Cresco Labs (CSE: CL) has completed its acquisition of Bluma Wellness (CSE: BWEL.u), thus solidifying its move into the Florida market. The completion of the arrangement was announced by the firm last night after the close of markets.
The closing of the transaction has now seen Cresco expand its operations to ten states across the US, including the top seven most populous. Cresco as a result will also enter the Florida market with a head start, a result of Bluma having eight operational dispensaries and a further seven in the process of construction and permitting, as well as a 54,000 square foot cultivation facility.
The transaction saw Bluma shareholders receive 0.0859 subordinate voting shares of Cresco Labs for each share of Bluma held. A total of 15.9 million shares of Cresco were issued as a result of the transaction, valuing Bluma at approximately $242.1 million.
Cresco Labs last traded at $15.25 on the CSE.
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