Cresco Labs, a multi-state cannabis operator, has agreed to acquire all of the issued and outstanding shares of Bluma Wellness Inc. in an all-share transaction that values Bluma Wellness at an equity value of $213 million, the two companies said Thursday. Bluma operates a vertically-integrated, licensed medical cannabis company in Florida.
Under the terms of the transaction, shareholders of Bluma will receive 0.0859 of a subordinate voting share of Cresco Labs for each Bluma Share held by them. The exchange ratio implies a price per Bluma share of about $1.12, representing a nearly 29 percent premium based on the closing price of Bluma shares on the CSE as of January 13, 2021.
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