Cresco Labs Inc., one of the largest vertically integrated multi-state cannabis operators in the United States, today announced that it has closed its acquisition of 100% of the membership interests of Gloucester Street Capital, LLC, the parent entity of Merida portfolio company Valley Agriceuticals, LLC (“Valley Ag”) via a merger between Gloucester and a subsidiary of Cresco Labs. As a result of this acquisition, Cresco Labs now 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. Each license gives the operator the right to operate one cultivation facility and four dispensaries in New York. The New York market is projected to grow to $500 million by 2022.
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