Cresco Labs, Chicago, Ill., 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 Laurel Harvest Labs, LLC. Laurel Harvest is a Pennsylvania clinical registrant.
Transaction highlights include:
- Approximately 52,000 sq. ft. of indoor grow/processing space
- Foundation for an additional 52,000 sq. ft. of indoor cultivation space
- One operational dispensary in Montgomeryville
- A second dispensary in Scranton is currently under construction
- Ability to open an additional four dispensaries throughout the state
"Between the acquisition of Laurel Harvest and the previously closed Cure Penn acquisition, we are executing our strategy of strategic breadth and depth, focused on the most important states, and positioning ourselves to capitalize on the eventual expansion of the cannabis program in Pennsylvania," said Charlie Bachtell, Cresco Labs' CEO & co-founder. "We are tailoring our strategy to the unique dynamics of each state to maintain our leading market position and increase profitability. It is imperative for us to maximize our retail presence and add a second cultivation facility to optimize product quality, assortment and accessibility to maintain the number one wholesale market share in the state1. We're very excited to further develop the research platform with Temple University as a key component of our mission to normalize and professionalize the industry -- a responsible industry creates a respectable industry which, in turn, creates a robust cannabis industry."
Laurel Harvest cClinical registrant highlights include:
- One of eight original Chapter 20 licenses in Pennsylvania
- Academic clinical research partnership with Lewis Katz School of Medicine at Temple University
- Six current ongoing cannabis research studies
Categories: Illinois, Business