The deal includes the Columbia Care dispensaries in Villa Park and Chicago’s Jefferson Park neighborhood as well as a Columbia Care production facility in Aurora.
The store, which has since been rebranded as Cannabist, will be one of two Columbia Care locations sold to Sean 'Diddy' Combs as part of a deal to satisfy antitrust concerns surrounding Cresco's proposed $2 billion acquisition of Columbia Care.
The deal to sell off a portion of the combined Cresco-Columbia Care portfolio to Combs, announced Friday, includes the Columbia Care dispensaries in Villa Park and Chicago’s Jefferson Park neighborhood, which have been rebranded as Cannabist, as well as a Columbia Care production facility in Aurora.If approved by regulators, Combs would form the largest Black-owned cannabis company in the U.S.
The Combs sale will bring Chicago-based Cresco Labs, one of the largest publicly traded cannabis companies in the U.S., one step closer to becoming a lot bigger with itsof New York-based Columbia Care in an all-stock merger valued at about $2 billion. The Cresco-Columbiadeal, announced in March, would create a cannabis cultivation and retail giant with more than 180 stores across an 18-market footprint, and will likely require additional divestitures to win regulatory approval.
Columbia Care, which started as a medical-only operator 10 years ago, has grown into one of the largest multistate cannabis companies in the U.S. with a footprint in 18 states, including 99 dispensaries and 32 cultivation facilities.
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