Foley Hoag Represents Columbia Care in $2B Acquisition by Cresco Labs
March 24, 2022
Foley Hoag LLP represented Columbia Care Inc., one of the largest and most experienced cultivators, manufacturers and providers of cannabis products and related services, in a $2 billion acquisition by Cresco Labs Inc., one of the largest vertically integrated multistate cannabis operators.
This acquisition brings together two of the leading operators in the cannabis industry and will result in unmatched scale, depth, diversification and long-term growth. On a pro-forma basis, the combined company will be the largest cannabis company by revenue and the number one wholesaler of branded cannabis products. The combined company will cover all 10 of BDSA’s top-10 largest and fastest growing states by 2025, representing approximately 55% of the U.S. population and over 70% of the addressable cannabis market.
Columbia Care has licenses in 18 U.S. jurisdictions and the EU, and operates 131 facilities including 99 dispensaries and 32 cultivation and manufacturing facilities. Columbia Care is one of the original multi-state providers of medical cannabis in the U.S. and now delivers industry-leading products and services to both the medical and adult-use markets. The company offers products spanning flower, edibles, oils and tablets, and manufactures popular brands including Seed & Strain, Triple Seven, gLeaf, Classix, Press, Amber and Platinum Label CBD.
Foley Hoag attorneys Erica Rice, Maria Carnicella and Kyle Adams represented Columbia Care in the transaction, with specialist support from Kevin Conroy, Kip Cawley, Teresa Martland, Ryan Rourke Reed, Stacie Aarestad, Marc Nawyn, James Gross, Jeff Ganguly, Jeremy Meisinger, Austin Ownbey and Cecilia Oyediran.
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