2022-07-15 | CSE:CL | Press release
Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) (FSE: 3LP) (“Columbia Care” or the “Company”), one of the largest cultivators, manufacturers and suppliers of cannabis and most experienced products in the United States, today announced that it has obtained the final order from the Supreme Court of British Columbia approving the previously announced plan of arrangement (the “Arrangement”), whereby, between others, Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) (“Cresco Labs”) will acquire all of the issued and outstanding shares of the Company.
The final order follows winning overwhelming shareholder approval for the business combination at the Company’s special meeting of shareholders held on July 8, 2022.
“This final order is another step towards creating the cannabis industry leader, and we’re pleased with the progress made in finalizing the transformational combination with Cresco,” said Nicholas Vita, co-founder, CEO of Columbia Care.” With this latest order in hand, we are now focused on continuing the momentum in the divestiture process and state-level approvals. We look forward to providing additional details in the months to come.”
The Arrangement is described in detail in the Company’s definitive proxy statement and information circular dated June 6, 2022 (the “Circular” CloseCurlyDoubleQuote;) filed on SEDAR and with the United States Securities and Exchange Commission. -United.
Divestiture Process Update
As previously announced, 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 closing. Columbia Care and Cresco Labs are pleased to report that the divestiture process has progressed as expected with strong demand from a deep and diverse pool of bidders, primarily new market entrants and single-state operators. seeking to expand in these markets. Particular attention is paid to evaluating potential buyers for regulatory approval purposes. The divestitures are expected to be completed concurrently with the closing of the Arrangement, which is currently expected in late 2022.
About Columbia Care
Columbia Care is one of the largest and most experienced cultivators, manufacturers and suppliers of cannabis products and related services, with licenses in 18 US jurisdictions and the EU. Columbia Care operates 131 facilities, including 99 dispensaries and 32 cultivation and manufacturing facilities, including those under development. Columbia Care is one of the first multi-state providers of medical cannabis in the United States and now offers industry-leading products and services to the medical and adult markets. In 2021, the company launched Cannabist, its new retail brand, creating a nationwide network of dispensaries that relies on proprietary technology platforms. The company offers products spanning flowers, edibles, oils, and tablets, and manufactures popular brands such as Seed & Strain, Triple Seven, gLeaf, Classix, Press, Amber, and Platinum Label CBD. For more information about Columbia Care, please visit https://columbia.care.
Caution Regarding Forward-Looking Statements
This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act. 1995. Such forward-looking statements or information, which, although believed to be reasonable by the Company, may prove to be incorrect and are subject to known and unknown risks and uncertainties that may cause the actual results, performance or achievements of the Company are materially different from those expressed or implied by any forward-looking information. These risks, uncertainties and other factors include, among others, favorable operating and economic conditions; completion of the Arrangement; obtain and maintain all required licenses and permits; favorable production levels and sustained costs of the Company’s operations; and the level of demand for cannabis products, including the Company’s products sold by third parties. In addition, securityholders should consider the risk factors described under “Risk Factors” in the Circular and “Risk Factors” in Columbia Care’s Form 10 dated May 9, 2022, filed with applicable securities regulators and described from time to time in company filings with securities regulators. Canadian and American securities.