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Cannabis Summary for Sept. 16, 2019

2019-09-16 20:59 ET - Market Summary

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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index inched 0.14 point to 544.89 Monday. United States-based Cresco Labs Inc. (CL) dropped 91 cents to $9.59 on 1.95 million shares after a busy day, which included the announcement of a $282.5-million (U.S.) asset acquisition of Tryke Companies. Cresco Labs will receive six dispensaries spread throughout Arizona and Nevada, as well as cultivation space in each of those states. The company will obtain 160,200 square feet of cultivation and processing area in Nevada and 27,000 square feet in Arizona. Cresco Labs will also receive a cultivation licence for Utah, which will be the 12th state in which Cresco has operations.

Of the $282.5-million (U.S.) purchase price, Cresco Labs will pay $252.5-million (U.S.) for Tryke's operating assets plus $30-million (U.S.) for Tryke's real estate assets. The U.S. cannabis producer will pay for the acquisition through a $227.5-million (U.S.) share issuance and it will pay the remaining $55-million (U.S.) in cash. Cresco Labs says it expects the deal to close in the first half of 2020.

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