Cresco Labs, Columbia Care to Merge, Creating Leader in Cannabis Industry
Chicago-based Cresco Labs and New York-based Columbia Care said Wednesday they would merge in a deal valued at approximately $2 billion. Expected to close in the fourth quarter, the merger is expected to create the largest multi-state operator in the cannabis sector, including more than 130 stores across 18 markets.
‘This acquisition brings together two of the leading operators in the industry, pairing a leading footprint with proven operational, brand and competitive excellence,” said Charles Bachtell, CEO of Cresco Labs. “The combination of Cresco Labs and Columbia Care accelerates our journey to become the leader in cannabis in a way no other potential transaction could.”
The merger has been unanimously approved by the boards of Directors of both companies. It’s subject to, among other things, receipt of the necessary approvals of the Supreme Court of British Columbia and approval by two-thirds of Columbia Care shareholders.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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