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.