Cresco Labs Announces Termination of Blair Wellness Acquisition
CHICAGO-January 19, 2022-(BUSINESS WIRE)–Cresco Labs (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 termination of the previously announced definitive agreement to acquire 100% of the outstanding equity interest in Blair Wellness, LLC (“Blair Wellness”), a Baltimore Maryland medical cannabis dispensary (the “Transaction”).
We have terminated the purchase agreement with Blair Wellness due to the failure of certain closing conditions to be met prior to our specified termination date.
Charlie Bachtell, Cresco Labs’ CEO & Co-founder
We will continue to look for other avenues to expand our footprint in Maryland, and execute our strategy of going deep in meaningful, material states.
Blair Wellness was originally expected to close during Q4 2021. There are no termination fees associated with the Transaction.
About Cresco Labs Inc.
Cresco Labs is one of the largest vertically integrated multistate cannabis operators in the United States, with a mission to normalize and professionalize the cannabis industry. Employing a consumer-packaged goods (“CPG”) approach, Cresco Labs is the largest wholesaler of branded cannabis products in the U.S. Its brands are designed to meet the needs of all consumer segments and comprised of some of the most recognized and trusted national brands including Cresco, High Supply, Mindy’s Edibles, Good News, Remedi, Wonder Wellness Co. and FloraCal Farms. Sunnyside, Cresco Labs’ national dispensary brand, is a wellness-focused retailer created 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 Labs operates the industry’s largest Social Equity and Educational Development initiative, SEED, which was established to ensure that all members of society have the skills, knowledge and opportunity to work and own businesses in the cannabis industry. Learn more about Cresco Labs at www.crescolabs.com.