Breaking: $2 Billion Cannabis Deal Announced, As Cresco Acquires Columbia Care

One of the biggest cannabis deals to date was announced this morning, as Illinois-based Cresco Labs has agreed to acquire fellow multi-state operator Columbia Care for $2 billion. The deal is expected to close in the fourth quarter.

The deal creates a combined company with pro forma revenue of $1.4 billion. Post-acquisition, Cresco will have more than 130 retail stores across an 18-market footprint. Independently, Cresco and Columbia Care today have leading positions in four markets (Illinois, Pennsylvania, Colorado, and Virginia), a No.-2 share in Massachusetts, and “a pathway to a top-3 position in New York, New Jersey, and Florida,” Cresco said.

“This acquisition brings together two of the leading operators in the industry, pairing a leading footprint with proven operational, brand, and competitive excellence,” said Cresco CEO Charlie Bachtell. “The combination is highly complementary and provides unmatched scale, depth, diversification, and long-term growth. On a pro-forma basis, 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.” We’ll have more on the deal in our next SND Cannabis Edition.—Daniel Marsteller

Tagged : Columbia Care, Cresco

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