Cresco Labs Inc., one of the largest vertically integrated multistate cannabis operators in the United States, announced that it is entering the Florida market through the signing of a letter agreement to acquire the ownership interests or assets of VidaCann Ltd. and/or affiliated entities, one of the largest and most advanced providers of medical cannabis in Florida (the “Transaction”).
Key Transaction Highlights and Benefits:
• Vertically Integrated Florida License – Provides Cresco Labs a Medical Marijuana Treatment Center license to grow, process, manufacture, distribute and dispense the Company’s house of branded products in up to, currently, 30 retail medical dispensaries in the state of Florida.
• Retail Dispensary Footprint & Rollout – VidaCann currently operates seven (7) dispensaries in the cities of Bradenton, Deerfield Beach, Holly Hill, Orlando, Palm Bay, St. Petersburg, and Tampa and expects to have 14 dispensaries open by the end of June 2019.
• Additional dispensary locations in Tallahassee, Bonita Springs and Port Charlotte are completed and pending operational approval, and locations in Jacksonville, West Palm Beach, Miami and Pensacola are currently under construction and scheduled to open by the end of June 2019.
• VidaCann is projected to have up to 20 dispensaries by the end of 2019, while Cresco intends to further accelerate the VidaCann retail dispensary rollout. Dispensary locations are strategically located throughout the state to ensure 95% of the population of Florida is within 50 miles of a VidaCann dispensary. Delivery is available statewide to all licensed patients.
• Operational Cultivation and Processing – A fully-operational, greenhouse cultivation facility with a state-of-the-art cGMP-certified processing and analytical lab, meeting all FDA requirements.
• Fully operational 70,000 ft2 cultivation and processing facility is scheduled to double in size by the end of 2019 and will allow Cresco Labs to grow and manufacture its full suite of branded products for distribution across the state.
• The greenhouse maintains more than 30 premium strains and VidaCann is the only Florida cannabis company using custom-made Italian extractors that can process over 400 pounds a day.
