Jim Cramer Explains Why Rite Aid (RAD) is Now a Growth Stock After Envision Acquisition

NEW YORK (TheStreet) -- TheStreet's Jim Cramer explains why he likes Rite Aid's  (RAD) acquisition of pharmacy benefit manager Envision Pharmaceutical Services.

Cramer says the acquisition of a pharmacy benefit manager is what turned CVS  (CVS) into a great healthcare company rather than just a drugstore. He thinks this can now happen to Rite Aid, which he has been behind since it was at $3.

Cramer thinks the stock will go to $9 and take it out its high of last year because the combination of pharmacy benefit manager and how well the stores are doing up front, plus the amazing remodeling, will create a "Big 3" situation. You'll have Walgreens  (WAG) , which is more international, CVS, which is more of a healthcare company, and Rite Aid, which is a hybrid.

Must Watch: Jim Cramer: With EnvisionRx, Rite Aid Is Now a Real Growth Stock

Cramer says this was a brilliant move. "Game, set, match," he says, "Rite Aid is now a real growth stock, not just a turnaround."

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