Cresco Labs to Acquire Columbia Care
Cresco Labs has entered into a definitive arrangement agreement to acquire Columbia Care — cultivators, manufacturers and providers of cannabis products with licenses in the U.S. and the EU.
The transaction is estimated to be approximately $2 billion and is expected to close in the fourth quarter of 2022.
The acquisition of rival Columbia Care reportedly will make Cresco Labs the largest cannabis company in the United States with retail stores and cultivation facilities in 18 states.
“This acquisition brings together two of the leading operators in the industry, pairing a leading footprint with proven operational, brand and competitive excellence. The combination is highly complementary and provides unmatched scale, depth, diversification and long-term growth,” said Charles Bachtell, CEO of Cresco Labs. “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.”