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Cresco Labs Closes Acquisition Of Cultivate, Strengthens Position In Massachusetts

Sep 03, 2021over 4 years ago

Acquiring Company

Cresco Labs Inc.

Acquired Company

Cultivate

ChicagoAlternative Medicine

Description

Cresco Labs Inc. (CSE:CL) (OTCQX:CRLBF) (“Cresco Labs” or the “Company”), a vertically integrated multistate operator and the number one U.S. wholesaler of branded cannabis products, announced today the closing of the Company’s previously announced acquisition of Cultivate (the “Transaction”).

Company Information

Company

Cresco Labs Inc.

Location

400 W ERIE ST SUITE 110

Chicago, Illinois, United States

About

Cresco Labs is one of the largest vertically integrated, multi-state operators in the U.S., with a mission to normalize & professionalize the cannabis industry. Employing a CPG approach to scaling its business, Cresco Labs is the largest wholesaler of branded cannabis products in the country. Its wholesale portfolio features some of the most recognized & trusted brands--FloraCal Farms, Cresco, High Supply, Mindy's, Good News, Remedi, and Wonder Wellness--developed to meet diverse patient and consumer health & wellness needs. Sunnyside, the company's national dispensary brand, is a wellness-focused retailer created to build trust, education, and convenience among existing & new cannabis consumers. Recognizing that the cannabis industry is poised to become one of the leading job creators in the country, Cresco Labs operates the industry’s largest social equity initiative, SEED (Social Equity & Educational Development), which was established in 2019 to ensure that all members of society have the skills, knowledge, and opportunity to work and own businesses in cannabis. Learn more about Cresco Labs at www.crescolabs.com.

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M&A Insights

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Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed