Cresco Labs and Columbia Care have announced a mutual agreement to terminate their previously planned merger. Earlier this year, Cresco had agreed to acquire all of the issued and outstanding shares of Columbia Care, but both parties have since decided that ending the deal is in their long-term interest. Charles Bachtell, CEO and Co-founder of Cresco Labs expressed his gratitude for “Columbia Care’s valuable collaboration and dedication during this transaction.”
Cresco Labs is one of the largest multi-state cannabis operators in the United States with a consumer-packaged goods (“CPG”) approach to wholesale branded cannabis products while Columbia Care is one of America’s leading cultivators, manufacturers, and providers with licenses in 16 U.S jurisdictions. The decision by these two industry giants to end their merger serves as an example for other companies operating within this space on how they can best navigate through uncertain times ahead