Cannabis Weekly Round-Up: Cresco Labs/Columbia Care Deal in Doubt

A major cannabis deal involving two leading multi-state operators may be in peril.

Meanwhile, an American cannabis operator will break new ground next week when it begins trading on Canada’s biggest exchange. Keep reading to find out more cannabis highlights from the past five days.

Cresco Labs and Columbia Care provide update on deal

In a surprising turn of events, Cresco Labs (CSE:CL,OTCQX:CRLBF) and Columbia Care (NEO:CCHW,CSE:CCHW,OTCQX:CCHWF) informed the market on Friday (June 30) that their proposed transaction will not be completed.

The deal would have seen Cresco acquire Columbia Care and absorb all of its assets in the competitive US marketplace.

The companies said ‘they will not be able to complete the divestitures necessary to secure all necessary regulatory approvals to close the pending transaction’ by the deadline, which was Friday.

‘At this stage, Cresco and Columbia Care are working amicably with respect to the next steps in relation to the transaction and will provide further updates in the near future,’ the two companies said in their joint statement.

TerrAscend begins trading on TSX next week

TerrAscend (CSE:TER,OTCQX:TRSSF) confirmed to the market that it has received approval from regulators and will list on the TSX starting next Tuesday (July 4).

‘We believe the TSX Listing will provide the Company greater access to a broader group of institutional and retail investors looking for attractive opportunities in the cannabis space,’ Jason Wild, executive chairman of TerrAscend, said.

The common shares of the firm trading on the CSE will be delisted at the end of the trading session on Friday. Canadian markets will be closed on July 3 due to Canada Day.

Investors aren’t required to perform any action as the shares will directly move and begin trading on the TSX next week.

‘With all of the fundamental progress we have made, and a confirmed date now set for our listing, we have achieved our goal of becoming truly independent of the need for regulatory reform,’ Wild said.

Cannabis company news

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

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