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Chicago marijuana company Cresco buys cannabis company in Florida




Cresco shares have rebounded strongly in recent months, along with the rest of the cannabis industry, amid improving sales in markets such as Illinois and a push into new markets. The reversal of fortunes has fueled a new round of deals in the marijuana industry.

Chicago-based Cresco’s share has practically doubled since the deal with VidaCann was canceled in late November. Its shares were up 6% early today to $ 13.90.

Bluma operates seven dispensaries in Florida – which is an exclusively medical market – with cultivation capacity. Research companies Arcview and BDSA predict that Florida will become the second largest marijuana market in the United States, behind only California, by 2025, based on an expectation that recreational use by adults. will eventually be authorized.

Even without recreational use, Florida was expected to hit $ 1 billion in sales last year, more than Illinois’ combined recreational and medical marijuana sales, which totaled about $ 1 billion in sales. 2020. The number of medical patients in Florida has doubled to over 450,000 over two years.

“We recognize the importance of the Florida market and the importance of entering Florida in a thoughtful manner,” Cresco CEO Charlie Bachtell said in a statement. “We have identified Bluma as having the right tools and the main advantages for growth.”

With the acquisition of Bluma, Cresco will operate in 10 states. It is one of the largest cannabis companies in the United States, alongside Chicago-based operators Green Thumb Industries, Verano Holdings, and PharmaCann. Verano recently announced that it will be acquiring Florida cannabis company AltMed for an undisclosed price. GTI entered Florida in 2018 after acquiring KSGNF.

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