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Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, has launched an investigation into whether the officers or directors of Columbia Care Inc. (OTCQX: CCHWF) breached their fiduciary duties or violated the federal securities laws in connection with the company's merger with Cresco Labs Inc. (OTCQX: CRLBF).

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On March 23, 2022, Columbia Care announced that it had entered into an agreement to merge with Cresco Labs in a deal valued at approximately $2 billion. Pursuant to the merger agreement, Columbia Care stockholders will receive 0.5579 shares of Cresco Labs common stock for each share of Columbia Care common stock owned. The deal is scheduled to close in the fourth quarter of 2022.

Bragar Eagel & Squire is concerned that Columbia Care's board of directors oversaw an unfair process and ultimately agreed to an inadequate merger agreement. Accordingly, the firm is investigating all relevant aspects of the deal and is committed to securing the best result possible for Columbia Care's stockholders.

If you own shares of Columbia Care and are concerned about the proposed merger, or you are interested in learning more about the investigation or your legal rights and remedies, please contact Melissa Fortunato or Alexandra Raymond by email at mergers@bespc.com or telephone at (646) 860-9157, or by filling out this contact form . There is no cost or obligation to you.

About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com . Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information:
Bragar Eagel & Squire, P.C.
Melissa Fortunato, Esq.
Alexandra Raymond, Esq.
mergers@bespc.com
www.bespc.com


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Adastra Holdings brand ticker (CNW Group/Adastra Holdings Ltd.)

"We are extremely honoured and privileged to welcome Mr. Wallin to Adastra's board of directors," said Michael Forbes , CEO of Adastra. "Mr. Wallin is an accomplished leader and international business builder in the CPG, cannabis, health and wellness, food and beverage, distribution, hospitality and technology industries. Mr. Wallin is a seasoned executive and serial entrepreneur who has a wealth of knowledge in the cannabis industry. I am confident that he will be an important contributor to our Company's long term success."

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About Adastra Holdings Ltd.

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Forward-Looking Information

This news release includes forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking information in this news release includes statements with respect to: (i) the Company's long-term success; (ii) the Company building on production assets in the Canadian cannabis market and additional therapeutic areas including Psilocybin, Psilocin, MDMA, N, N-Dimethyltryptamine (DMT), 5- MeO-DMT, and LSD; and (iii) the Company's execution of its growth plan. There are numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) adverse market conditions; (ii) risks inherent in the cannabis extraction sector in general; (iii) changes in regulations surrounding cannabis as a controlled substance; and (iv) other factors beyond the control of the Company. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.

SOURCE Adastra Holdings Ltd.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2022/16/c7339.html

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