Marijuana multistate operator Cresco Labs has exited Arizona by selling its only asset in the state, Encanto, for $6.5 million in cash to Mint Cannabis.
Leaving the Arizona cannabis market “aligns with our strategy of optimizing our portfolio by prioritizing assets with a greater path to scale,” Cresco CEO Charlie Bachtell said in a statement.
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The sale to Mint was closed after regulatory approval on Oct. 17 according to a Thursday news release.
Separately, the Chicago-based MSO secured a mortgage worth up to $25.3 million on its properties in Ellenville, New York, the release noted.
“Approximately $20 million was funded at close, with the remaining principal held to fund future capital expenditures,” Cresco said in the release.
The 10-year mortgage carries an 8.43% interest rate at the outset.
“This non-dilutive financing is another sensible tool for optimizing our balance sheet and lowering our cost of capital
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