Cresco Labs (CSE:CL,OTCQX:CRLBF) announced that it has received approval for its acquisition of Gloucester Street Capital, the parent entity of Valley Agriceuticals.
As quoted in the press release:
Valley Ag 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. Valley Ag’s license was recently renewed for a two-year period. The acquisition is expected to close by the end of August.
Valley Ag’s 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 within the next 14 days.
“We are very pleased to take the next step in building the most strategic and valuable geographic footprint in the cannabis industry,” said Charles Bachtell, CEO and Co-founder of Cresco Labs. “As the holder of one of only 10 vertically integrated businesses licenses in New York, we believe that Cresco Labs will make a significant impact in this large and influential market that is projected to grow to $500 million by 2022, according to Arcview/BDS Analytics. In virtually all consumer-related sectors and industries, New York is viewed as the most important market in the world, which made it a critical component of our strategic geographic expansion plan. Having the opportunity to establish Cresco Labs in New York will significantly advance our goal to build the first national brand in the cannabis industry.”