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Cresco Labs Closes Acquisition of Cannabis Operator Bluma Wellness in Florida, USA.

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MANews-(C)2009-2021

Chicago, US-based cannabis operator Cresco Labs (CSE: CL) (OTCQX: CRLBF) has closed the acquisition of Bluma Wellness Inc. (CSE: BWEL.U) (OTCQX: BMWLF) a vertically integrated operator in Florida, the company said.

In January, Cresco Labs agreed to acquire Florida-based integrated cannabis operator Bluma Wellness to expand into Florida and operate in all seven cannabis markets in the US.

The all-share transaction values Bluma at an equity value of USD 213m.

Under the terms of the transaction, shareholders of Bluma will receive 0.0859 of a subordinate voting share of Cresco Labs for each Bluma Share held.

Cowen is acting as financial advisor to Cresco Labs and provided a fairness opinion to the company's board of directors. Bennett Jones LLP is acting as legal advisor to Cresco Labs.

Clarus Securities Inc. and INFOR...

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