LHSIF - Cresco Labs - Bluma deal capitalizes on 'underpenetrated' market in Florida

In a down day for many of the cannabis stocks, Cresco Labs (CRLBF) is trading higher with a gain of ~2.0% so far today.Last week, the multistate cannabis operators in the U.S. agreed to acquire Bluma Wellness (BMWLF), a vertically integrated operator in Florida in an all-share transaction valued at US$213M.According to Cantor Fitzgerald, the Sunshine state’s ‘med market remains underpenetrated vs. other med markets.’Projecting a 190% growth for Q4 flower volume, the analyst Pablo Zuanic observes the Florida cannabis market is "quickly consolidating" even though the sequential growth has slowed.In addition to the Cresco-Bluma deal, last month Ayr Strategies (CNBQF) announced the proposed acquisition of Liberty Health Sciences (LHSIF) in an all-stock transaction valued at $290M.

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Cresco Labs - Bluma deal capitalizes on ‘underpenetrated’ market in Florida