[PRESS RELEASE] – CHICAGO, Sept. 2, 2026 – Cresco Labs Inc. announced the closing of its acquisition of 100% of the outstanding equity interests in PharmaCann Penn LLC for an aggregate consideration of $50 million.
The transaction consists of nine operational retail medical marijuana dispensaries in Pennsylvania, advancing Cresco’s leadership position in the nation’s second-largest medical marijuana market, which generated nearly $1.8 billion in annual sales last year, according to the state’s Department of Health.
“We are focused on deploying capital into opportunities that strengthen our competitive position and generate attractive long-term returns. This transaction expands our retail footprint in a core market through a highly strategic acquisition while creating additional opportunities to leverage our existing infrastructure,” Cresco Labs CEO Charlie Bachtell said. “Pennsylvania is one of our core markets, where scale and vertical integration create durable competitive advantages. Pairing more retail doors with our scaled cultivation and leading wholesale business reinforces our position as the consolidator of choice in the markets that matter most.”
Following closing, Cresco will be the No. 1 retailer providing medical marijuana to patients across the state. Together with its position as Pennsylvania’s No. 1 wholesaler, Cresco is uniquely positioned to leverage its scale and brand strength across the market. The transaction is expected to be immediately accretive to revenue, margins and cash flow.
Transaction Details
The consideration amount for the transaction is $50 million, satisfied through the payment of cash and a seller note. The transaction was completed on a cash-free, debt-free basis with a mutually agreed-upon normalized target level of working capital.
