CHICAGO & OTTAWA, Ontario--(BUSINESS WIRE)--PRESS RELEASE--Cresco Labs Inc. and CannaRoyalty Corp. d/b/a Origin House have both announced that, effective Sept.16, 2019, they have each submitted certifications of substantial compliance with the request for additional information from the United States Department of Justice Antitrust Division in connection with Origin House’s and Cresco Labs’ notification to U.S. antitrust authorities pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act), as amended, in respect of Cresco Labs’ pending acquisition of Origin House.
The HSR Act waiting period was extended by the issuance of the second requests to Cresco Labs and Origin House. That extended waiting period terminates 30 days after substantial compliance, and the parties would be free to close unless the DOJ obtains an injunction against the transaction. That waiting period is expected to expire on or around Oct.17, 2019. The expiration of the waiting period under the HSR Act is the last significant condition to completing the transaction, and the parties are expecting to be in a position to close the transaction following the expiration of the waiting period.
Upon substantially complying with the Second Request, Origin House and Cresco Labs agreed to extend the outside date to complete the Transaction to Nov. 15, 2019.
Charlie Bachtell, CEO of Cresco Labs, commented, "Today's announcement marks the crossing of yet another significant hurdle towards the completion of the transaction. We are pleased to announce that both companies have now submitted their responses and look forward to closing the transaction following the expiration of the applicable antitrust waiting period."