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HomeBusinessCresco spends $ 80 million to acquire another Pennsylvania marijuana company

Cresco spends $ 80 million to acquire another Pennsylvania marijuana company

Chicago-based Cresco Labs said Thursday it will acquire Pennsylvania-based Laurel Harvest Labs in a cash-and-share deal. worth $ 80 million.

The acquisition is the multistate operator’s second in less than a month, following the purchase of Cure Pennsylvania for $ 90 million in September.

Cresco said in a press release that the addition of Laurel Harvest will further consolidate its market share in Pennsylvania, where it already has a grow facility and four dispensaries.

Under the deal, Cresco gets:

  • A 52,000-square-foot grow facility in Lancaster County, in addition to its existing facility in Brookville, which may double in size.
  • Another distribution center.
  • There are currently six dispensary licenses in operation, but only one, in Montgomeryville. A second outlet is under construction in Scranton.

The acquisition also gives Cresco access to cannabis research and development.

Laurel Harvest has a state “clinical registration license” that allows the company to work directly with the Lewis Katz School of Medicine at Temple University in Philadelphia on “one of the most sophisticated cannabis research programs in the country,” said the Cresco CEO Charlie Bachtell at the release.

Cresco’s shares trade as CL on the Canadian Stock Exchange and as CRLBF in over the counter markets.

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