Cannabis company Cresco Labs to buy Origin House for about C$1.1 bln (updated)

Cresco Labs

01/04/2019 14:19

(Adds background,)
    April 1 (Reuters) - U.S. marijuana company Cresco Labs Inc
 CL.CD  said on Monday it would buy pot distributor Origin House
for about C$1.1 billion  ($823.29 million) as it seeks to become
a leading player in California's cannabis market.
    California legalized the use of recreational marijuana last
year, becoming one of the 10 U.S states to do so, prompting
investors to show more interest in the budding cannabis sector.
    Origin House shareholders will receive 0.8428 shares of
Cresco Labs for each share, or $C12.68 per share.
    With this deal, Chicago-based Cresco Labs will broaden its
presence to over 725 dispensaries across United
States. urn:newsml:reuters.com:*:nBw5BP2dMa
    Origin House delivers over 50 cannabis brands to more than
500 dispensaries in California, the companies said.        

($1 = 1.3361 Canadian dollars)

 (Reporting By Shradha Singh in Bengaluru
Editing by Saumyadeb Chakrabarty)
 ((Shradha.Singh@thomsonreuters.com; within U.S. +1 646 223
8780, outside U.S. +91 80 6749 2439; Reuters Messaging:
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