Columbia Care and Cresco Labs Mutually Extend Acquisition Closing Timeline

Columbia Careto Report Fourth Quarter and Full Year 2022 Results onMarch 29, 2023

NEW YORK--(BUSINESS WIRE)--Feb. 27, 2023--Columbia Care Inc.(NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) (FSE: 3LP) (“Columbia Care” or the “Company”), one of the largest and most experienced cultivators, manufacturers and retailers of cannabis products in theU.S., today announced that it has mutually agreed with Cresco Labs (CSE: CL) (OTCQX: CRLBF) (“Cresco Labs” and together withColumbia Care, the “Companies”) to extend the outside date to complete the proposed acquisition byCresco Labs of Columbia CarefromMarch 31, 2023toJune 30, 2023. The extension will allow the Companies additional time to finalize divestiture agreements and obtain the regulatory approvals required to close. The agreement amending the outside date in the definitive arrangement agreement between the Companies announced in March of 2022 will be filed on SEDAR at and on EDGAR at

“We continue to make meaningful progress on the remaining divestitures and look forward to making those announcements. We are driving operational efficiencies, enhancing market-level scale to offset pricing pressure, and demonstrating leadership in several of the fastest growing markets in the industry, such asNew Jersey,VirginiaandWest Virginia. These efforts will enable the combined company to leverage Columbia Care’s leading retail footprint while maintaining Cresco’s wholesale leadership. We are grateful to the entireColumbia Careteam for their ongoing commitment to driving our business forward in advance of the merger,” saidNicholas Vita, CEO ofColumbia Care.

Additionally,Columbia Careannounced that it will report its financial results for the fourth quarter and full year endedDecember 31, markets open onWednesday, March 29, 2023. Following the release of financial results, Company management will conduct a conference call at8:00 a.m. ETto discuss financial and operating results for the fourth quarter and full year of 2022.

Conference Call and Webcast Details

To access the live conference call via telephone, participants must pre-register at After registering, instructions will be shared on how to join the call for those who wish to dial in. A live audio webcast of the call will also be available in the Investor Relations section of the Company's website at or at

A replay of the audio webcast will be available in the Investor Relations section of the Company’s website approximately 2 hours after completion of the call and will be archived for 30 days.

AboutColumbia Care

Columbia Careis one of the largest and most experienced cultivators, manufacturers and providers of cannabis products and related services, with licenses in 18 U.S. jurisdictions.Columbia Careoperates 128 facilities including 95 dispensaries and 33 cultivation and manufacturing facilities, including those under development.Columbia Careis one of the original multi-state providers of medical cannabis in theU.S.and now delivers industry-leading products and services to both the medical and adult-use markets. In 2021, the company launched Cannabist, its new retail brand, creating a national dispensary network that leverages proprietary technology platforms. The company offers products spanning flower, edibles, oils and tablets, and manufactures popular brands including Seed & Strain, Triple Seven, Hedy, gLeaf, Classix, Press, and Amber. For more information onColumbia Care, please visit

Caution Concerning Forward Looking Statements

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking statements can be identified by the use of forward-looking terminology such as, ‘may,’ ‘will,’ ‘should,’ ‘could,’ ‘would,’ ‘expects,’ ‘plans,’ ‘anticipates,’ ‘believes,’ ‘estimates,’ ‘projects,’ ‘predicts,’ ‘potential’ or ‘continue’ or the negative of those forms or other comparable terms. Such forward looking statements include statements related to the benefits of the extension, the completion of any divestiture, the completion of all the regulatory approvals, the satisfaction of all other conditions required to close the transaction with Cresco Labs, the filing of the amending agreement, and the timing for the release of financial results and the completion of the related conference call. These forward-looking statements or information, which although considered reasonable by the Company, may prove to be incorrect and are subject to known and unknown risks and uncertainties that may cause actual results, performance or achievements of the Company to be materially different from those expressed or implied by any forward-looking information. In addition, securityholders should review the risk factors discussed under “Risk Factors” in the Company’s Quarterly Report on Form 10-Q for the quarter endedSeptember 30, 2022, “Risk Factors” in the management information circular datedJune 6, 2022and “Risk Factors” in the Company’s Form 10 datedMay 9, 2022, each filed with the applicable securities regulatory authorities and described from time to time in documents filed by the Company with Canadian andU.S.securities regulatory authorities.

Investor Contact
Lee Ann Evans
SVP, Capital Markets

Media Contact
Lindsay Wilson
VP, Communications

Source:Columbia Care Inc.

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