Cresco Labs Inc (OTCMKTS:CRLBF) Buys off Cultivate and Improves its Position in Massachusetts

Cresco Labs Inc (OTCMKTS:CRLBF) has spoken about the deal that saw it acquire Cultivate. The company has closed the deal and given the highlights.

Key highlights
The company’s combined canopy in-state currently stands at about 64,000 square feet after it added 42,000 square feet. However, it continues working towards boosting its cultivation capacity, and that implies utilizing more space.

Cresco Labs Inc speaks about three of its operational dispensaries that bring its total retail storefronts to four. They are in areas such as Worcester, Leicester, and Framingham. The other exciting move is the Company’s Fall River retail location’s decision to shift its business operations. It wants to transition so that it can focus mainly on medical sales.

The company exudes confidence that it will grow its market share in the biggest adult-use cannabis market. It was referring to the northeast market. It speaks out about the structure of the Massachusetts market, outlining that it provides an outstanding opportunity to most wholesalers that benefit from robust pricing, limited cultivation licenses, and many retail stores across the state.

Bachtell’s take
The CEO and Co-Founder of Cresco Labs Charlie Bachtell opines, “The closing today constitutes another important step for Cresco Labs as we deepen our presence in large, attractive states like Massachusetts and increasingly tailor and strengthen our state-level strategies to optimize growth and profitability.”

The leader believes that expanding their business operations is crucial and happens to be part of their progressive strategies. He seems excited about the turn of events, outlining that they will achieve their set objectives through the maximized footprint in Massachusetts.

The official applauds their Cultivate team outlining that it has performed remarkably in running the various operations. He anticipates better times ahead where they succeed at achieving increased productivity.