Cannabis retailer Cresco Labs CRLBF has agreed to buy four dispensaries from Verdant Creations.
The stores, located across Ohio, sold for $375,000 in cash and $500,000 of Crescos subordinate voting shares.
“Upon completion of this Transaction and completing the final phase of buildout at our cultivation facility, we expect to drive increased revenue growth and operating leverage in this limited license state," said Cresco Labs CEO and co-founder Charlie Bachtell. "We continue to value vertical integration and retail to create leverage for our wholesale and brand building while providing front-line feedback directly from our consumer base.”
Joe Caltabiano, cannabis entrepreneur and a co-founder of Cresco Labs, will speak at the Virtual Benzinga Cannabis Capital Conference on June 1st. Don't miss him!
Cresco is also upgrading a 25,000 square foot facility for cultivation and intends to use these four new dispensaries to increase its vertical integration.
At the moment, more than half of dispensaries in Ohio sell Cresco products.
“Ohio is the seventh most populated state in the country, now has over 100,000 registered patients and experienced over 30% growth in average weekly sales from February to April," Bachtell added. "With our experience in Illinois and Pennsylvania, we think Ohio is on its way to joining these states as one of the strongest performing regulated cannabis programs in the country.”
Don’t miss this opportunity to connect with THE cannabis movers and shakers from across the globe during Benzinga’s first Virtual Cannabis Capital Conference on June 1.
Meet the biggest cannabis industry players and make deals that will push the industry forward.
Featuring live company presentations, insider panels, and unmatched access to networking, the Benzinga Cannabis Capital Conference is where cannabis executives and entrepreneurs meet.
Join us September 13-14, 2022 at The Palmer House in Chicago, IL.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.