Cresco Labs and Columbia Care have announced a mutual agreement to amicably terminate a previously planned merger. Cresco had agreed earlier this year to acquire all of the issued and outstanding shares of Columbia Care, but both parties have since decided to end the deal.

“In light of the evolving landscape in the cannabis industry, we believe the decision to terminate the planned transaction is in the long-term interest of Cresco Labs and our shareholders. We want to express our sincere gratitude to Columbia Care for their valuable collaboration and dedication during this transaction,” said Charles Bachtell, CEO and Co-founder of Cresco Labs.

Cresco Labs is one of the largest multi-state cannabis operators in the United States, that employs a consumer-packaged goods (“CPG”) approach to wholesale branded cannabis products. Columbia Care is one of the largest cultivators, manufacturers, and providers of cannabis products, with licenses in 16 U.S. jurisdictions.