With marijuana legal in Pennsylvania, a growing number of investors are betting the state’s medical cannabis market is poised for strong growth. One company has invested more than $170 million to expand operations across the region.
Laurel Harvest Labs, a medical marijuana firm, has spent $170 million to expand into Lancaster and Mount Joy. The company will also be expanding in other areas of the state.
A medical marijuana firm headquartered in Chicago is investing $170 million on two acquisitions in Pennsylvania, including a dispensary in Lancaster and a growing-and-processing plant in Mount Joy.
For $90 million, Cresco Labs agreed to purchase three Cure Penn dispensaries, including one on Fruitville Pike in the old Kmart Plaza, as well as dispensaries in Philadelphia and Phoenixville (near King of Prussia).
The Fruitville Pike location, which opened in March 2018 and is open seven days a week, is the county’s oldest dispensary. It employs roughly 20 people.
The Cure Penn shops will join Cresco Labs’ five Sunnyside dispensaries, including a new facility in Wyomissing that opened today.
In a prepared statement, William Butler, Cresco Labs’ senior vice president for retail, stated, “We’re always focusing on normalizing the cannabis-buying experience.” “Our objective is for individuals who value their health and wellbeing to feel as at ease purchasing cannabis products as they do shopping at a supermarket or going to the gym.”
The deal is scheduled to close before the end of the year. The three Cure Penn dispensaries will become Sunnyside sites once that occurs. However, since Cresco Labs is the biggest supplier of brand cannabis goods in the United States, they already offer various Cresco Labs products, such as the Cresco, Remedi, and Good News brands.
Cresco Labs, a publicly traded business, just agreed to pay $80 million for Laurel Harvest Labs, which includes its Mount Joy growing and processing plant.
Laurel Harvest also has a dispensary in Montgomeryville (near Lansdale, Montgomery County), one in the works in Scranton, and permission to operate four other dispensaries around the state. Laurel Harvest also has an academic clinical research agreement with Temple University’s Lewis Katz School of Medicine, with six active research studies.
In 2017, Laurel Harvest revealed plans for a $8 million Mount Joy plant. The 52,000-square-foot property at New and South Jacob streets just received its inaugural state authorization to cultivate medicinal marijuana in May, owing in large part to the epidemic.
According to Cresco Labs spokesperson Kelly Evans, more than 25 employees work there, despite the fact that development is still ongoing.
Laurel Harvest also built the structure such that it may be doubled in size in the future, however no specific date for the expansion has been set. Evans wouldn’t say how much it would cost to extend the facility. Evans estimates that when the new space is fully used, the Mount Joy facility will employ roughly 200 people.
Evans wouldn’t specify how much medicinal marijuana the Mount Joy facility would generate in a year.
Cresco Labs, which was launched in 2013, has 20 medical marijuana producing and processing centers as well as 37 dispensaries throughout ten states. The firm grows, processes, and sells its goods via its own dispensaries as well as wholesale to other clinics.
The firm is quickly increasing revenue via acquisitions and organic growth, with agreements in Florida, Massachusetts, Ohio, and Maryland this year. From $128.5 million in 2019 to $476.3 million in 2020, revenue has increased dramatically. Revenue was $388.4 million in the first half of this year.
Profits, on the other hand, have been sparse, according to Cresco Labs’ financial records. In 2019, it had a net loss of $65.3 million, and in 2020, it had a net loss of $36.6 million. Cresco Labs lost $21.5 million in the first half of this year, but the second quarter was modestly profitable, with a net profit of $2.7 million.
Laurel Harvest is a medical marijuana dispensary that has recently expanded into Lancaster, Mount Joy, and other nearby areas. The company spent $170M to do so. Reference: laurel harvest promo code.
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