Cresco Labs to Buy Columbia Care For $2 Billion
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The US cannabis producer Cresco Labs has begun a transaction to effectively buy one of its rivals, Columbia Care, for around $2 billion.
The deal, which was made public on March 23, is one of the largest acquisitions in the US cannabis history to date.
In a statement, Cresco Labs said it expects to complete its transaction of Columbia Care’s shares by the fourth quarter of 2022.
Once this is done, Cresco Labs will operate over 130 retail stores across 18 US states, cementing its vast influence over the country’s cannabis market.
“On a pro-forma basis, the combined Company will be the largest cannabis company by revenue, the number one wholesaler of branded cannabis products, and the largest nationwide retail footprint outside of Florida,” Cresco Labs’ CEO Charles Bachtell said in a statement.
“We look forward to welcoming the incredible Columbia Care team to the Cresco Labs family,” he continued. “I couldn’t be more excited about this enhanced platform and how it furthers the Cresco Labs Vision – to be the most important and impactful company in cannabis.”
Although cannabis is still illegal at the federal level,37 states have some form of legal medical cannabis access and 18 of these also permit recreational sales.