Marijuana multistate operators Columbia Care and Cresco Labs have “mutually agreed” to extend the companies’ acquisition closing date timeline from March 31 to June 30 of this year.
It’s the second such extension, which underscores the complexities of closing such a large deal at a time when other acquisitions have been called off amid widespread layoffs and tight funding in the cannabis industry.
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According to a news release, the extension will give Cresco and Columbia Care time to finalize asset divestiture agreements necessary to close the merger and obtain approvals from regulatory bodies.
Chicago-based Cresco Labs’ acquisition of Columbia Care, valued at approximately $2 billion last March, is contingent on both companies selling off a number of assets.
The megadeal initially had been scheduled to close in December 2022.
That date was postponed until March, raising questions about whether the merger would indeed close. The
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