Columbia Care CEO to net more than $100 million from cannabis merger with Cresco

With Cresco Labs' impending acquisition of New York-based multistate cannabis operator Columbia Care, its co-founder and longtime CEO Nicholas Vita could exit with more than $100 million in cash and stock. details of Vita's compensation package were shared in a regulatory filing ahead of Friday's special meeting, at which Columbia Care shareholders approved the heavyweight acquisition by Chicago-based Cresco. Columbia Care said Friday that the deal is expected to close around the end of this year. The merger, which is pending shareholder and various regulatory approvals, will create one of the largest multi-state cannabis operators in the United States. The combined footprint of the two companies will include more than 130 cannabis retail locations across 17 states and the District of Columbia, covering about 55 percent of the U.S. Cresco CEO Charlie Bachtell is expected to become the CEO of the combined company, the release said.

Information source: mjbizdaily.com/