Cresco Labs Inc (OTCMKTS:CRLBF) reported a growth of 6% QoQ to $162.3 million in Q4 2020. Its full-year revenues in 2020 are $476.3 million (up 271% YoY). It is on the backdrop of reporting sequential growth in same-store sales and cultivation expansion in Pennsylvania and Illinois.
Cresco extended the maturity of its senior secured term on December 14, 2020, to 2023 by closing an accord with the lenders. The deal helped the company to extend the facility to $200 million.
Signs a pact to clinch Bluma Wellness Inc
Cresco signed an agreement to takeover Bluma Wellness Inc (OTCMKTS:BMWLF) for $213 million. It is an all-stock transaction.
CEO of Cresco, Charles Bachtell, said the company’s main aim is to expand its presence and strengthen its market leadership in each state. With the takeover of Florida operations of Bluma, Cresco enhanced its footprint in 7 of the 10 states in the US.
Cresco selected Bluma, which has the right tools and experience in promoting an effective delivery in Florida, to expand its operations in the state and improve growth.
Cresco has incredible expertise and experience in integrating the assets, boost fundamentals, and enhance its share in key cannabis markets. In 2020, the company showed its capability in the execution of high-quality cultivation. Cresco uses the same technique to expand its presence in vital markets in 2021 in states like the sunshine state – Florida.
The CEO of Bluma, Brady Cobb, said its scaled delivery platform, high-quality cultivation operations, and retail investments combined with Cresco’s proven execution capabilities, help promote growth in Florida.
One Plant Florida, the subsidiary of Bluma, maintains dispensaries in 7 strategic locations. Its plans are ON to add 8 more locations. The company ranks second highest in the sale of smokable flowers in the state.
One Plant derives 15% of its revenues from the delivery of cannabis products in states like Florida. It also maintains a cultivation space on a 54,000 sq. Ft cultivation area. The company maintains 15 delivery vehicles in its fleet to offer round-the-clock service.
Cresco raised a capital of $125 million on January 15, 2021.
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