Four law firms steer marijuana producer's $2 bln purchase of rival - Reuters.com
The logo for a Columbia Care dispensary is seen though a window outside a clinic in New York January 7, 2016. REUTERS/Shannon Stapleton
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Mar 23 - Paul Hastings and Bennett Jones are advising marijuana company Cresco Labs Inc in its $2 billion acquisition of a competitor, Columbia Care Inc, which is being represented by Stikeman Elliott and Foley Hoag.
The deal made public Wednesday is one of the biggest yet in the nascent marijuana industry, and will make Cresco the largest U.S. producer of cannabis. The companies are also both listed in Canada.
M&A partner Samuel Waxman is leading the team for Los Angeles-based Paul Hastings, the firm said. M&A partners Aaron Sonshine and Kris Hanc took the lead for Calgary-based Bennett Jones, according to the firm.
Columbia Care’s team is being led by Stikeman Elliott M&A partners Martin Langlois and Mike Devereux, the Montreal-founded firm said, along with a team from Boston-based Foley Hoag. Foley Hoag did not immediately return requests to identify its attorneys working on the deal.
A spokesperson for Stikeman Elliot said Columbia Care is a long-time client and the firm worked on the 2019 special purpose acquisition company (SPAC) transaction that took the company public in Canada.
SPACs raise funds through initial public offerings to take private companies public.
Both Chicago-based Cresco Labs and New York-based Columbia Care operate and are listed in Canada, where marijuana is legal for both recreational and medicinal purposes.
Marijuana is currently illegal at the federal level in the U.S., so neither of the companies are listed on U.S. stock exchanges, though the combined company will operate in 17 states and Washington, D.C.
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source: https://www.reuters.com/legal/legalindustry/four-law-firms-steer-marijuana-producers-2-bln-purchase-rival-2022-03-23/
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