Cresco Labs Expands Into Florida With Acquisition Of Bluma Wellness
Cresco Labs, one of the largest vertically integrated, multistate cannabis operators in the United States, has entered into a definitive agreement to acquire Bluma Wellness Inc., a vertically integrated operator in Florida. Cresco Labs will acquire all of the issued and outstanding shares of Bluma in an all-share transaction that values Bluma at an equity value of $213 million. With this acquisition, Cresco Labs will have a presence in all seven cannabis markets that fall within the top 10 most populated states in the U.S.
Bluma Wellness, under its operating subsidiary “One Plant Florida”, has seven dispensaries with eight more locations under legal control and planned to open.
“We recognize the importance of the Florida market and the importance of entering Florida in a thoughtful way – we identified Bluma as having the right tools and key advantages for growth,” said Charles Bachtell, CEO of Cresco Labs. “Bluma is known for having best-in-class cultivation in the state of Florida, a differentiated retail experience and omnichannel offering with effective delivery, a clear pathway to scale and an incredible management team. We have a proven track record of integrating assets in strategic states, improving fundamentals, and amplifying operations to take share in the most competitive cannabis markets. In 2020, we demonstrated the growth and leverage that can be created by focusing only on the most strategic markets, executing high-quality cultivation at scale, and marrying it with a targeted, consumer-focused model of high-volume retail. In 2021, it’s rinse and repeat. We’re using the same playbook to go deeper in strategic states, including Florida – we look forward to bringing our Cresco Labs brands and our Sunnyside stores to the Sunshine State!”
Bluma Highlights:
- One Plant stores rank second highest in per-store sales of smokable flower in Florida.
- One Plant stores derive 15% of revenue from home delivery (among the highest in Florida).
- 54,000 sq. ft. of cultivation space (with planned expansion of cultivation capacity, processing lab, and edibles kitchen).
- One Plant dispensaries act as delivery hubs supporting the fleet of 15 delivery vehicles offering 24-48 hour statewide service.
Florida is the third most populous state in the U.S. with 21.7 million people and has more than 450,000 registered patients in its medical program.
