Lost your password?

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: 

We project that Cresco Labs will have the fifth largest network of retail dispensaries in the state of Florida, which will provide us with an immediate meaningful presence in this market and an excellent platform for driving future growth. By the end of 2019, we expect to have up to 20 dispensaries operating in Florida.

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. 

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.

See author's posts

The opinions provided in this article are those of the author and do not constitute investment advice. Readers should assume that the author and/or employees of Grizzle hold positions in the company or companies mentioned in the article. For more information, please see our Content Disclaimer.