Cresco Labs, the Chicago-based vertically integrated cannabis company, agreed to acquire Florida medical marijuana provider VidaCann in a $120 million cash and stock deal.
The deal gives Cresco a presence in Florida for the first time, expanding its operations into eight states and giving the company a toehold in a major MMJ market.
VidaCann plans to have 20 operating dispensaries by the end of 2019 and has a license for up to 30 in the Sunshine State.
The company currently has seven dispensaries and a 70,000 square foot cultivation facility that’s expected to double in size by the end of the year.
More details on the deal can be found here.
Cresco, which trades on the CSE under the ticker CL, has made no secret of its intention to expand into Florida. CEO Charlie Bachtell told Investor Intelligence last week that the state was one of it targets, along with Virginia, Connecticut and New Jersey.