Columbia Care Inc. CCHWF CCHW CCHW 3LP has obtained the final order from the Supreme Court of British Columbia approving the plan of arrangement, whereby, among other things, Cresco Labs Inc. CRLBF CL will acquire all of the issued and outstanding shares of the company.
The final order follows on achieving shareholder approval for the business combination at the special meeting of shareholders of the company held on July 8, 2022.
“This final order is yet another milestone achieved towards creating the industry leader in cannabis, and we’re pleased with the forward progress in completing the transformational combination with Cresco,” stated Nicholas Vita, co-founder, CEO of Columbia Care. “With this final order in hand, we are now focused on continued momentum in the divestiture process and state-level approvals. We look forward
Update on Divestiture Process
In certain states – namely Florida, Illinois, Maryland, Massachusetts, New York, and Ohio – Columbia Care and Cresco Labs will divest assets for regulatory approval prior to close. Columbia Care and Cresco Labs stated that the divestiture process has been progressing as planned with robust demand from a deep and diverse pool of bidders, predominantly new market entrants and single-state operators looking to expand into these markets. The divestitures are expected to close concurrently with the closing of the arrangement, which is currently anticipated near the end of 2022.
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