Vertically integrated cannabis company Cresco Labs (CSE: CL) (OTCQX: CRLBF) announced Thursday the execution of a definitive agreement to acquire 100% of the outstanding equity interests in Laurel Harvest Labs, LLC, a Pennsylvania clinical registrant, for $80 million.
The transaction is expected to close in the last three months of 2021, according to Chicago-based Cresco.
In addition, Cresco agreed to pay earnouts payable upon achievement of certain post-closing milestones.
What It Means For Cresco
The acquisition includes a newly constructed indoor cultivation facility in Lancaster County, Pennsylvania, allowing for new cultivation capacity, the foundation to expand the facility …