Cannabis Multistate Operator Cresco Labs to Acquire Columbia Care in June

Cannabis multistate operator Columbia Care and Cresco Labs have "mutually agreed" to extend the companies' acquisition deadline from March 31 to June 30 of this year. This is the second extension, highlighting the complexity of completing a major deal at a time when other acquisitions are being called off amid massive layoffs and financial constraints in the cannabis industry. The extension will give Cresco and Columbia Care time to finalize the divestiture agreement needed to complete the merger and gain regulatory approval, according to a news release. Chicago-based Cresco Labs announced its acquisition of Columbia Care, worth about $2 billion, last March in a mega-deal initially scheduled to close in December 2022. Earlier this year, Columbia Care laid off 25% of the company's workforce. And will report fourth quarter and full year financial results on March 29

Source: new.qq.com/omn/author/8713560