Cresco Labs Inc. undefinedundefined said Thursday it'll pay $90 million in cash and stock for Bay LLC, which operates under the name Cure Penn, in a move by...
Cresco Labs Inc. CL, +1.29% CRLBF, +1.65% said Thursday it'll pay $90 million in cash and stock for Bay LLC, which operates under the name Cure Penn, in a move by the cannabis company to grow its presence in Pennsylvania. The purchase includes three operating Cure Penn dispensaries in Lancaster, Phoenixville, and Philadelphia.
The locations will complement the four existing Cresco Labs dispensaries tin the state that operate under the name Sunnyside. Cresco Labs c-founder and CEO Charlie Bachtell said the deal will increase the Chicago company's profitability in the state. Cresco Labs shares are down 12.3% year-to-date, compared to a rise of 5.4% by the Cannabis ETF THCX, +1.54% and an advance of 17% by the S&P 500 SPX, +0.95%.
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