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Top related persons:
Charles Bachtell - 2 Sean - 2 Diddy - 2 Combs - 2 weathers - 1 Bachtell - 1 Nicholas Vita - 1 Johnnie Walker - 1
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Cresco Labs - 2 Columbia - 2 Labs Inc - 1 Columbia Care - 1 Columbia Care Inc - 1 Downtown - 1 Thomson - 1

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2 mentions found


☆ Cannabis companies Cresco, Columbia Care call off $2 billion merger as industry awaits banking reform
  + stars: | 2023-07-31 | by ( Stefan Sykes | ) www.cnbc.com   time to read: +2 min
A worker trims leaves of young cannabis plants in a greenhouse at a Cresco Labs Inc. facility in Indiantown, Florida, U.S., on Monday, March 28, 2022. A $2 billion mega-deal between cannabis multistate operators Cresco Labs and Columbia Care has gone up in smoke more than a year after the companies announced the acquisition, the companies said Monday. "In light of the evolving landscape in the cannabis industry, we believe the decision to terminate the planned transaction is in the long-term interest of Cresco Labs and our shareholders," Cresco CEO Charles Bachtell said in a statement. Columbia Care has a market cap of about $200 million. Columbia Care CEO and co-founder Nicholas Vita added that after careful consideration, the decision to remain solo is "the best path forward for Columbia Care's employees, customers, and shareholders."
Persons: weathers, Charles Bachtell, Bachtell, Nicholas Vita, Sean, Diddy, Combs Organizations: Labs Inc, Cresco Labs, Columbia Care, Columbia Locations: Indiantown , Florida, U.S, Chicago, New York, New York , Massachusetts, Illinois
☆ Cannabis firms Cresco, Columbia Care to terminate $2 bln merger
  + stars: | 2023-07-31 | by ( ) www.reuters.com   time to read: +1 min
July 31 (Reuters) - Cannabis producers Cresco Labs (CL.CD) and Columbia Care Inc (CCHW.NLB) have mutually terminated their $2 billion merger announced in March last year, the companies said on Monday. "In light of the evolving landscape in the cannabis industry, we believe the decision to terminate the planned transaction is in the long-term interest of Cresco Labs and our shareholders," Cresco CEO Charles Bachtell said in a statement. Cresco and Columbia last month said they would not be able to complete the divestitures necessary to secure regulatory approvals to close the transaction. Meanwhile, Columbia Care separately said it had closed its Downtown Los Angeles facility and completed a previously announced corporate restructuring plan, including a 52-person headcount reduction. Reporting by Arshreet Singh in Bengaluru; Editing by Krishna Chandra Eluri and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.
Persons: Johnnie Walker, Charles Bachtell, Sean, Diddy, Combs, Arshreet Singh, Krishna Chandra Eluri Organizations: Cresco Labs, Columbia Care Inc, Columbia, Downtown, Thomson Locations: U.S, Columbia, New York , Massachusetts, Illinois, Downtown Los Angeles, Bengaluru
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