Sep. 2 at 7:31 PM
$CRLBF
Taken from a comment on Yahoo Finance:
Breakdown of today's news: Cresco acquired 9 operating Pennsylvania dispensaries from PharmaCann.
Purchase price:
$50 million, paid through a combination of cash + a seller note. Importantly, it was not
$50M entirely out of Cresco's cash balance.
The deal is cash-free/debt-free, meaning Cresco isn't taking on PharmaCann's existing debt through the acquisition.
Pennsylvania generated more than
$1.1 billion in medical cannabis sales last year, making it the second-largest U.S. medical marijuana market, according to Cresco.
After the acquisition, Cresco says it becomes the #1 medical cannabis retailer in Pennsylvania.
Cresco was already the #1 wholesaler in Pennsylvania. That's probably the most strategically important part of this announcement.
Cresco can now push more of its own products and brands through nine additional retail doors, while leveraging cultivation and production infrastructure it already has.
Continued...
