Three Cannabis Dispensaries Of Cultivate Acquired By Cresco Labs, Expands presence in Massachusetts
Cresco Labs Inc. (CSE:CL) (OTCQX:CRLBF), the leading wholesaler of cannabis products in the U.S. acquires Cultivate, which has three dispensaries in Massachusetts. These three dispensaries are located in Leicester, Worcester, and Farmington.
About Cresco Labs
The largest wholesaler of the branded cannabis products, Cresco Labs, runs its multistate operations across the United States of America. Cresco Labs functions with a special mission which is to normalize and professionalize the cannabis industry.
That is not the only generosity for which the company has earned its name in the market. It also has its name for launching an initiative called SEED, which stretches to Social Equity and Educational Development. The cannabis industry is big, and in the coming future, it is estimated to become the largest employer in the United States of America.
The largest employer, like every other industry, would require skilled employees to carry out the designated responsibility. Understanding the depth of this concept, Cresco Labs has launched the initiative of SEED. Under this initiative, the company will impart skills and knowledge to interested candidates. It will also offer them an opportunity to work and/or own their cannabis business.
All this will pay off as the company would need someone to manage its large list of brands. The list includes names like Cresco, Mindy’s Edibles, High Supply, Remedi, Good News, FloraCal Farms, and Wonder Wellness Company. Candidates who end up opening their cannabis stores would also be considered to be fruitful as the industry deserves to have skilled players in the market.
Its national dispensary brand, Sunnyside, is expected to remain the same even after the acquisition. Sunnyside is known for its determined focus on the wellness of its customers and patients. It functions with a belief to build trust, offer convenience, and educate others about the usages of various cannabis products.
Acquisition Highlights of Cresco Labs and Cultivate
Cresco Labs has further strengthened its presence in one of the most demanding markets for cannabis products. Cultivate is now officially a part of the family of Cresco Labs.
Upon closing of the acquisition, Cresco Labs has gained access to the three dispensaries of Cultivate which are located in Leicester, Worcester, and Farmington. This has increased the total number of retail stores in-state to four.
The acquisition has taken the total square feet operation of Cresco Labs from 42,000 sq. ft to 64,000 sq. ft. The added square feet will help Cresco Labs to expand its cultivation capacity. One side effect of the acquisition that has happened is that the Fall River retail location of Cresco Labs will now only serve as a medical seller.
This hardly affects the growth strategy of the company. By acquiring Cultivate, Cresco Labs has gained three prestigious advantages of the Massachusetts market. These benefits are limited to cultivation licenses, a large number of retail stores, and competitive pricing.
Charlie Bachtell, the Chief Executive Officer (CEO) and Co-Founder of Cresco Labs, was thrilled upon closing the acquisition agreement with Cultivate. He issued a statement saying the high quality of operations and professionalism of the Cultivate Team brought him closer to Cultivate. He is now looking forward to implementing the integration system efficiently.
Once implemented, both the companies will enter the fourth quarter and work to make it as profitable as possible. Given the reputation that both the brands carry, this seems to be very achievable.
Cresco Labs works with a motive to grow most profitably. The acquisition, as quoted by Charlie Bachtell, makes this strategy stronger. The company would now be able to optimize its growth and profitability in the most demanding Massachusetts market.
He reinstated that the acquisition was at the heart of the strategy of Cresco Labs. He and the entire team of Cresco Limited were thrilled to receive the opportunity to now serve a new base of customers and patients.