Cresco Labs Acquires 2 Arizona Marijuana Dispensaries
Marijuana Industry News September 18, 2019 MJ Shareholders 0
Cresco Labs Inc., one of the largest vertically integrated multistate cannabis operators in the United States, announced a significant expansion of its presence in Nevada and Arizona through the signing of a purchase agreement to acquire certain assets from Tryke Companies, a vertically integrated seed-to-sale cannabis company, including six Reef Dispensary locations in Nevada and Arizona, expanded licensed cultivation and process capacity in Las Vegas and Phoenix and entry into the Utah market.
“Tryke has proven itself to be one of the top operators in the U.S. and we look forward to welcoming Tryke’s seasoned team to Cresco Labs to work on growth and optimization initiatives together,” said Cresco Labs President and Co-founder Joe Caltabiano.
A few highlights from the transaction:
- The Transaction is expected to give Cresco approximately 8.11% market share in Nevada, estimated to be top 3 among all operators, a more than 300% increase in the Company’s market share in Arizona, along with access to a 12th state – Utah – via Tryke’s recent receipt of one of eight cultivation licenses in the state.
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