Cresco Labs Inc is buying rival Columbia Care Inc in a $2-billion deal to become the top U.S. cannabis producer in one of the biggest deals in the industry.
Cresco executives said the combined entity has the potential to be a brand as big as Coca-Cola or Johnnie Walker as the deal would help it dominate a market likely to reach $46 billion in sales by 2026.
Columbia Care investors will get 0.5579 shares of Cresco Labs for each unit held. Based on Cresco’s Tuesday closing price, it represents a nearly 16 percent premium.
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