ILLINOIS: Cresco Labs, one of the largest vertically integrated multi-state cannabis operators in the United States, announced a definitive agreement to acquire 100% of the shares and membership interests of Hope Heal Health, Inc. and an affiliated real estate entity.
The HHH assets include state registration and licensing that will allow for cultivation, manufacturing, processing, and the establishment and operation of a medical marijuana dispensary, with the ability to obtain up to three medical marijuana dispensary licenses and three adult-use dispensary licenses. HHH has entered into host community agreements with the Massachusetts municipalities of Rockland, North Attleborough and Fall River for medical cannabis dispensaries, subject to site approval, and is in the process of applying for adult-use licenses from the Massachusetts Cannabis Control Commission. This transaction is not a material transaction for the company and closing is expected to occur in the first quarter of 2019, subject to receipt of applicable regulatory approvals and other customary closing conditions.
“Massachusetts adds another attractive, high value market to our national footprint,” said Charles Bachtell, CEO of Cresco Labs. “Up until now, the medical patients of Massachusetts have had limited access to relief. We look forward to utilizing our strong capital resources, proven executional abilities, and our vertically integrated and streamlined growth-manufacturing-retail model to serve these patients and develop meaningful market share as we have in Illinois and Pennsylvania.”
HHH’s 150,0001 square foot cultivation facility in Fall River planted its first crop this week with an expected harvest in the first quarter of 2019. Cresco Labs has proven its execution efficiency with an unparalleled speed to market in the state of Pennsylvania, where it operates growing and processing facilities and three retail stores. Cresco hopes to achieve similar accomplishments in Massachusetts, subject to site approvals and barring any unforeseen delays.