Cresco Labs is the latest marijuana multistate operator to scoop up assets from flailing competitor PharmaCann, this time in medical marijuana-only Pennsylvania.
Chicago-based Cresco acquired nine Pennsylvania medical marijuana dispensaries from PharmaCann in a “cash-free, debt-free” $50 million transaction, according to a Wednesday announcement.
The $50 million purchase price, paid through a combination of cash and a seller note, makes Cresco the top medical marijuana retailer and wholesaler in MMJ-only Pennsylvania, the company said. Cresco did not disclose the value or terms of the seller note.
“Pennsylvania is one of our core markets, where scale and vertical integration create durable competitive advantages,” Cresco Labs CEO Charlie Bachtell said. “Pairing more retail doors with our scaled cultivation and leading wholesale business reinforces our position as the consolidator of choice in the markets that matter most.”
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