Cresco Labs Closes Acquisition of Verdant Creations’ Four Dispensaries, Reaches Maximum Retail Licenses in Ohio
CHICAGO, February 16, 2021–(BUSINESS WIRE)–Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or “the Company”), one of the largest vertically integrated, multistate cannabis operators in the United States, announced today the closing of its acquisition of Verdant Creations dispensaries in Cincinnati, Chillicothe, Newark and Marion, Ohio (collectively “Verdant”). These acquisitions give Cresco four additional dispensaries, bringing the Company’s dispensary presence in Ohio to five – the maximum allowed by the state.
The Verdant acquisition is aligned with Cresco’s strategy of building meaningful, material market positions in the states that matter most. As the seventh most populated state in the U.S., Ohio has a registered medical patient count that more than doubled in 2020 from roughly 78,000 patients to 160,000, in addition to 52 operational dispensaries statewide and 2020 annual cannabis sales of nearly $220 million1. Cresco Labs is well positioned in the market with the largest type of cultivation license allowing 25,000 sq. ft. of cultivation, a full processing facility currently under expansion, and now the maximum number of retail locations allowed by the state. Additionally, the Company distributes its flower product to 88% of Ohio’s dispensaries