FRAMINGHAM, MA -- Cresco Labs Inc. (OTC:CRLBF), today (September 3, 2021) announced they have finalized and closed the previously announced acquisition of Cultivate which operates a recreational cannabis shop on Rt. 9 in Framingham.
Cultivate also operates two others pot shops in MA, one in Leicester and another in Worcester and also offers delivery. In addition, Cultivate is a Licensed MA Cannabis Cultivator with approximately 42,000 square feet of active flowering grow space.
Cresco also grows some weed. The acquisition brings Cresco's in-state (MA) grow space to approximately 64,000 square feet and includes space available to further expand cultivation capacity.
“The closing today constitutes another important step for Cresco Labs as we deepen our presence in large, attractive states like Massachusetts and increasingly tailor and strengthen our state-level strategies to optimize growth and profitability,” said Charlie Bachtell, CEO and Co-Founder of Cresco Labs.
Massachusetts is the largest adult use cannabis market in the northeastern US.
Cresco Labs Inc. is the number one U.S. wholesaler of branded cannabis products including brands: Cresco, High Supply, Mindy's Edibles, Good News, Remedi, Wonder Wellness Co. and FloraCal Farms.
Cresco operates about thirty of its "Sunnyside" brand cannabis shops in seven states including; Massachusetts (1, in Fall River), Arizona (1), Florida (9), Illinois (5), New York (4), Ohio (5), and Pennsylvania (4).
Source: Cresco Labs Inc, press release.