If the deal is completed, Cresco will become one of the country’s largest cannabis producers and retailers with over 100 dispensaries across 18 states
Big Bud: Cresco announced it will acquired Columbia Care for $2.1 billion to form one of the largest cannabis companies in the country.resco Labs, the Illinois-based cannabis producer, will acquire New York-based Columbia Care for $2 billion in an all-stock transaction.
“We couldn’t be more excited,” says Charlie Bachtell, CEO of Cresco. “It’s a unique opportunity to create industry leadership; it's a very important time with some sort of federal regulatory reform, we think, on the horizon.”, with 18 allowing adult-use sales. Last year, legal sales totaled $26 billion in the U.S. and by 2030 the legal market will grow to around $65 billion, according to Cowen.
Columbia Care will expand Cresco’s presence to states like long-standing cannabis markets like California and Colorado, as well as states like New Jersey and Virginia, which have both passed adult-use but haven’t launched sales yet. “We have the material markets of today, but [Columbia Care] has the markets of tomorrow,” Bachtell says.
“Since our founding, our mission has been to deliver the best outcome for our stakeholders,” Vita said in a statement. “In an evolving industry, the opportunities to better achieve our mission through consolidation led us to this historic moment.”
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stargate bridge attracts $2 billion of liquidity within a week of launchStargate is now looking after $2 billion of funds after just one week of going live, according to data tracking site DeFi Llama.
Read more »
This VC Firm Run By Israeli High School Pals Raised $35 Million To Invest In Startups ‘At Incorporation’Founder Nadav Eylath's first ever lead check: $775,000 into Netlify, now valued at $2 billion, a 100x return on his investment.
Read more »
Report: Yankees now worth an estimated $6 billion, with 12 of 30 MLB franchises topping $2 billion markThe top four teams in Forbes' annual analysis of estimated MLB franchise values all appreciated between 13-14%.
Read more »
Biden says NATO is united at Brussels press conferencePresident Biden announced the U.S. will send $1 billion in humanitarian aid, on top of the $2 billion in aid his administration has provided since he came into office.
Read more »
Why ‘free college’ programs don’t always deliver on promisePete Kadens, who made the bulk of his fortune as CEO of a billion-dollar cannabis operation, may be chasing a pipe dream.
Read more »