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Back in April, Cresco Labs Inc. (CSE: CL; OTCQX: CRLBF) announced one of the largest U.S. cannabis acquisition deals to date, signing an agreement to acquire CannaRoyalty Corp. (CSE: OH; OTCQX: ORHOF). 

That $1.1 billion valued deal will see CannaRoyalty, more commonly known under the DBA name Origin House, come under the Cresco banner later this year. 

The deal was slightly delayed after a request for second information from the United States Department of Justice Antitrust Division, which still needs to approve the acquisition. 

Today Cresco announced both companies have completed their substantial compliance to that request by submitting their information request replies, which puts the deal back on track to be completed. 

Discussing the acquisition moving towards its final stage, Cresco’s Chief Executive Officer Charlie Bachtell issued this statement: 

Today’s announcement marks the crossing of yet another significant hurdle towards the completion of the transaction. We are pleased to announce that both companies have now submitted their responses and look forward to closing the transaction following the expiration of the applicable antitrust waiting period.

That 30-day antitrust waiting period is required by the HSR Act, and unless the Department of Justice objects during that time, the deal will be free to close after the period’s expected endpoint on Oct. 17. 

Barring any unexpected challenges, the buyout deal is now expected to close in mid-November. 

In other company acquisition news, Cresco is currently awaiting final approval from the Florida Department of Health to close the purchase of the VidaCann line of medical dispensaries. 

VidaCann currently runs 13 separate dispensaries across the state, with new storefronts due to open in Fort Lauderdale and Miami in the near future. 

Aside from expansion with new company purchases, Cresco also made an international move by listing shares on the Frankfurt Stock Exchange back in August. 

Cresco stock has been on a rollercoaster ride for investors over the last year, with CRLBF current trading at a price of $7.32 as of Tuesday afternoon. That asking price is down from $9.45 earlier this month and a high of $13.21 back in April when most pot stocks in North America took a major hit.  

About Author

Ty Arthur

Ty Arthur

Ty Arthur has spent the last decade of his journalism career covering everything from cutting-edge tech to local news through outlets such as the Houston Chronicle. He has focused on the counterculture aspects of society, from marijuana legalization to underground music through Metalunderground.com and rapidly changing trends in the entertainment industry. He lives in the cold, dark north with his wife and son.

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