Trump Endorses Japan’s Sanae Takaichi Ahead of Crucial Election Amid Market and China Tensions 
TSMC Eyes 3nm Chip Production in Japan with $17 Billion Kumamoto Investment 
Japanese Pharmaceutical Stocks Slide as TrumpRx.gov Launch Sparks Market Concerns 
Fed Governor Lisa Cook Warns Inflation Risks Remain as Rates Stay Steady 
Nasdaq Proposes Fast-Track Rule to Accelerate Index Inclusion for Major New Listings 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
RBI Holds Repo Rate at 5.25% as India’s Growth Outlook Strengthens After U.S. Trade Deal 
Japan Economy Poised for Q4 2025 Growth as Investment and Consumption Hold Firm 
Instagram Outage Disrupts Thousands of U.S. Users 
Nintendo Shares Slide After Earnings Miss Raises Switch 2 Margin Concerns 
Baidu Approves $5 Billion Share Buyback and Plans First-Ever Dividend in 2026 
Gold and Silver Prices Rebound After Volatile Week Triggered by Fed Nomination 
Asian Stocks Slip as Tech Rout Deepens, Japan Steadies Ahead of Election 
Alphabet’s Massive AI Spending Surge Signals Confidence in Google’s Growth Engine 
South Korea Assures U.S. on Trade Deal Commitments Amid Tariff Concerns 
Anthropic Eyes $350 Billion Valuation as AI Funding and Share Sale Accelerate 
Global Markets Slide as AI, Crypto, and Precious Metals Face Heightened Volatility 
Cresco Labs Inc. and Columbia Care are cannabis and medical marijuana companies that have previously announced their merger through an acquisition deal. In March 2022, they agreed to a transaction that would have created the largest cannabis operator in the United States, but the agreement seems to have gone up in smoke.
Cresco Labs and Columbia made a new announcement on Monday, July 31, stating they have terminated their $2 billion merger deal. This development comes as the industry is waiting for banking reforms, as per CNBC.
Moreover, it was suggested that the contract has been called off as the cannabis industry has been showing indications of a slowdown as it also deals with various economic issues and challenges with regulators. The cannabis companies mutually agreed to scrap their agreement, so there will be no penalties or fees to pay for both parties.
Another reason for the failure of the merger is the fact that Cresco Labs and Columbia Care were not able to unload enough assets required to secure the regulators' seal of approval. They were given the June 30 deadline for this but failed to comply.
"In light of the evolving landscape in the cannabis industry, we believe the decision to terminate the planned transaction is in the long-term interest of Cresco Labs and our shareholders," Cresco Labs' co-founder and chief executive officer, Charles Bachtell, said in a press release.
"We want to express our sincere gratitude to Columbia Care for their valuable collaboration and dedication during this transaction. While this is not the outcome we originally hoped for, we are confident Cresco Labs is in a stronger position moving forward."
Columbia Care's co-founder and CEO, Nicholas Vita, added, "After careful consideration, we are confident in the mutual decision to move forward as separate, standalone companies. This is the best path forward for Columbia Care's employees, customers, and shareholders. We are thankful for the collaboration and partnership with the Cresco team throughout this extensive process."
Photo by: Kimzy Nanney/Unsplash
