Pot stocks climb on news of Cresco nearing $2 bln deal to buy Columbia Care

Cresco Labs

23/03/2022 10:21

** Shares of weed cos gain premarket after sources told
Reuters that U.S. cannabis producer Cresco Labs Inc  CL.CD  is
in advanced talks to buy rival Columbia Care Inc  CCHW.NLB  for
~$2 bln  urn:newsml:reuters.com:*:nL3N2VP3SH
    ** Cronos Group  CRON.K , Canopy Growth Corp  CGC.O ,
Sundial Growers  SNDL.O , Tilray Inc  TLRY.O  and Hexo Corp
 HEXO.N  rise between 4% and 8%
    ** S&P 500 futures dip 0.3%
    ** A deal could be announced as soon as Wednesday, the
sources said; exact terms of the deal could not be learnt
    ** Cresco Labs and Columbia Care did not respond to multiple
requests for comment
    ** The AdvisorShares Pure U.S. Cannabis exchange-traded fund
 MSOS.P  has lost nearly 20% this year, while pot stocks tracker
MJ ETF  MJ.P  has lost 10% 

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))