Columbia Care Appoints Julie Hill to its Board of Directors

Rhea-AI Summary

Columbia Care has appointed Julie Hill to its Board of Directors, expanding the Board to eight members. With over 20 years of experience on various corporate Boards, Hill currently serves on the Board of the Lord Abbett Family of Funds. Her past roles include being a Board member of Anthem and Lendlease. CEO Nicholas Vita highlighted her significant governance experience as a benefit for shareholders, especially as the company expands in newly legalized states. Columbia Care operates 122 facilities across the U.S., focusing on medical and adult-use cannabis.

Positive

• Julie Hill's extensive governance experience may enhance strategic insights for Columbia Care.
• Hill's background in large corporations like Anthem could provide valuable perspectives as the company expands.

Negative

• Concerns may arise regarding continuity and experience gaps during the transition of leadership.

Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) (FSE: 3LP) (“Columbia Care” or the “Company”), one of the largest and most experienced cultivators, manufacturers and providers of medical and adult-use cannabis products in the U.S., has appointed Julie Hill to its Board of Directors. Her appointment expands the Board to eight members.

Ms. Hill has spent more than two decades serving on a range of private and public corporate Boards of Directors. She is currently a member of the Board of Directors of the Lord Abbett Family of Funds, a $225 billion New Jersey-based mutual fund management firm. Most recently, Ms. Hill was a member of the Board of Directors of Anthem, a Fortune 50 company, and the largest U.S. health insurance company by member. She was also previously on the Boards of Lendlease, a publicly traded international construction, development, investment and management firm, and Holcim (U.S.), the U.S. operation of a Swiss company, as well as several other public companies.

“Julie’s extensive experience in corporate governance for highly-regarded, transformational companies is a huge win for our Board and shareholders. Through the various Boards on which she has served, she brings a unique and insightful lens that we are grateful to add to our team,” said Nicholas Vita, CEO of Columbia Care. “As the industry continues to mature and we expand in newly legalized states, Julie’s knowledge and perspective will be vital. We are thrilled to welcome her to the Columbia Care family.”

“I was very pleased to accept the offer to join the Columbia Care Board. Their reputation and reach precede them,” said Ms. Hill about her appointment. “To join a well-respected and fast-growing cannabis company like Columbia Care during this historic time of expanding legalization is extremely exciting. As the Company expands its footprint with premium brands, innovative technology, and new and innovative retail experiences, I look forward to contributing to its continued success and helping to shape the industry as it evolves.”

Prior to her last 20 years serving on Boards of Directors, she founded and ran multiple companies, mostly in the real estate investment and development industry, and was a senior executive at numerous publicly traded companies, including Mobil Land, a division of Mobil Oil, and UK-based Costain Group. In addition to her vast experience on public company boards, Ms. Hill is active in numerous philanthropic and social venture endeavors. She is currently Chair of the Board of Trustees of the University of California at Irvine (UCI), and is a board member of Leaders’ Quest and the Alliance for SoCal Innovation. She is a member of the International Women’s Forum and Los Angeles Trusteeship, and is a prior member of the Women’s Leadership Board of the Kennedy School of Government at Harvard. Ms. Hill has traveled to Burma to work with refugees and is a champion of various human rights organizations and several international women’s rights philanthropies. She has received the Amelia Earhart Award from the Women’s Opportunities Center, as well as the Glass Ceiling Award from the American Red Cross. She earned a bachelor's degree in English from UCLA, and a master’s degree in marketing from the University of Georgia.

About Columbia Care

Columbia Care is one of the largest and most experienced cultivators, manufacturers and providers of cannabis products and related services, with licenses in 18 US jurisdictions and the EU. Columbia Care currently operates 122 facilities¹ including 92 dispensaries and 30 cultivation and manufacturing facilities. Columbia Care is one of the original providers of medical cannabis in the U.S. and continues to deliver industry-leading products and services. The company launched Cannabist, its new retail brand, creating a national dispensary network that leverages proprietary technology platforms. Through its dispensary network, the company offers products spanning flower, edibles, oils, and tablets, and manufactures popular brands including Seed & Strain, Triple Seven, Classix, Plant Sugar, Press, Amber and Platinum Label CBD. With more than four million sales transactions since its inception in 2012, Columbia Care is known for setting the standard for compassion, professionalism, quality, care, and innovation in the rapidly expanding cannabis industry. For more information on Columbia Care, please visit www.col-care.com.

Caution Concerning Forward-Looking Statements

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws and reflect the Company’s current expectations regarding future events. The Company has made assumptions with regard to its ability to execute on brand and product initiatives, which although considered reasonable by the Company, may prove to be incorrect and are subject to known and unknown risks and uncertainties that may cause actual results, performance or achievements of the Company to be materially different from those expressed or implied by any forward-looking information. Securityholders should review the risk factors discussed under “Risk Factors” in Columbia Care’s Annual Information Form dated March 31, 2021, filed with the applicable Canadian securities regulatory authorities on SEDAR at www.sedar.com and described from time to time in documents filed by the Company with Canadian securities regulatory authorities.

¹ Pro forma facilities either open or under development; includes facilities where Columbia Care provides consultative services pursuant to the terms of a management services arrangement

View source version on businesswire.com: https://www.businesswire.com/news/home/20210607005795/en/

FAQ

What is the significance of Julie Hill's appointment to Columbia Care's Board of Directors?

Julie Hill's appointment is significant as she brings over 20 years of governance experience, which may positively impact Columbia Care's strategic direction and shareholder value.

How many members are currently on Columbia Care's Board of Directors?

After Julie Hill's appointment, Columbia Care's Board of Directors now has eight members.

What previous companies has Julie Hill been associated with?

Julie Hill has served on the Boards of Anthem, Lendlease, and Holcim (U.S.), among others.

How does Columbia Care position itself in the cannabis industry?

Columbia Care is one of the largest cannabis providers in the U.S., operating 122 facilities and focusing on premium brands and innovative technology.