Chicago-based cannabis company Cresco Labs announced a proposed acquisition of top multi-state cannabis operator Columbia Care today. The acquisition will expand Cresco’s reach by adding on 8 states and 83 dispensaries and give them access to more than 70% of the legal U.S. cannabis population. The deal is valued at $2B and is expected to close late this year.

Additional key highlights of the deal, according to Cresco, include:

• The acquisition will create the new leader in cannabis—Cresco Labs
• The combination will accelerate Cresco’s mission to be the undisputed leader in cannabis CPG—putting Cresco in the 18 markets that matter most to distribute its bestselling branded cannabis products to 180 million Americans—or 55% of the total U.S. population.
• This acquisition dramatically expands Cresco’s retail footprint and adds operational capabilities in the industry’s mature influential markets like CO & CA, today’s material markets like IL & MA, and tomorrow’s high growth markets like NY, NJ and VA.

Cresco Labs will acquire all of the issued and outstanding Columbia Care shares. Subject to customary closing conditions and necessary regulatory approvals, the Transaction is expected to close in the fourth quarter of 2022.

“We are incredibly excited to announce this transformative transaction today at a very important time in the development of this industry,” said Charles Bachtell, CEO of Cresco Labs. “This acquisition brings together two of the leading operators in the industry, pairing a leading footprint with proven operational, brand and competitive excellence. The combination is highly complementary and provides unmatched scale, depth, diversification and long-term growth…The combination of Cresco Labs and Columbia Care accelerates our journey to become the leader in cannabis in a way no other potential transaction could.”

Read the full press release here.

For more Illinois cannabis industry news, click here.

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