The large-scale merger of marijuana multistate operators Cresco Labs and Columbia Care is in question after the companies failed to divest assets necessary for regulatory approvals by the June 30 deadline.
Some marijuana multistate operators have weathered the perfect storm of macroeconomic headwinds, cannabis-specific challenges and legislative disappointments better than others, as evidenced by full-year and fourth-quarter results reported this spring.
News of widespread layoffs at cannabis companies across the United States have dominated headlines, but an analysis of employee head counts at America’s largest cannabis companies show several actually grew their payrolls last year.
Marijuana multistate operators Columbia Care and Cresco Labs have “mutually agreed” to extend the companies’ acquisition closing date timeline from March 31 to June 30 of this year.
Less than two years after Virginia became the first in the South to legalize adult-use marijuana, the projected start date for legal sales of Jan. 1, 2024, has been effectively scrapped.
Are blockbuster, billion-dollar marijuana mergers and acquisitions behind us?
Possibly, say insiders. But they also predict 2023 will feature brisk cannabis M&A activity, with the overall value of transactions possibly topping the $3.2 billion recorded in 2022.
New York-based marijuana multistate operator Columbia Care is laying off 25% of its corporate head count as part of a larger effort to slash costs, reduce cash burn and improve performance.
2022 saw a wave of layoffs in the cannabis industry. Its pressures are uniquely challenging and there’s no end in sight in 2023.
Green Leaf Medical, a subsidiary of cannabis multistate operator Columbia Care, is laying off 73 workers at its production facility in Saxton, Pennsylvania.
Investment bank Cowen has downgraded its outlooks for major cannabis multistate operators Columbia Care and Cresco Labs after U.S. lawmakers declined to include marijuana banking reform in an omnibus spending bill.
U.S. cannabis multistate operators weathered a storm of challenging economic factors through the third quarter of 2022, with most reporting modest to significant year-over-year revenue gains.
Shares of publicly traded U.S. marijuana companies mostly gained value Wednesday morning after the 2022 midterm elections, despite mixed results among the five state MJ ballot measures put to voters.
