Cultivate, the first adult-use cannabis dispensary in Mass., sold for $158M
Photo | Zachary Comeau
Cultivate President Sam Barber tends to marijuana plants at the company's Leicester facility.
Chicago-based Cresco Labs has purchased Cultivate, the groundbreaking operator of two marijuana retail locations in Leicester and Framingham, in a deal that could net Cultivate up to $158 million.
The deal was announced by Cresco Labs, a multi-state cannabis operator, on Thursday. The deal includes a $15-million cash payment, $75 million worth of shares in Cresco Labs and up to $68 million if certain earnings thresholds are met.
In November 2018, Cultivate was the first marijuana adult-use dispensary to open in Massachusetts, at its Leicester location, along with New England Treatment Access, which opened on the same day in Northampton.
Cultivate has an additional dispensary in Framingham with another planned to open in Worcester in the second quarter of the year.
Cresco Labs currently operates 24 dispensaries in Arizona, Illinois, New York, Ohio and Pennsylvania with one Massachusetts location in Fall River. All the dispensaries are operated under the retail name Sunnyside.
The release did not provide any information on current Cultivate employees, including Cultivate CEO Sam Barber.
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