Document:

EX-4.11

 Exhibit 4.11 

FORM 51-102F3 

MATERIAL CHANGE REPORT 
  

	Item 1.	 Name and Address of Company 

Cresco Labs Inc. (the “Company”) 

2500 Park Place, 666 Burrard Street 

Vancouver, British Columbia 

V6C 2X8 Canada 
  

	Item 2.	 Date of Material Change 

April 13, 2021 
  

	Item 3.	 News Release 

A news release was disseminated by the Company on April 14, 2021, through Business Wire and subsequently filed under the SEDAR profiles
of the Company and Bluma Wellness Inc. (“Bluma”) at www.sedar.com. 
  

	Item 4.	 Summary of Material Change 

Effective April 13, 2021, the Company and Bluma completed their previously announced plan of arrangement (the
“Arrangement”) under the provisions of the Business Corporations Act (British Columbia), pursuant to which, among other things, the Company acquired all of the issued and outstanding common shares in the authorized share
structure of Bluma (the “Bluma Shares”) (the “Arrangement”). As a result of the completion of the Arrangement, Bluma became a wholly-owned subsidiary of the Company. 

Pursuant to the terms of the Arrangement, former shareholders of Bluma received 0.0859 subordinate voting shares of Cresco (each whole share,
a “Cresco Share”) for each Bluma Share held prior to the completion of the Arrangement, with any fractional Cresco Shares being rounded down to the nearest whole Cresco Share (the “Consideration”). In lieu of the
issuance of fractional Cresco Shares, Cresco paid the holders thereof a cash payment (rounded down to the nearest cent) based on a price per Cresco Share equal to the U.S. dollar equivalent of the Consideration. 

In addition, under the terms of the Arrangement, (i) certain restricted share units (the “Bluma RSUs”) of Bluma will
remain outstanding in accordance with their terms and upon vesting thereof, the holders of such Bluma RSUs will receive the Consideration in lieu of any Bluma Shares or cash to which such holder would otherwise have been entitled upon such vesting,
and (ii) all warrants to purchase Bluma Shares (the “Bluma Warrants”), with the exception of any Bluma Warrants exercised prior to the completion of the Arrangement, will remain outstanding and upon the exercise thereof the
holder will be entitled to receive the Consideration. Pursuant to the terms of the Arrangement, Cresco agreed to assume all of the covenants and obligations of Bluma under the Bluma Warrants until the expiry of such Bluma Warrants (in accordance
with their respective terms). 

 The Bluma Shares have been delisted from the Canadian Securities Exchange (the
“CSE”) and the securities of Bluma are no longer available for trading on the CSE as of the close of business on April 16, 2021 or the OTC Markets as of April 19, 2021. Bluma has applied to the applicable securities regulators to
cease to be a reporting issuer and to terminate its public reporting obligations. 
  

	Item 5.1	 Full Description of Material Change 

Please see the press release attached hereto as Appendix “A”. 

 

	Item 5.2.	 Disclosure of Restructuring Arrangements 

Not applicable. 
  

	Item 6.	 Reliance on Subsection 7.1(2) of National Instrument 51-102

 Not applicable. 
  

	Item 7.	 Omitted Information 

Not applicable. 
  

	Item 8.	 Executive Officer 

For further information, please contact: 

John Schetz, General Counsel 

Phone: (312) 929-0993 

Email: john.schetz@crescolabs.com 
  

	Item 9.	 Date of Report 

April 19, 2021 

 APPENDIX “A” 

PRESS RELEASE 
 See attached. 

 Cresco Labs Closes Acquisition of Bluma Wellness, Expands Into Florida 

April 14, 2021 
 CHICAGO—(BUSINESS WIRE)— Cresco
Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco Labs” or the “Company”), a vertically integrated multistate operator and the number one U.S. wholesaler of branded cannabis products and Bluma Wellness Inc. (“Bluma Wellness”), a
vertically integrated operator in Florida, today announced the closing of the Company’s previously announced acquisition of Bluma Wellness. 

Transaction Highlights 
  

	 	•	 	 Cresco Labs now has meaningful operations in 10 states. 

 

	 	•	 	 The Company’s footprint includes all 7 of the top-10 most populated
states in the country with cannabis programs. 

  

	 	•	 	 Florida, with more than 525,0001 medical cannabis patients
and a state population greater than 21 million people, represents one of the largest absolute growth opportunities among cannabis markets. 

  

	 	•	 	 Bluma Wellness’ competitive advantages in Florida include one of the state’s 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. 

 

	 	•	 	 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. 

  

	 	•	 	 54,000ft2 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. 

“The closing today represents yet another strategic acquisition in a top-5 market that is true to our strategy
– 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.” said Charlie Bachtell, CEO and Co-Founder of Cresco Labs.

 “We couldn’t be more excited to begin working with Cresco Labs to execute our shared vision for
aggressive expansion in Florida,” said Brady Cobb, CEO of Bluma Wellness. “Cresco’s deep operational efficiency and relentless focus on quality, combined with Bluma’s best-in-state cultivation operations and innovative approach to retail, creates the perfect operating environment for our continued success in Florida.” 

Transaction Details 
 The acquisition was completed by way
of a plan of arrangement (the “Arrangement”) under the provisions of the Business Corporations Act (British Columbia). Pursuant to the terms of the Arrangement, holders of common shares of Bluma Wellness (“Bluma Shares”)
received 0.0859 subordinate voting shares of Cresco Labs (“Cresco Shares”) 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. 
 It is anticipated that the Bluma Shares will be delisted from the Canadian Securities Exchange (“CSE”) 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. 

Pursuant 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. 
 About Cresco Labs Inc. 

Cresco 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 (“CPG”) 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’ 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’s 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. 

Forward Looking Statements 
 This press release contains
“forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” 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’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information or forward- looking statements can
be identified by the use of forward-looking terminology such as, ‘may,’ ‘will,’ ‘should,’ ‘could,’ ‘would,’ ‘expects,’ ‘plans,’ ‘anticipates,’ ‘believes,’
‘estimates,’ ‘projects,’ ‘predicts,’ ‘potential’ or ‘continue’ 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’s
forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company’s 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 “Risk Factors” in the Company’s 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’s forward-looking statements. No assurances are given as to the future trading price or trading volumes of Cresco Labs’ shares, nor as to the
Company’s 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’s 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. 

 

	1 	 Florida Office of Medical Marijuana 

View source version 
 on businesswire.com:
https://www.businesswire.com/news/home/20210414005892/en/ 
 Media: 

Jason Erkes, Cresco Labs 
 Chief Communications Officer 

press@crescolabs.com 
 Investors: 

Jake Graves, Cresco Labs 
 Manager, Investor Relations 

investors@crescolabs.com 
 For general Cresco Labs inquiries:

 312-929-0993 

info@crescolabs.com 
 Source: Cresco LabsEX-4.12

 Exhibit 4.12 

FORM 51-102F3 

MATERIAL CHANGE REPORT 
  

			
	 Item 1.
	    	 Name and Address of Company

		
		    	 Cresco Labs Inc. (the “Company”)

2500 Park Place, 666 Burrard Street

Vancouver, British Columbia

V6C 2X8 Canada

		
	 Item 2.
	    	 Date of Material Change

		
		    	 April 22, 2021

		
	 Item 3.
	    	 News Release

		
		    	A news release (attached as Exhibit A hereto) with respect to the material change was disseminated by the Company on April 22, 2021 through Business Wire and subsequently filed under the Company’s profile on SEDAR at
www.sedar.com.
		
	 Item 4.
	    	 Summary of Material Change

		
		    	On April 22, 2021, the Company announced the appointment of Tarik Brooks to its board of directors, effective immediately. The Company also announced the retirement Dominic Sergi from its board of directors.
		
	 Item 5.1
	    	 Full Description of Material Change

		
		    	 See attached news release.

		
	 Item 5.2.
	    	 Disclosure of Restructuring Arrangements

		
		    	 Not applicable.

		
	 Item 6.
	    	 Reliance on Subsection 7.1(2) of National Instrument
51-102

		
		    	 Not applicable.

		
	 Item 7.
	    	 Omitted Information

		
		    	 Not applicable.

		
	 Item 8.
	    	 Executive Officer

		
		    	 For further information, please contact:

 

		    	 John Schetz, General Counsel

Phone: (312) 929-0993

		    	 Email: john.schetz@crescolabs.com

		
	 Item 9.
	    	 Date of Report

		
		    	 April 23, 2021

 EXHIBIT “A” 

See attached. 

 

 
 CRESCO LABS ANNOUNCES THE APPOINTMENT OF TARIK BROOKS TO ITS BOARD OF DIRECTORS AND 

THE RETIREMENT OF DOMINIC SERGI 
  

 
 Tarik Brooks, President of Combs Enterprises 

CHICAGO – April 22, 2021 — Cresco Labs (CSE: CL) (OTCQX: CRLBF) (“Cresco Labs” or the “Company”), a
vertically integrated multistate operator and the number one U.S. wholesaler of branded cannabis products, today announced an additional refreshment of its board of directors to further strengthen its leadership in the cannabis industry. 

Appointment of Tarik Brooks 
 Cresco Labs has appointed
Tarik Brooks to its board of directors, effective immediately. Mr. Brooks is a seasoned executive with more than 22 years of experience driving large scale business transformations across several industries including spirits, hospitality
and media. 
 Currently, as President of Combs Enterprises, Mr. Brooks oversees all business operations and investments owned by Sean “Diddy”
Combs. This diverse portfolio includes ventures in spirits (Ciroc Vodka and DeLeon Tequila), media (Revolt TV), music (Bad Boy Records), consumer packaged goods (AquaHydrate), and education (Capital Preparatory Schools). Mr. Brooks also leads
all new business development activity, including the launch of “Our Fair Share”, a platform to help minority owned businesses access capital through the Paycheck Protection Program (PPP). 

Prior to his current role, Mr. Brooks was the Chief Operating Officer of Account Management and Trading at Bridgewater Associates, the world’s
largest hedge fund. Earlier in his career, Mr. Brooks served as Executive Vice President at RLJ Companies, a portfolio of companies owned by investor Robert L. Johnson, where Mr. Brooks led the development of gaming/nightlife ventures
in the Caribbean and the completion of RLJ Kendeja, a resort hotel in Liberia. 
 Throughout his career, Brooks has negotiated transactions, including
acquisitions and capital raises, led major strategic initiatives, and oversaw compliance in highly regulated industries. Mr. Brooks is a graduate of Howard University and Harvard Business School. 

 “I’m thrilled to welcome Tarik Brooks to our board of directors. He has remarkable experience
building and managing consumer brands and will be an invaluable member of our organization as cannabis continues to evolve as a consumer packaged good,” said Tom Manning, Cresco Labs Executive Chairman. “We’ve taken a measured
approach to building our board, periodically making refreshments that add new skills and experience to the group. Tarik represents another key appointment for Cresco Labs at a critical time of growth and expansion for the company.” 

Retirement of Dominic Sergi 
 The Company announced today
that Dominic Sergi, an original founder of Cresco Labs, has retired from the Company’s board of directors as part of the planned board refreshment process. Mr. Sergi currently serves as CEO of Clear Height Properties and spends his free
time supporting the Nicholas D. Sergi Foundation. Mr. Sergi has been a foundational part of Cresco Labs since the company’s inception and his experience in real estate development has played an instrumental part in the construction of
Cresco Labs’ asset base. 
 “I want to sincerely thank Dominic for his many years of service and for helping to guide this organization toward the
top of the cannabis industry. Dominic is one of the most considerate and giving people I know and it has been a pleasure building this Company together,” said Charlie Bachtell, CEO of Cresco Labs. 

About Cresco Labs Inc. 
 Cresco 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 (“CPG”) 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’ 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’s 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. 

Forward Looking Statements 
 This press release contains
“forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” 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’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information or forward-looking statements can be
identified by the use of forward-looking terminology such as, ‘may,’ ‘will,’ ‘should,’ ‘could,’ ‘would,’ ‘expects,’ ‘plans,’ ‘anticipates,’ ‘believes,’
‘estimates,’ ‘projects,’ ‘predicts,’ ‘potential’ or ‘continue’ 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’s forward-looking statements involve
known and unknown risks, uncertainties and other factors which may cause the Company’s 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 “Risk Factors” in the Company’s 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’s forward-looking statements. No assurances are given as to the future trading price or trading volumes of Cresco Labs’ shares, nor as to the Company’s 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’s 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. 
 Contacts 

Media: 
 Jason Erkes, Cresco Labs 

Chief Communications Officer 
 press@crescolabs.com 

Investors: 
 Jake Graves, Cresco Labs 

Manager, Investor Relations 
 investors@crescolabs.com 

For general Cresco Labs inquiries: 
 312-929-0993 
 info@crescolabs.com

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