Cresco Labs today announced the closing of its deal to acquire PharmaCann Penn for $50 million.
The transaction consists of nine operational retail medical marijuana dispensaries in Pennsylvania, advancing Cresco’s leadership position one of the county's largest medical marijuana markets.
“We are focused on deploying capital into opportunities that strengthen our competitive position and generate attractive long-term returns. This transaction expands our retail footprint in a core market through a highly strategic acquisition while creating additional opportunities to leverage our existing infrastructure,” said Cresco CEO Charlie Bachtell in a statement. “Pennsylvania is one of our core markets, where scale and vertical integration create durable competitive advantages. Pairing more retail doors with our scaled cultivation and leading wholesale business reinforces our position as the consolidator of choice in the markets that matter most.”
Following closing, Cresco said it will be the top retailer providing medical marijuana to patients across the state.
