Cresco Labs has signed a purchase agreement to acquire certain assets from Tryke Companies, a vertically integrated seed-to-sale cannabis company, including six prime Reef Dispensary locations in Nevada and Arizona, expanded licensed cultivation and process capacity in Las Vegas and Phoenix and entry into the Utah market.
The Company is currently active in 11 states accounting for 70% of the U.S. population. "The Transaction is expected to give Cresco approximately 8.11% market share in Nevada, estimated to be top 3 among all operators, a more than 300% increase in the Company’s market share in Arizona, along with access to a 12th state – Utah – via Tryke’s recent receipt of one of eight cultivation licenses in the state," the team with the company explains.
"The Tryke Las Vegas Strip location covers a total of 165,000 square feet, which includes the flagship 4,800 square foot Reef Dispensary as well as 160,200 square feet of cultivation, processing and ancillary space (~20,000 sf under canopy). Includes 27,000 square feet of cultivation and processing capacity in Phoenix, Arizona. Tryke also has a cultivation license attached to a 12 acre parcel in Spanish Springs, Nevada with a plan to open the 17,000 lb. per year Phase I build-out during 2020."
For more information:
Cresco Labs
520 W Erie St Suite #220
Chicago, IL 60654
312-929-0993
info@crescolabs.com
crescolabs.com