Chicago-based Cresco Labs, one of the largest publicly traded cannabis companies in the U.S., may get a lot bigger after announcing its proposed acquisition Wednesday of Columbia Care in an all-stock merger valued at about $2 billion.
The deal is expected to close at the end of 2022, pending regulatory approval, creating a cannabis cultivation and retail giant with over 180 stores across an 18-market footprint.
“The ability to leverage our cultivation, production and brand performance across a much wider footprint is expected to lead to long-term sustainable growth and market share gain,” Cresco CEO and founder Charlie Bachtell said during an earnings call Wednesday.
