Cresco Labs Acquires Columbia Care in Bid To Become ‘The Leader in Cannabis’

Cresco Labs Acquires Columbia Care in Bid To Become ‘The Leader in Cannabis’
High Times

Cresco Labs, one of the largest cannabis operators in the United States, announced Wednesday that it had reached an agreement to acquire Columbia Care for roughly $2 billion in a deal that will make it the country’s largest multi-state cannabis operator. Charles Bachtell, CEO of Cresco Labs, said in a statement that the “combination of Cresco Labs and Columbia Care accelerates our journey to become the leader in cannabis in a way no other potential transaction could.” “We are incredibly excited to announce this transformative transaction today at a very important time in the development of this industry. This acquisition brings together two of the leading operators in the industry, pairing a leading footprint with proven operational, brand and competitive excellence,” Bachtell said. “The combination is highly complementary and provides unmatched scale, depth, diversification and long-term growth. 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.” “We look forward to welcoming the incredible Columbia Care team to the Cresco Labs family. 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,” he added. Nicholas Vita, CEO of Columbia Care, said the merger was guided by his company’s founding mission “to deliver the best outcome for our stakeholders.” Columbia Care is “one of the largest and most experienced cultivators, manufacturers and providers of cannabis products and related services, with licenses in 18 U.S. jurisdictions and the EU,” according to the press release from the companies on Wednesday. “In an evolving industry, the opportunities to better achieve our mission through consolidation led us to this historic moment,” Vita said in a…

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Source : Cresco Labs Acquires Columbia Care in Bid To Become ‘The Leader in Cannabis’

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