Cresco Labs (CSE:CL,OTCQX:CRLBF) announced a subsidiary set to be acquired in Massachusetts received provisional approvals for adult-use cannabis cultivation, manufacturing, and retail licenses.
As quoted in the press release:
Cresco Labs entered into a definitive merger agreement with HHH for its Massachusetts cultivation, manufacturing, processing, and dispensary operations at the end of 2018. An application for approval of the merger will be submitted to the Massachusetts Cannabis Control Commission, and the change of control of HHH is subject to such approval.
The Fall River dispensary is currently approved for medical-use cannabis sales and offers medical-grade vape cartridges, edibles, tinctures, topicals, concentrates, and flower. Upon completion of inspections and other final steps in the licensing process, the Fall River dispensary expects to begin selling cannabis products for adult-use in 60-90 days.
“The receipt of this provisional adult-use licenses for HHH’s Fall River dispensary is another example of our strategic business approach to partner with professional and responsible operators,” said Cresco Labs CEO and Co-founder Charlie Bachtell. “With only 15 adult-use cannabis dispensaries currently open in Massachusetts, we anticipate that there will be strong demand in the Fall River dispensary given the robust growth being seen in this market.”