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Cresco Labs to buy Fla.-based medical cannabis company for $120M

Cresco Labs Inc. signed a letter of agreement to buy VidaCann Ltd., a Jacksonville, Fla.-based medical cannabis company, for about $120 million in cash and shares.

VidaCann operates seven medical cannabis dispensaries in Florida, including Bradenton, Deerfield Beach, Holly Hill, Orlando, Palm Bay, St. Petersburg and Tampa.

The definitive agreement for the transaction will be executed within two weeks, and will contain the final purchase price, along with the cash and stock proportion of the consideration.

Completion of the transaction is expected to occur in the second quarter, subject to customary closing conditions, including approvals from the Canadian Securities Exchange, Florida Department of Health and all applicable U.S. regulatory agencies.

Canaccord Genuity Corp. is acting as financial adviser to Cresco Labs, with Bennett Jones as Canadian legal adviser.

Chicago-based Cresco Labs manufactures and sells medical cannabis products in the U.S.