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$2b Cresco acquisition of Columbia Care makes Cresco cannabis’ largest operator.
Deal follows other recent large M&A transactions. Expect consolidation trend to continue and even accelerate particularly if banking legislation remains unlikely.
Expect consolidated Cresco/Columbia Care to be near-term sellers of assets in FL, MA, and NY reducing acquisition cost.
M&A has to be a focus as a source of outsized returns for investors. Believe all but the largest MSOS are in play to be acquired.