Marijuana Firm Cresco Labs Expands In Arizona, Illinois

Just weeks after closing a $100 million capital raise, Chicago-based Cresco Labs is growing again – this time through acquisitions in Arizona and Illinois.

The multistate cannabis firm announced that it has acquired Arizona Facilities Supply, which provides management services to Encanto Green Cross Dispensary. Encanto is licensed to cultivate, process and dispense medical marijuana across the state.

The deal adds two cultivation sites, a processing facility and a dispensary to Cresco’s Arizona portfolio, which already includes a cultivation and dispensary operation.

Terms of the deal, which included cash and equity considerations, were not disclosed.

Cresco also signed a definitive agreement to acquire FloraMedex, a medical cannabis dispensary located in the Chicago suburb of Elmwood Park – Cresco’s third acquisition in Illinois.

Cresco Labs also has operations in California, Nevada, Ohio and Pennsylvania.

“Our growth strategy from Day One has been set on having a national footprint,” Cresco CEO and co-founder Charlie Bachtell said.

“With the pending (merger and acquisition) activity we have in the pipeline, we’re on track to enter a majority of the larger states that we’re not in yet.”

The firm has a license pending in Michigan and is targeting additional acquisitions in New York and Florida.

Lisa Bernard-Kuhn can be reached at [email protected]

Original Article Source: https://mjbizdaily.com/cannabis-firm-cresco-labs-expands-in-arizona-illinois/

Comments

Feds Hire Hazmat Firm For Marijuana Eradication Training

An ambitious campaign to decriminalize psychedelics in Washington, D.C., is one step closer to placing their measure on the November ballot with the formal submission of tens of thousands of voter signatures. Organizers have been scrambling for weeks to collect enough signatures from D.C. voters by Monday’s deadline amid historically difficult circumstances: a global pandemic, months of stay-at-home orders and protests over racism and police violence that filled the streets of the nation’s capital. But with the help of innovative signature-gathering techniques and allies flown in from across the country, advocates said they had successfully submitted upwards of 35,000 signatures—more than enough to qualify the initiative. If approved by voters, Initiative 81 would make enforcement of laws against plant- and fungus-based psychedelics among the “lowest law enforcement priorities” for the Metropolitan Police Department. It would not, however, legalize or reduce penalties for the substa...

Crime Rates Drop After Marijuana Dispensaries Open Nearby, Study Finds

Whether you’re partnered up or riding solo, marijuana can enhance the longevity, frequency and quality of sexual pleasure, reports a new survey out on Tuesday. Though a number of recent scientific studies have found consuming cannabis can improve bedroom activities for men and women , a report from Lioness, the makers of the world’s first smart vibrator, and cannabis delivery service Eaze offers a more in-depth look at how the substance can affect people’s sex lives. “Cannabis can enhance your orgasms no matter who you are,” the report states. “While a satisfying sex life is the result of many variables, cannabis can increase the length, frequency of, and quality of your orgasms and pleasure sessions whether you’re single or married, solo or with a partner, young adult or silver fox.” The report is the result of an online survey shared with 432 Lioness newsletter subscribers in North America between June 23 and July 1. Researchers also included perspective from 19 Lioness users who...

All 50 State Banking Associations Urge Congress To Pass Marijuana Financial Services Bill

New York City Mayor Bill de Blasio (D) announced on Thursday that he’s running for the 2020 Democratic presidential nomination. While the mayor was initially opposed to legalization, he made several attempts to reduce cannabis-related arrests in the city, but the policy changes never ended up achieving a key desired outcome of reducing racial disparities in marijuana enforcement. De Blasio finally came out in support of legalization in 2018, just days after Gov. Andrew Cuomo (D) reversed his own longtime opposition. Here’s a detailed look at where de Blasio stands on marijuana. Legislation And Policy Actions One of the first actions de Blasio took to change the city’s marijuana policies was to instruct the New York Police Department (NYPD) to issue summons for individuals caught possessing 25 grams or less of cannabis in lieu of making arrests, with certain exceptions. That policy took effect in November 2014. He campaigned on the reform promise, stating that marijuana convictio...

Norma Pence

Search This Blog