Cresco Strengthens Massachusetts Operations with Cultivate AcquisitionSeptember 7, 2021
Chicago’s Cresco Labs has completed its $90 million acquisition of Massachusetts-based dispensary Cultivate. The move expanded Cresco’s presence in the New England state, adding roughly 42,000 square feet of actively growing flower, giving Cresco a total of 64,000 square feet for the entire state. The acquisition also quadruples Cresco’s retail presence in Massachusetts, adding three new dispensaries in Leicester, Framingham, and Worcester. Now that the deal has closed, Cresco has transitioned its Fall River retail location to exclusively serve medicinal cannabis patients.
According to the company, the acquisition vaults Cresco into the top three cannabis companies in Massachusetts. Overall, Cresco has seen strong expansion in 2021, posting $210 million in sales for its fiscal quarter ended June 30. This is a 17.7% gain from the previous quarter and more than double the company’s sales in the same quarter of 2020. “Strong wholesale capabilities are key for long-term success in this industry, and with a top-selling brand portfolio in Massachusetts we’ll continue to focus on expanding our house of brands and delivering quality, consistent, and available products to our customers,” said Cory Rothschild, senior vice president of brand marketing at Cresco Labs.—Shane EnglishSubscribe 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.