Marijuana multistate operator Cresco Labs entered a definitive agreement to acquire Bluma Wellness for $213 million in an all-stock transaction in a move to expand into Florida’s fast-growing medical cannabis market. Bluma, under its operating subsidiary “One Plant Florida,” has seven dispensaries in the southern state with eight additional locations planned. One Plant ranks 11th in Florida in the number of dispensaries but is in the top five in per-store sales of smokable flower, according to state data. Bluma also has 54,000 square feet of cultivation space. The deal reflects how merger and acquisition activity has been heating up in the marijuana space and how investor sentiment is brightening since Democrats won control of the U.S. Senate. “Our strategy at Cresco Labs is to build the most strategic geographic footprint possible and achieve material market positions in each of our states,” CEO Charlie Bachtell said in a news release.
Marijuana Business Daily, 01/14/2021 13:07:00