CRLBF - Cresco Labs Unlocks $32M In Non-Dilutive Capital Strengthening Overall Business | Benzinga
Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) (FSE: 6CQ) closed the sale of its sole licensed Arizona operation ("Encanto”) to an affiliate of Mint Cannabis for an aggregate purchase price of $6.5 million in cash. In addition, the Chicago-based cannabis company has closed on a conventional mortgage on its Ellenville, NY properties for a principal amount of up to $25.3 million with an interest rate of 8.43%.
"We are pleased to announce the closing of the sale of our remaining Arizona asset. As we have highlighted over the past several quarters, we are focused on strengthening our operations and increasing profitability by leaning into our Core – core markets, core stores, core brands and core products. Our exit from Arizona aligns with our strategy of optimizing our portfolio by prioritizing assets with a greater path to scale,” stated Charles Bachtell, CEO of Cresco Labs. "We are also thrilled to secure ...