresco Labs is to build the most strategic geographic footprint possible and achieve material market positions in each of our states,” Charles Multi-state cannabis operator Cresco Labs has agreed to acquire Florida-based Bluma Wellness Inc., a move that provides the company with a foothold in the state.The two companies announced that they had entered into a definitive agreement,  notes a joint statement. Florida won’t legalize marijuana in 2020: Here’s why that’s a good thing Liberty Health Sciences taps FlorPass as Florida’s first online shopping portal for cannabis products Cannabis is a ‘safeway’ drug, says doctor who prescribed pot to over 3,000 patients As per the agreement, Cresco Labs will acquire all of the issued and outstanding shares of Bluma Wellness in an all-share transaction that values Bluma at an equity value of US$213 million.“Our strategy at Cresco Labs is to build the most strategic geographic footprint possible and achieve material market positions in each of our states,” Charles Bachtell, CEO of Cresco Labs, says in the statement. “With Florida, we will have a meaningful presence in all seven of the 10 most populated states in the country with cannabis programs — an incredibly strategic and valuable footprint by any definition,” Bachtell noted, adding that Bluma has “the right tools and key advantages for growth.” Bluma Wellness, under its operating subsidiary “One Plant Florida”, has seven strategically…

Excerpt only …
READ MORE BELOW
Source : Acquisition paves the way for Cresco Labs’ expansion into Florida

reposted by Cannabis News World

This site uses Akismet to reduce spam. Learn how your comment data is processed.