Cresco Closes Origin House Deal, Gaining California Distribution OperationJanuary 14, 2020
Cresco Labs’ long gestating acquisition of Origin House has closed, officially making Cresco one of the largest cannabis distributors in California. Originally announced last April, Cresco agreed to pay $823 million to acquire Origin House in an all-stock deal. As part of the agreement, Origin House CEO Marc Lustig will join Cresco’s board of directors.
Origin House distributes to nearly 600 retail locations in California and operates a 92,000-square-foot cultivation space there. Last fall, Cresco unveiled a new “Excellent Everyday Cannabis” campaign in California coinciding with a rebranding effort on its namesake cannabis label.—Danny SullivanSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.