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Cresco Labs Scraps VidaCann Merger

TheMotleyFool

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Cresco Labs Scraps VidaCann MergerPhoto, wide shot, wide-angle lens, Medical device manufacturer, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Michael Light: https://img.theapi.app/temp/3a7f6312-1eee-4702-9005-93cc1e62f970.png

Cresco Labs (OTC: CRLBF) is backing away from its deal to acquire medical marijuana provider VidaCann.

When the deal was announced in March, Cresco Labs said purchasing VidaCann would allow it to enter a Florida medical cannabis market that was projected to grow to $1.7 billion by 2022. VidaCann's licenses, retail dispensaries, and cultivation facilities were all supposed to support Cresco's growth ambitions in the Sunshine State.

"Entering the Florida market is consistent with Cresco Labs' strategy of entering markets with [outsize] demand with strong regulatory structures and is an important milestone for the company that dramatically impacts our growth trajectory," Cresco Labs CEO Charlie Bachtell said at the time.

Source Fool.com

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