One Plant Florida reports medical marijuana sales have soared during the Covid-19 pandemic.
Bluma Wellness, the owner of Fort Lauderdale-based medical cannabis dispensary One Plant Florida, entered into an agreement to be acquired by Cresco Labs, a multi-state operator with dispensaries in nine states.
Cresco Labs will acquire the company in an all-stock transaction that values Bluma Wellness at $213 million.
Bluma Wellness CEO Brady Cobb said Cresco Labs shares his passion for creating high-quality marijuana products and will accelerate One Plant Florida’s growth.
“Our vision for Bluma and One Plant Florida has always been to cultivate remarkable experiences through exceptional cannabis,” he said in a statement. “Our management team took the responsibility to seriously assess potential partners and we’re thrilled to be joining an organization that aligns operationally and shares our passion.”
One Plant Florida, originally launched as a delivery company, opened its first retail store in 2019 and operates seven dispensaries and 15-vehicle fleet delivery service in Florida. It plans to open eight more locations across the state and a new 60,000-square-foot processing lab and cultivation center in Indiantown.
In December, the company reported it was profitable for the first time, one year after opening its first brick-and-mortar dispensary.
Cobb told the Business Journal the businesses have not yet decided if One Plant Florida will continue to operate under that name or rebrand as Sunnyside, Cresco’s retail dispensary brand.
“Subsequent to the closing of the merger, a collective decision will be made relative to the naming of the existing and new One Plant stores,” he said.
Sales at Florida medical marijuana dispensaries have soared during the Covid-19 pandemic and the state continues to register thousands of patients every month. Cannabis businesses expect to grow sales even more now that they’re allowed to manufacture edibles, a change Florida legalized in August.
Marijuana companies believe there is enormous potential to grow their footprint in Florida, the third-most populous state in the country. Because Florida offers a limited number of licenses to medical cannabis businesses, some out-of-state operators are eyeing companies for acquisition to enter the market.
“With Florida, we will have a meaningful presence in all 7 of the 10 most populated states in the country with cannabis programs – an incredibly strategic and valuable footprint by any definition,” said Cresco labs CEO Charles Bachtell.
Cresco Labs, headquartered in Chicago, calls itself the largest wholesaler of cannabis products in the U.S., with brands that include Cresco Reserve, FloraCal Farms and Mindy’s Chef Led Artisanal Edibles, created by James Beard Award-winning chef Mindy Segal.
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Cresco Labs to enter Florida with Bluma Wellness acquisition – South Florida – The Business Journals
