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Cannabis Briefs for January 19, 2021

January 19, 2021

•Chicago-based Cresco Labs is expanding into Florida’s massive medical marijuana market by acquiring Bluma Wellness. Under the purchase agreement, Cresco Labs will acquire all issued and outstanding shares of Bluma for $213 million in an all-stock transaction. Bluma operates a 54,000-square-foot cultivation facility, currently slated for expansion to add a processing lab and edibles kitchen, as well as seven dispensaries. Eight more dispensaries are licensed and in the process of opening. With the expansion, Cresco now has cannabis operations in all seven legal markets out of the top 10 most populous U.S. states.

•Cannabis sales in Colorado totaled $175 million last November, according to recent data from the state’s Department of Revenue. The addition pushed sales for January-November over the $2 billion threshold, a first following 2019’s full-year total of $1.75 billion. November’s haul breaks down to $140.5 million in recreational sales and $34.7 million in medical sales. Since recreational sales began in January 2014, Colorado has sold just shy of $10 billion worth of cannabis.

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