THE WHAT? Cresco Labs is set to become the biggest cannabis producer in the US with the acquisition of rival Columbia Care Inc in a US$2 billion deal – one of the biggest in the industry, according to Reuters.
THE DETAILS Columbia Care investors will receive 0.5579 shares of Cresco Labs for each unit held, with the deal valuing Columbia Care’s equity at C$1.36 billion (US$1.07 billion).
While operating in 18 states together, there will be overlapping footprints in certain regions, which may require divestures before regulatory approval of the deal.
THE WHY? According to Cresco executives, the combined entity with give it legs to build a brand as big as Coca-Cola or Johnnie Walker, with the deal helping it dominate a market set to reach US$46 billion in sales by 2026.
Todd Harrison, Founder of cannabis investment firm CB1 Capital, which owns shares in Cresco, says, “The success of this merger will depend largely upon Charlie’s (Cresco CEO) ability to execute and integrate at scale while monetizing the redundant assets.”
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