Cresco Labs, a cannabis company based in Chicago, announced Wednesday that it’s acquiring New York-based Columbia Care to form the largest marijuana company in the United States by revenue and the second largest based on its retail footprint.
of early-entry cannabis companies seeking to gain as much market share as possible while legalization takes off across the country. Once the deal is complete, Cresco will have a foothold in 17 states and Washington, D.C., up from the 10 states where it currently has a presence.
“This is how you turn brands like High Supply, Cresco and FloraCal into Miller High Life, Coca-Cola and Johnnie Walker Blue Label,” Charlie Bachtell, Cresco’s CEO,Signage at Columbia Care, a medical marijuana dispensary opened in the East Village in Manhattan, January 7, 2016.Signage at Columbia Care, a medical marijuana dispensary opened in the East Village in Manhattan, January 7, 2016.
. Based on Cresco’s own assessment, the deal creates a “pathway to a top-three position” for the firm in New York, New Jersey and Florida, in addition to positioning the company to hold the top market share in four other states. It's yet unclear if regulators in New York and New Jersey will require additional approvals or changes in order for the deal to move forward.newsletter signupBy submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our
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