Chicago-based medical marijuana company abandons $2M merger with Columbia Care

By FOX 32 News

Published August 1, 2023 4:27pm CDT

Chicago medical marijuana firm cancels $2 billion merger

Cresco Labs will not team up with Columbia Care after the Chicago-based medical marijuana company called off the $2 billion merger on Tuesday. The agreement would have also included a $155 million spinoff to music mogul Sean 'Diddy' Combs.

CHICAGO - A Chicago-based medical marijuana company is calling off a two-billion-dollar merger.

Cresco Labs will not team up with Columbia Care.

They were set to merge in March 2022 and released a new plan to merge in March of this year.

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The agreement would have also included a $155 million spin-off to music mogul Sean "Diddy" Combs.

The two companies say the decision not to merge was mutual.