Cannabis companies Cresco, Columbia Care Call Off $2 Billion Merger As Industry Awaits Banking Reform
The merger, announced in March 2022, is now up in smoke
A $2 billion mega-deal between cannabis multistate operators Cresco Labs and Columbia Care has gone up in smoke more than a year after the companies announced the acquisition, the companies said Monday.
The merger, announced in March 2022, would have created the largest cannabis company in the U.S. and been a boon for an industry showing signs of slowdown as it weathers economic and regulatory challenges.
“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,” Cresco CEO Charles Bachtell said in a statement.
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