Cresco Labs announced a $283 million purchase of private cannabis operator Tryke, which operates in Arizona and Nevada.
Tryke's crown jewel is its Reef Dispensary located near the Las Vegas Strip - one of the only two cannabis retailers in that vicinity.
We think the deal is a great for Cresco given 1) attractive purchase price, 2) strong profitability, and 3) good fit and minimal overlap.
Cresco Labs (OTCQX:CRLBF) just announced a big acquisition when it bought Tryke Companies for $283 million. The deal expanded Cresco Labs into two of the most valuable cannabis markets in the U.S. and