“Between the acquisition of Laurel Harvest and the previously closed Cure Penn acquisition, we are executing our strategy of strategic breadth and depth, focused on the most important states, and positioning ourselves to capitalize on the eventual expansion of the cannabis program in Pennsylvania,” co-founder and CEO Charlie Bachtell said in the statement.
After several previous attempts to legalize adult-use cannabis had failed to pass through the state’s Republican-controlled legislature, a new bill was introduced by lawmakers at the end of September.
I've introduced a bill to legalize the adult use of cannabis. Not only would it create jobs and generate much-needed revenue, but it would also eliminate the aggressive enforcement of simple marijuana possession laws in marginalized communities. pic.twitter.com/Nfd0qhk0hL
— Jake Wheatley (@RepWheatley) September 28, 2021
“We are tailoring our strategy to the unique dynamics of each state to maintain our leading market position and increase profitability,” Batchell continues. “It is imperative for us to maximize our retail presence and add a second cultivation facility to optimize product quality, assortment and accessibility to maintain the number one wholesale market share in the state.”
The Laurel Harvest deal includes a clinical research partnership with the Lewis Katz School of Medicine at Temple University, which involves six ongoing cannabis studies.
In November, Cresco reported third-quarter revenue rising 3 per cent to US$215.5 million, alongside other recent acquisitions in Massachusetts and Maryland.
Company stock fell nearly 4 per cent Friday to $9.65 on the Canadian Securities Exchange.