CHICAGO, May, 16, 2022 – PRESS RELEASE – Cresco Labs Inc. and Columbia Care Inc. announced the expiration of the 30-day waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) in connection with Cresco Labs’ previously announced proposed acquisition of Columbia Care.
“Completion of the HSR milestone is a major step towards closing the acquisition of Columbia Care. We’ve been concurrently working on our divestiture process and working with our state regulators to align with our previously disclosed estimated closing timeline of year-end,” Cresco Labs CEO Charles Bachtell said. “With this acquisition, we will be able to leverage our bestselling cannabis portfolio1 across the most exciting footprint in cannabis and further develop our leading positions with exposure to all 10 of the largest projected revenue states in 2025, according to BDSA.”
On March 23, 2022, Cresco Labs announced the execution of a definitive arrangement agreement to acquire all of the issued and outstanding shares of Columbia Care. Details of the Agreement can be found [here]. The closing of the transaction remains subject to the satisfaction of all remaining closing conditions in the agreement, including the Columbia Care shareholder vote. Both companies continue to work toward obtaining all required regulatory approvals.
1 Cresco, as a standalone entity holds the No. 1 position in flower, vape and concentrates according to BDSA