Marijuana Producer Cresco Labs has terminated the agreement to purchase assets from Tryke Companies, a cannabis company, for $282.5M.
“Our acquisition of Tryke has been impacted by regulatory delays, a decline in capital markets, and now COVID-19, which brought additional risk to this transaction. Given these events, we feel the resources previously targeted for this transaction are better invested in our existing markets, where we have high visibility and certainty of return on capital.”
Charlie Bachtell, Co-Founder and CEO of Cresco
The deal is one of many which have been terminated by companies looking to sure up their financial position by decreasing CapEx and M&A spending.