Cresco Labs Inc. said its C$1.1 billion acquisition of cannabis grower Origin House received antitrust clearance.
The waiting period under the Hart-Scott-Rodino Act in connection with the deal — the largest acquisition of a public company in the U.S. cannabis sector — has expired.
In September, Cresco and Origin House provided additional information to the U.S. Justice Department following a request by the federal agency. The request caused a delay in completion of the transaction.
Under the deal, Chicago-based Cresco, which manufactures medical cannabis products in the U.S., agreed to buy all existing and outstanding shares of Origin House at a rate of 0.8428 of a subordinate voting share of Cresco Labs per share held.
The deal is already approved by the shareholders of Ottawa, Ontario-based Origin House and the Ontario Superior Court of Justice. The boards of both companies have already approved the acquisition.
Cresco previously said the transaction is expected to close by Nov. 15.