Foley Hoag Advises Cultivate in Sale to Cresco Labs Worth Up to $158M
March 24, 2021
Foley Hoag LLP represented Cultivate Holdings in executing a definitive agreement to sell 100% of its business to Cresco Labs (CSE:CL) (OTCQX:CRLBF), for upfront consideration equal to $90 million plus an earnout of up to $68 million. At closing, the acquisition will be the second-largest cannabis transaction ever in Massachusetts, and will immediately vault Cresco Labs to a top three leadership position in the state. Upon completion of planned expansions, combined operations will include 100,000 square feet of active canopy, three adult-use dispensaries and three medical dispensaries.
MA-based Cultivate is focused on growing premium flower, offering a full suite of branded products, delivering the best customer experience at retail, and elevating the cannabis industry to a new level of professionalism and social responsibility.
Foley Hoag attorneys Erica Rice, Jesse Alderman, Jason Roche, Shir Wisenberg, Kip Cawley, Teresa Martland, Austin Ownbey, Jonathan Keselenko, Jeffrey Ganguly, Joshua Jarvis, Jeremy Meisinger, Stacie Aarestad and Ryan Rourke Reed represented Cultivate in the transaction.
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