Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) (FSE: 3LP) (“Columbia Care” or the “Company”), one of the largest and most experienced cultivators, manufacturers and retailers of cannabis products in the U.S., today announced that it has mutually agreed with Cresco Labs (CSE: CL) (OTCQX: CRLBF) (“Cresco Labs” and together with Columbia Care, the “Companies”) to extend the outside date to complete the proposed acquisition by Cresco Labs of Columbia Care from March 31, 2023 to June 30, 2023. The extension will allow the Companies additional time to finalize divestiture agreements and obtain the regulatory approvals required to close. The agreement amending the outside date in the definitive arrangement agreement between the Companies announced in March of 2022 will be filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
“We continue to make meaningful progress on the remaining divestitures and look forward to making those announcements. We are driving operational efficiencies, enhancing market-level scale to offset pricing pressure, and demonstrating leadership in several of the fastest growing markets in the industry, such as New Jersey, Virginia and West Virginia. These efforts will enable the combined company to leverage Columbia Care’s leading retail footprint while maintaining Cresco’s wholesale leadership. We are grateful to the entire Columbia Care team for their ongoing commitment to driving our business forward in advance of the merger,” said Nicholas Vita, CEO of Columbia Care.
Additionally, Columbia Care announced that it will report its financial results for the fourth quarter and full year ended December 31, 2022 before U.S. financial markets open on Wednesday, March 29, 2023. Following the release of financial results, Company management will conduct a conference call at 8:00 a.m. ET to discuss financial and operating results for the fourth quarter and full year of 2022.
