Cresco Labs Announces Expiration of HSR Act Waiting Period for the Proposed Acquisition of Tryke Companies
CHICAGO-October 30, 2019-(BUSINESS WIRE)–Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or the “Company”), one of the largest vertically integrated multistate cannabis operators in the United States, today announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (“HSR Act”), as amended, in respect to Cresco Labs’ pending acquisition of Tryke Companies (“Tryke”) (the “Transaction”). The waiting period, during which the Transaction could not be completed, expired without the issuance of a so-called “second request” by the United States Department of Justice Antitrust Division (the “DOJ”). The Transaction is anticipated to close during the first half of 2020 and is subject to certain closing conditions, including the approval from the States of Nevada, Arizona and Utah.
At Cresco, we embrace compliance. Obtaining this milestone is indicative of the hard work Cresco and other companies in the industry have been doing to work with regulators.
Charlie Bachtell, Cresco Labs CEO and Co-founder.
This transaction represents the final major piece of our targeted footprint. Upon the closing of the Transaction, Cresco will have cultivation, processing, and retail assets in strategic and culturally significant legal states representing 71% of the U.S. addressable cannabis market. The Company’s focus on distribution and brand building will enable it to continue to capture solid market share in each of these key states as legal markets continue to develop.
About Cresco Labs
Cresco Labs is one of the largest vertically-integrated multi-state cannabis operators in the United States. Cresco is built to become the most important company in the cannabis industry by combining the most strategic geographic footprint with one of the leading distribution platforms in North America. Employing a consumer-packaged goods (“CPG”) approach to cannabis, Cresco’s house of brands is designed to meet the needs of all consumer segments and includes some of the most recognized and trusted national brands including Cresco, Remedi and Mindy’s, a line of edibles created by James Beard Award-winning chef Mindy Segal. Sunnyside*, Cresco’s national dispensary brand, is a wellness-focused retailer designed to build trust, education and convenience for both existing and new cannabis consumers. Recognizing that the cannabis industry is poised to become one of the leading job creators in the country, Cresco has launched the industry’s first national comprehensive Social Equity and Educational Development (SEED) initiative designed to ensure that all members of society have the skills, knowledge and opportunity to work in and own businesses in the cannabis industry. Learn more about Cresco Labs at www.crescolabs.com.