CHICAGO--(BUSINESS WIRE)--PRESS RELEASE--Cresco Labs, one of the largest vertically integrated multistate cannabis operators in the United States, has announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act), as amended, in respect to Cresco Labs’ pending acquisition of Tryke Companies. The waiting period, during which the transaction could not be completed, expired without the issuance of a so-called “second request” by the United States Department of Justice Antitrust Division (the DOJ). The transaction is anticipated to close during the first half of 2020 and is subject to certain closing conditions, including the approval from the states of Nevada, Arizona and Utah.
“At Cresco, we embrace compliance. Obtaining this milestone is indicative of the hard work Cresco and other companies in the industry have been doing to work with regulators,” said Charlie Bachtell, Cresco Labs' CEO and co-founder.
Bachtell added, “This transaction represents the final major piece of our targeted footprint. Upon the closing of the transaction, Cresco will have cultivation, processing, and retail assets in strategic and culturally significant legal states representing 71 percent of the U.S. addressable cannabis market. The company’s focus on distribution and brand building will enable it to continue to capture solid market share in each of these key states as legal markets continue to develop.”
