Transaction Highlights<\/b><\/span><\/p>\n \n– Cresco Labs now has meaningful operations in 10 states.\n<\/p>\n \n– The Company\u2019s footprint includes all 7 of the top-10 most populated states in the country with cannabis programs.\n<\/p>\n \n– Florida, with more than 525,0001<\/sup> medical cannabis patients and a state population greater than 21 million people, represents one of the largest absolute growth opportunities among cannabis markets.\n<\/p>\n \n– Bluma Wellness\u2019 competitive advantages in Florida include one of the state\u2019s only cultivation facilities producing ultra-premium quality flower as well as a differentiated retail model including strategic, high-volume storefronts and an omnichannel sales platform.\n<\/p>\n \n– Operations include 8 dispensaries strategically located around the state, offering same-day delivery and curbside pickup. 7 more dispensaries are currently in permitting and\/or are under construction.\n<\/p>\n \n– 54,000ft2 <\/sup>of cultivation in Indiantown is currently under expansion and will continue to deliver premium craft flower at greater scale to support additional store openings and expanded product offerings.\n<\/p>\n \n\u201cThe closing today represents yet another strategic acquisition in a top-5 market that is true to our strategy \u2013 building the most strategic geographic footprint and achieving material market share positions within each state. Cresco Labs and Bluma Wellness have proven track records of operational execution and together have key advantages for growth and a clear pathway to scale. We look forward to amplifying operations and executing our playbook in Florida this year and in the years to come.\u201d said Charlie Bachtell, CEO and Co-Founder of Cresco Labs.\n<\/p>\n \n\u201cWe couldn\u2019t be more excited to begin working with Cresco Labs to execute our shared vision for aggressive expansion in Florida,\u201d said Brady Cobb, CEO of Bluma Wellness. \u201cCresco\u2019s deep operational efficiency and relentless focus on quality, combined with Bluma\u2019s best-in-state cultivation operations and innovative approach to retail, creates the perfect operating environment for our continued success in Florida.\u201d\n<\/p>\n Transaction Details<\/b><\/span><\/p>\n \nThe acquisition was completed by way of a plan of arrangement (the \u201cArrangement\u201d) under the provisions of the Business Corporations Act<\/i> (British Columbia). Pursuant to the terms of the Arrangement, holders of common shares of Bluma Wellness (\u201cBluma Shares\u201d) received 0.0859 subordinate voting shares of Cresco Labs (\u201cCresco Shares\u201d) for each Bluma Share held. In total, Cresco Labs acquired 184,814,281 Bluma Shares, representing all of the issued and outstanding Bluma Shares, in exchange for 15,875,449 Cresco Shares.\n<\/p>\n \nIt is anticipated that the Bluma Shares will be delisted from the Canadian Securities Exchange (\u201cCSE\u201d) as of the close of trading on April 14, 2021, and Bluma intends to submit an application to the applicable securities regulators to cease to be a reporting issuer and to terminate its public reporting obligations.\n<\/p>\n \nPursuant to the letter of transmittal mailed to shareholders of Bluma Wellness as part of the materials in connection with the special meeting of Bluma Wellness shareholders held on March 19, 2021, in order to receive the portion of the Cresco Shares to which they are entitled, registered holders of Bluma Shares are required to deposit their share certificate(s) or DRS statements representing their Bluma Shares, together with a duly completed letter of transmittal, with Odyssey Trust Company, the depositary under the Arrangement. Shareholders whose Bluma Shares are registered in the name of a broker, dealer, bank, trust company or other nominee must contact their nominee to deposit their Bluma Shares.\n<\/p>\n About Cresco Labs Inc.<\/b><\/p>\n \nCresco Labs is one of the largest vertically integrated multistate cannabis operators in the United States, with a mission to normalize and professionalize the cannabis industry. Employing a consumer-packaged goods (\u201cCPG\u201d) approach, Cresco Labs is the largest wholesaler of branded cannabis products in the U.S. Its brands are designed to meet the needs of all consumer segments and comprised of some of the most recognized and trusted national brands including Cresco, High Supply, Mindy’s Edibles, Good News, Remedi, Wonder Wellness Co. and FloraCal Farms. Sunnyside, Cresco Labs\u2019 national dispensary brand, is a wellness-focused retailer created to build trust, education and convenience for both existing and new cannabis consumers. Recognizing that the cannabis industry is poised to become one of the leading job creators in the country, Cresco Labs operates the industry\u2019s largest Social Equity and Educational Development initiative, SEED, which was established to ensure that all members of society have the skills, knowledge and opportunity to work and own businesses in the cannabis industry. Learn more about Cresco Labs at www.crescolabs.com<\/a>.\n<\/p>\n Forward Looking Statements<\/b><\/p>\n \nThis press release contains \u201cforward-looking information\u201d within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute \u201cforward-looking statements\u201d within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company\u2019s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company\u2019s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as, \u2018may,\u2019 \u2018will,\u2019 \u2018should,\u2019 \u2018could,\u2019 \u2018would,\u2019 \u2018expects,\u2019 \u2018plans,\u2019 \u2018anticipates,\u2019 \u2018believes,\u2019 \u2018estimates,\u2019 \u2018projects,\u2019 \u2018predicts,\u2019 \u2018potential\u2019 or \u2018continue\u2019 or the negative of those forms or other comparable terms and includes, but is not limited to, statements relating to the expected timing by which Bluma Wellness will be de-listed from the CSE and the intention to apply to have Bluma Wellness cease to be a reporting issuer and terminate its public reporting obligations. The Company\u2019s forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company\u2019s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to those risks discussed under \u201cRisk Factors\u201d in the Company\u2019s Annual Information Form for the year ended December 31, 2020 dated March 26, 2021, and other documents filed by the Company with Canadian securities regulatory authorities; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive. Because of these uncertainties, you should not place undue reliance on the Company\u2019s forward-looking statements. No assurances are given as to the future trading price or trading volumes of Cresco Labs\u2019 shares, nor as to the Company\u2019s financial performance in future financial periods. The Company does not intend to update any of these factors or to publicly announce the result of any revisions to any of the Company\u2019s forward-looking statements contained herein, whether as a result of new information, any future event or otherwise. Except as otherwise indicated, this press release speaks as of the date hereof. The distribution of this press release does not imply that there has been no change in the affairs of the Company after the date hereof or create any duty or commitment to update or supplement any information provided in this press release or otherwise.\n<\/p>\n 1 <\/sup>Florida Office of Medical Marijuana\n<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210414005892\/en\/<\/a><\/span><\/p>\n Media: Investors: For general Cresco Labs inquiries: KEYWORDS:<\/b> Florida Illinois United States North America Canada<\/p>\n INDUSTRY KEYWORDS:<\/b> Alternative Medicine Other Retail Health Retail Specialty<\/p>\n<\/p>\n
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Jason Erkes, Cresco Labs
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Chief Communications Officer
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press@crescolabs.com
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Jake Graves, Cresco Labs
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Manager, Investor Relations
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investors@crescolabs.com
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312-929-0993
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info@crescolabs.com<\/a><\/p>\n
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