Cresco Labs Purchases 4 Dispensaries In Ohio

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.”

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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.”

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Posted In: Charlie BachtellCannabisM&ANewsPenny StocksRetail SalesMarkets