Cresco Labs to Acquire Columbia Care for Approximately $2 Billion
New York – Paul Hastings LLP, a leading global law firm, represented vertically integrated multistate cannabis operator and leading wholesaler of branded cannabis products, Cresco Labs, in its definitive arrangement agreement to acquire Columbia Care for approximately $2 billion. The transformational deal will combine best-in-class wholesale, retail and operations with an expanded strategic footprint in the largest and fastest growing markets in cannabis.
Under terms of the agreement, shareholders of Columbia Care will receive 0.5579 of a subordinate voting share of Cresco Labs for each Columbia Care common share held for a total enterprise value of approximately $2 billion.
Subject to customary closing conditions and necessary regulatory approvals, the transaction is expected to close in the fourth quarter of 2022.
The Paul Hastings team was led by M&A partner Samuel Waxman, and also included associates Tyler Thiret and Sean Murphy. Additional counsel was provided by partners Yariv Katz, Jim Smulkowski, Michael Wise, Christopher Ross, Brad Ritter, and of counsel Keith Pisani.
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