Cresco Labs to buy cannabis dispensary, cultivation assets of Tryke Companies for $282.5 million

Cresco Labs Inc. announced Monday a deal to buy certain assets from Las Vegas-based seed-to-sale cannabis company Tryke Companies for a $282.5 million, including $30 million in real estate assets. The assets being acquired include six Reef Dispensary locations and Nevada and Arizona, expanded licensed cultivation and process capacity in Las Vegas and Phoenix and entry into the Utah market. Cresco said the deal adds 17,000 pounds per year in cultivation capacity and 1,320 pounds of processing capacity. Chicago-based Cresco’s stock has gained 17.3% year to date through Friday, while the ETFMG Alternative Harvest ETF has gained 1.1% and the S&P 500 has climbed 20.0%.

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