Cresco Labs, Columbia Care extend acquisition outside date

Cresco Labs announced plans to acquire Columbia Care in March 2022.

Cresco Labs and Columbia Care Inc. have mutually agreed to extend the outside date for completing the proposed acquisition of Columbia Care by Cresco Labs from March 31 to June 30.

The companies said the extension will give them more time to finalize divestiture agreements and obtain the regulatory approvals required to close.

“We continue to make meaningful progress on the remaining divestitures and look forward to making those announcements,” said Columbia Care CEO Nicholas Vita. “We are driving operational efficiencies, enhancing market-level scale to offset pricing pressure and demonstrating leadership in several of the fastest growing markets in the industry, such as New Jersey, Virginia and West Virginia. These efforts will enable the combined company to leverage Columbia Care’s leading retail footprint while maintaining Cresco’s wholesale leadership. We are grateful to the entire Columbia Care team for their ongoing commitment to driving our business forward in advance of the merger.”

Cresco Labs announced plans to acquire Columbia Care for approximately $2 billion in March 2022. At the time of the announcement, Cresco Labs said the acquisition would make it the largest multi-state operator by pro-forma revenue at more than $1.4 billion.

Alyse Thompson-Richards has held many positions with BNP Media, first serving as an intern at Candy Industry Magazine in summer 2012. She joined Candy Industry's staff full time as associate editor in August 2016 after a few years at newspapers in West-Central Illinois, becoming managing editor in March 2019. Alyse has also served on Cannabis Products Insider since March 2019. She has bachelor’s degrees in journalism and Spanish from Western Illinois University.