The company announced Friday the signing of definitive agreements to divest certain assets in New York, Massachusetts, and Illinois to be owned and controlled by Combs.Those assets will provide Combs the ability to grow and manufacture cannabis products, wholesale, and distribute those products to licensed dispensaries in major metropolitan areas like New York City, Boston, and Chicago, and operate retail stores in all three states.
"Today's announcement is bigger than the Transaction – and it couldn't come at a time of greater significance and momentum.
"For Cresco, the transaction is a major step towards closing the Columbia Care acquisition and our leadership position in one of the largest consumer products categories of the future. For an industry in need of greater diversity of leadership and perspective, the substantial presence of a minority-owned operator in some of the most influential markets in the country being led by one of the most prolific and impactful entrepreneurs of our time is momentous…and incredibly exciting.
Columbia Care CEO and Co-founder, Nicholas Vita added,"These assets offer the Combs' team significant market presence, enabling them to make the most impact on the industry as a whole. It's been clear to us that Sean has the right team to carry on the strong legacy of these Columbia Care and Cresco Labs facilities, and we can't wait to see how he helps shape the cannabis industry going forward through his entrepreneurial leadership and innovation.
The purchase will make Combs the first minority owner of a vertically integrated multistate branded cannabis operator.