 On Friday, Columbia Care announced the approval of the previously arranged plan for Cresco Labs to acquire all of the issued and outstanding shares of Columbia Care.
The deal will create one of the largest multistate marijuana operators in the United States, with more than 130 retail stores across 17 states and DC. Cresco CEO Charlie Bachtell is expected to become chief executive of the merged company. Columbia Care’s CEO, Nicholas Vita, who was already one of the highest paid cannabis executives, is expected to receive more than $100 million in cash and stock as part of a compensation pay package. One industry compensation expert called this type of payout “atypical.” The merger, pending various regulatory approvals, is expected to close near the end of this year. Comments are closed.
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