Cresco Announces Regulatory Approval for Acquisition of Vertically Integrated License in NY State

Acquisition Expands Cresco Labs’ Multistate Footprint into Limited License New York Market Projected to Grow to $500 Million by 2022

Cresco Labs Inc., one of the largest vertically integrated multi-state cannabis operators in the United States, announced that it has received regulatory approval for its acquisition of 100% of the membership interests of Gloucester Street Capital the parent entity of Valley Agriceuticals, via a merger between Gloucester and an indirect subsidiary of Cresco Labs.

Valley Ag, a Merida Capital Partners portfolio company. holds one of the 10 vertically integrated cannabis business licenses granted in the State of New York by the New York State Department of Health. Its assets include four licensed dispensaries with operating locations in Bardonia and New Hartford, along with new dispensaries scheduled to open in Williamsburg, Brooklyn and Huntington, Long Island in September 2019.

Read the full Yahoo! Finance release here.