Marijuana multistate operator Cresco Labs is selling off its California assets as part of a strategic effort to preserve cash as the cannabis industry’s struggles continue, the company announced Monday.
The Chicago-based company said it is currently negotiating with prospective buyers for its California-based cultivation, manufacturing and distribution operations as $400 million in debt comes due next year.
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According to public disclosure forms filed in Canada, where Cresco Labs is listed on the Canadian Securities Exchange (CSE), Cresco’s holdings in California include:
Cresco plans to keep its FloraCal brand, which it will continue to produce and market across the United States.
“Capital is increasingly precious in this environment, and our focus is on deploying it where it earns the strongest return,” Cresco co-founder
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