+ 0.49
+ 0.32%

Cresco Labs Receives Ohio Processing License Following Verdant Dispensary Deal

June 8, 2020 12:37 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
Cresco Labs Receives Ohio Processing License Following Verdant Dispensary Deal

Cresco Labs (CSE:CL) (OTCQX: CRLBFconfirmed Monday it has obtained a provisional processing license for cannabis oil extraction and manufacture of cannabis products within Ohio. The permit allows the Chicago-based company to sell its brands within the state.

“We continue to believe that to win in this industry, you need to create meaningful, material positions in the most strategic states possible,” said Cresco CEO and co-founder Charlie Bachtell.

The licensing comes on the heels of a purchase the company made in Ohio two weeks ago.

Cresco bought four Verdant Creations dispensaries, located across the state, for $375,000 in cash and $500,000 of its subordinate voting shares.

Once the deal closes and Cresco receives approval from the Ohio Board of Pharmacy, it will run five dispensaries in the state.

“Our company currently only sells flower into 60% of Ohio’s dispensaries, and we’re excited to introduce our House of Brands and a full suite of products, including vape pens, concentrates, and edibles, to patients in the state,” Bachtell added.

The company has been expanding its presence within the country, including Illinois and Pennsylvania.

In April, a cannabis REIT Innovative Industrial Properties Inc. (NYSE: IIPRinked a triple-net lease agreement with Cresco’s subsidiary for the property Cresco intends to run as a cannabis cultivation and processing facility.

IIP agreed to purchase the 25,000 square feet cultivation for $5 million and to fund the undergoing upgrades to the property managed by Cresco, with an additional $11 million.

Related Articles

Cannabis SPACs Will Remain Popular In 2021 Despite Several Challenges

Cannabis companies continue to face restrictions on most national exchanges. Special-purpose acquisition companies (SPACs) help fill the funding void. These types of deals are occurring more often as a less costly and more efficient go-public strategy. read more

Cannabis Stock Gainers And Losers From January 11, 2021

GAINERS: Australis Capital (OTCQB: AUSAF) shares closed up 44.13% at $0.50 read more

Cannabis Vets From Poseidon, Curaleaf, Aphria And TILT Share Projections For 2021

The past twelve months were pivotal for the cannabis industry, as 2020 welcomed a myriad of triumphs, including: read more

IIP's Buying Spree Continues, Inks $33M Sale-Leaseback Deal With 4Front

4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) confirmed Thursday it has finalized a sale-leaseback agreement with Innovative Industrial Properties Inc. (NYSE: IIPR) valued at $33 million. read more