Origin House Snatched Up by Cresco Labs
Today, Cresco Labs (OTC:CRLBF) announced the closing of their acquisition of Origin House (OTC:ORHOF), previously known as CannaRoyalty. As reported on The Motley Fool, Origin House is a marketer of several of its own cannabis brands and a leading California distributor of cannabis products.
The deal, which was first proposed in April of last year and finalized today, gives Origin House 0.7031 Cresco shares for each Origin House share acquired. The deal was changed after the initial offer of 0.8428:1 shares, following a brutal cannabis stock downturn during 2019.
The article calls the new entity formed by the acquisition a “Pot Powerhouse,” as it takes an already formidable Cresco labs from a six-state to a nine-state operation.