Cresco Labs Inc (OTCMKTS:CRLBF) has completed the takeover of Hope Heal Health Inc. It has received the regulatory nod of the Cannabis Control Commission in Massachusetts for the change in ownership.
Hope Heal owns licenses for the production
Hope Heal owns the licenses for the cultivation and manufacturing of the products in Massachusetts. It also holds licenses for retail operations. The company can obtain two more retail licenses in Massachusetts. Hope Heal manages a manufacturing and cultivation facility in Fall River.
Hope Heal dispensary commences sale of recreational cannabis
Hope Heal dispensary has commenced the sale of recreational cannabis. The company can use its license to serve the prevailing medical cannabis users. Hope Heal can also quickly meet the growing demand for adult-use cannabis through its retail/ wholesale distribution of the products of Cresco. Massachusetts has reported record cannabis sales of $450 million in the first year itself.
Charlie Bachtell, Co-founder and Chief Executive Officer of Cresco, said the company is excited to commence serving the adult-use cannabis users. This is part of its endeavor to establish a global presence. The company will continue to meet the needs of medical cannabis patients in Massachusetts.
After entering a pact to take over Hope Heal in late 2018, Cresco worked with the team of Hope Heal to develop a reputation for consistency and quality in the northeast’s largest adult-use cannabis space. Charlie said the company will look forward to establishing its retail presence in the market under the Sunnyside brand. It is also developing its wholesale channels.
Supports over 40 cannabis dispensaries
Hope Heal services over 40 cannabis dispensaries in Massachusetts. It distributes a full suite of cannabis products to Remedi, Cresco, and Mindy’s Edibles. With River Fall dispensary situated at a distance of less than 20 miles from downtown Providence, Hope Heal expects to attract more adult-use cannabis customers in the tourism sector of Massachusetts and the local communities.
Cresco closes a non-brokered credit agreement
Cresco has announced the closure of a non-brokered credit accord for the Senior Loan of $100 million. It can increase the loan amount by up to $200 million on mutually agreeable terms. The company will use the proceeds for expanding the operations in Illinois.