Cresco Labs Acquires Laurel Harvest Labs, LLC, a Pennsylvania Clinical Registrant
Cresco Labs (CSE:CL) (OTCQX:CRLBF), a vertically-integrated medical marijuana company that is the number one U.S. wholesaler of branded cannabis products, announced the closing of the company’s previously announced acquisition of Laurel Harvest Labs, LLC.
Laurel Harvest is a marijuana dispensary delivering cannabis products to those who require them medically. It is a Pennsylvania Clinical Registrant.
About Cresco Labs Inc.
Cresco Labs is one of the largest vertically-integrated multistate cannabis operators in the United States, completely focused on normalizing and professionalizing the cannabis industry.
It is the largest wholesaler of branded cannabis products in the U.S and its brands are designed to meet the needs of all consumer segments. It is comprised of some of the most recognized national brands which include High Supply, Cresco, Good News, Mindy’s Edibles, Wonder Wellness Co., Remedi, and FloraCal Farms.
Sunnyside, Cresco Labs’ national dispensary brand, is a wellness-focused retailer created to build trust, education, and convenience for both existing and new cannabis consumers.
Cresco Labs operates the cannabis industry’s largest Social Equity and Educational Development initiative called SEED, which was established to ensure that all members of the society will have the necessary skills, knowledge, and opportunity to work and own businesses in the cannabis industry.
- Cresco Labs will get approximately 52,000 sq. ft. of indoor space for growing and processing cannabis
- It will also have a foundation for an additional 52,000 sq. ft. of indoor cultivation space
- It will get one operational dispensary in Montgomeryville
- The second dispensary in Scranton is currently under construction
- Cresco Labs will have the ability to open an additional four dispensaries throughout the state
Charlie Bachtell, Cresco Labs’ CEO & Co-founder, said that between the acquisition of Laurel Harvest and the previously closed Cure Penn acquisition, the company was executing its strategy of strategic breadth and depth, focused on the most important states, and positioning itself to capitalize on the eventual expansion of the cannabis program in Pennsylvania.
He added that the company was tailoring its strategy to the unique dynamics of each state to maintain its leading market position and increase profitability.
According to him, it is imperative for the company to maximize its retail presence and add a second cultivation facility to optimize product quality, assortment, and accessibility to maintain the number one wholesale market share in the state.
With this focus, the company’s team is very excited to further develop the research platform with Temple University as a key component of the team’s mission to normalize and professionalize the industry. It is a well-known fact that a responsible industry creates a respectable industry, which, in this case, will create a robust cannabis industry.
Laurel Harvest Clinical Registrant Highlights
- It is one of the eight original Chapter 20 licenses in Pennsylvania
- It has an academic clinical research partnership with Lewis Katz School of Medicine at Temple University
- The organization has six current ongoing cannabis research studies