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Columbia Care Commences Cultivation Operations at 34-Acre Long Island, New York Facility; Prepares for Upcoming Introduction of Whole Flower Program
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Rhea-AI Summary
Columbia Care Inc. has received approval from the New York State Department of Health to start operations at its new Long Island facility, aiming for its first harvest in Q4 2021. The facility, covering 30,000 square feet initially, will serve the growing number of medical patients in New York and support the state's evolving cannabis market. Columbia Care plans to expand its presence in New York by opening additional dispensaries, increasing from four to eight. The initiative aligns with the state’s goals to make cannabis more accessible and equitable.
Positive
Approval received to start cultivation in Long Island, enhancing potential revenue.
First harvest projected for Q4 2021, aligning with market demand.
Facility supports expansion to eight dispensaries, increasing market presence.
Strategic positioning in a growing medical and future adult-use cannabis market.
Negative
None.
One of the Largest Cultivation and Production Sites on the East Coast Will Serve the Increasing Number of New York Medical Patients with its First Harvest Planned for Q4 2021
NEW YORK--(BUSINESS WIRE)--
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 cannabis products in the U.S., has received approval from the New York State Department of Health to commence cultivation and processing operations at its new facility in eastern Long Island, New York. The first harvest is planned for Q4 2021.
“As New York gears up for whole flower in the medical program and future adult-use sales, we will be ready with our scaled and vertically-integrated operations,” said Nicholas Vita, CEO of Columbia Care. “This is an incredible time for the state’s cannabis program. Local leadership is taking swift action to create the foundation on which the program can grow to meet the needs of all New Yorkers in what will be one of the largest markets in the U.S. These steps forward will help create a framework that encourages a more accessible legal market and a more equitable industry. We are grateful for the support we have received from our home state and look forward to contributing to the rollout of its new cannabis vision.”
The acquisition of the Riverhead location was announced in April 2021. The first phase of cultivation will entail 30,000 square feet of canopy, to begin a perpetual harvest cycle in the fourth quarter. Subsequent phases will utilize more of the 740,000 square feet of operational greenhouse space and 200,000 square feet of incremental grow capacity. The expanded square footage will support the growing medical market, with the potential for inclusion in the forthcoming adult use program, with canopy caps expected, and will also eventually provide cultivation space for potential social equity business collaborations as New York’s cannabis industry evolves.
This facility will serve Columbia Care’s four existing medical dispensaries across the state as well as wholesale distribution to the New York metropolitan area, one of the most densely populated urban areas in the United States. Presently, the Long Island location offers supplemental cultivation capacity for the Company’s existing Rochester facility that has served more than 150,000 medical patients since 2015. As a current Registered Organization, Columbia Care intends to add an additional four medical dispensaries in New York, for a total of eight dispensaries in the state, three of which will be co-located with adult-use, pending regulatory approval.
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 U.S. jurisdictions and the EU. Columbia Care operates 130 facilities including 99 dispensaries and 31 cultivation and manufacturing facilities, including those under development. Columbia Care is one of the original providers of medical cannabis in the U.S. and now delivers industry-leading products and services to both the medical and adult-use markets. In 2021, the company launched Cannabist, its new retail brand, creating a national dispensary network that leverages proprietary technology platforms. The company offers products spanning flower, edibles, oils, and tablets, and manufactures popular brands including Seed & Strain, Triple Seven, gLeaf, Classix, Press, Amber and Platinum Label CBD. 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.
What recent approval did Columbia Care Inc. receive for its operations in New York?
Columbia Care received approval from the New York State Department of Health to commence cultivation and processing operations at its new facility in Long Island.
When is Columbia Care planning its first cannabis harvest?
Columbia Care plans its first cannabis harvest for Q4 2021.
How many dispensaries is Columbia Care planning to operate in New York?
Columbia Care is planning to increase its dispensaries from four to eight in New York.
What is the size of Columbia Care's new cultivation facility in Long Island?
The new cultivation facility in Long Island will initially cover 30,000 square feet.
What market does Columbia Care aim to serve with its new facility?
Columbia Care aims to serve the growing medical cannabis market in New York with its new facility and dispensaries.
