In addition to an upcoming planned California expansion, Chicago-based cannabis company Cresco Labs Inc. (CSE: CL; OTCQX: CRLBF) is moving into Florida through the acquisition of the VidaCann line of medical dispensaries.
That acquisition is due to close within the next three months, pending final approval from the Florida Department of Health.
The state has seen thousands of new medical cannabis patients signing up each week, and VidaCann dispensaries are now available to provide those patients with tinctures, vape products, dried flower options, and capsules in a variety of THC levels.
Commenting on the company’s expected growth in Florida after the acquisition officially closes, Chief Executive Officer Charlie Bachtell stated:
Batchell further added that the number of storefronts could potentially skyrocket next year, when the company’s license expands to include no restrictions on the total number of dispensaries allowed.
That number of stores is already increasing, as today VidaCann officially opened two new locations in Florida. Situated in Pensacola and Jacksonville, these openings mark the 11th and 12th dispensaries from VidaCann across the state.
Aside from the Florida move, Cresco Labs today issued an update on the company’s expansion into the California recreational market through a planned acquisition of CannaRoyalty Corp. (CSE: OH, OTCQX: ORHOF), which is more commonly known by its d/b/a name Origin House.
After previously filing a notification to antitrust authorities, this week the company received a request for more information from the United States Department of Justice Antitrust Division.
That request sees the waiting period extend out by another 30 days, although that period can be voluntarily terminated by the Department of Justice after the additional filing information is received.
Due to the delay by the second request for company details and other remaining closing conditions, the acquisition is now expected to close by the end of the year.