Pot producer Cresco to buy Columbia Care in $2 bln deal (updated)

Cresco Labs

23/03/2022 10:47

(Adds details on the deal)
    March 23 (Reuters) - Cannabis producer Cresco Labs Inc
 CL.CD  said on Wednesday it would buy rival Columbia Care Inc
 CCHW.NLB  in a $2 billion all-stock deal, creating the largest
U.S. pot company by sales.
    Cannabis sales have boomed in the United States in recent
years and are expected to reach $46 billion by 2026, according
to industry research firm BDSA, as states like New York and New
Jersey open up. 
    Columbia Care investors will receive 0.5579 shares of Cresco
Labs for each unit held, representing a premium of 16% to the
company's last closing price.
    The deal, which Reuters reported on Tuesday, is expected to
close in the fourth quarter of 2022.  urn:newsml:reuters.com:*:nL3N2VP3SH
    

 (Reporting by Arunima Kumar in Bengaluru; Editing by Aditya
Soni)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94
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