MJ Biz write
Columbia Care co-founder and longtime CEO Nicholas Vita likely will emerge with more than $100 million in cash and stock, thanks to Cresco Labs’ pending acquisition of the New York-based multistate marijuana operator.
Details of Vita’s pay package were shared in a regulatory filing in advance of Friday’s special meeting at which Columbia Care stockholders approved the blockbuster acquisition by Chicago-based Cresco.
Columbia Care said Friday that the deal is expected to close near the end of this year.
A compensation expert called parts of the CEO’s compensation package “atypical.”
Columbia Care didn’t respond to repeated requests for comment.
Details of pay package
Vita’s stock holdings and potential compensation include the following, according to the regulatory filing:
- Stock valued at $95.5 million at the time of the all-stock merger announcement on March 23. Cresco’s acquisition price represented a 16% premium at the time. The deal’s initial price tag was around $2 billion, although stock prices have since fallen.
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