Columbia Care Operationalizes Second Cultivation Facility in New Jersey and Expands Adult Use Hours at Both Garden State Cannabist Locations

Rhea-AI Summary

Columbia Care Inc. (OTCQX: CCHWF) has launched a new, 270,000-square-foot cultivation and production facility in New Jersey, which will increase its cultivation capacity threefold. This facility, approved by the New Jersey Cannabis Regulatory Commission on May 25, 2022, enables the use of post-harvest automation equipment, expediting product availability for both medical and adult-use markets. Adult-use sales commenced on April 21, with expanded hours at Cannabist locations in Deptford and Vineland. Columbia Care operates 131 facilities across the U.S., enhancing its position in the growing cannabis industry.

Positive

• Opened a new 270,000-square-foot cultivation facility in New Jersey, tripling available canopy.
• Gained approval for post-harvest automation to decrease 'harvest to shelf' time, enhancing efficiency.
• Expanded adult-use shopping hours to maximum capacity at Cannabist locations.

Negative

• None.

The Second Cultivation and Production Facility in Vineland Adds Approximately 270,000 Square Feet of Cultivation and Production Capacity and Will Triple Available Canopy in Phase One

Recent Approvals Also Allow for Use of Post-Harvest Automation Equipment to More Efficiently Meet the Growing Adult Use and Medical Demand

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., announced today it has started operations in its new, approximately 270,000-square-foot cultivation and production facility in New Jersey, begun using post-harvest automation equipment, and expanded its adult use shopping hours at both of its Cannabist locations in Deptford and Vineland to the maximum number of hours allotted by the New Jersey Cannabis Regulatory Commission (CRC).

The Company received approval from the New Jersey CRC to commence operations at its second cultivation and production facility on May 25, 2022, along with the approval to begin using post-harvest automation equipment. The introduction of this equipment will reduce the “harvest to shelf” time for products, making it easier to meet the rapidly-growing patient and customer demand.

“After ten years of navigating the ever-evolving cannabis industry in various markets, we have so many lessons learned and have been able to bring those to bear in how we approach New Jersey, knowing how it will serve as a model for those east coast states transitioning to adult use in the near term. We are proud of how we managed to scale alongside the demand in the last month and are thrilled to be able to serve more patients, customers, and wholesale partners with our newest cultivation facility and equipment,” said Nicholas Vita, CEO, Columbia Care. “As always, we owe a debt of gratitude to the CRC as well as local officials and our communities for their support in our efforts to make New Jersey one of the strongest cannabis markets in the world and a beacon for the industry.”

Both Cannabist locations began adult use sales on April 21 as one of the first seven operators to receive initial approval in the state and have continued to expand their hours. Each dispensary will continue to have medical-only hours, along with medical-only parking spots, pick-up lines and dedicated phone lines to ensure that patient access remains unaffected. Adult use customers will now find an even broader range of edibles, flowers, pre-rolls and vapes as more products are approved through the state’s third-party testing requirement. The menus also include an expanding brand selection, including Columbia Care brands Seed & Strain and Triple Seven, with more planned, pending regulatory approval.

In addition to the new 270,000-square-foot cultivation, manufacturing and processing facility, the Company also operates a 50,000-square-foot facility, also located in Vineland. The Company has a third retail location in development in New Jersey, which is expected to open later in 2022.

For more information on Cannabist locations, hours and menu availability in New Jersey, visit gocannabist.com/newjersey. For more information on Columbia Care, visit col-care.com.

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 131 facilities including 99 dispensaries and 32 cultivation and manufacturing facilities, including those under development. Columbia Care is one of the original multi-state 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” or “forward-looking statements” within the meaning of applicable securities laws and reflect the Company’s current expectations regarding future events. Forward-looking statements or information contained in this release include, but are not limited to, statements or information with respect to the Company’s ability to execute on retail, wholesale, brand and product initiatives in New Jersey. These forward-looking statements or information, 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. These risks, uncertainties and other factors include, among others, favorable operating and economic conditions; obtaining and maintaining all required licenses and permits; favorable production levels and sustainable costs from the Company’s operations; and the level of demand for cannabis products, including the Company’s products sold by third parties. In addition, securityholders should review the risk factors discussed under “Risk Factors” in Columbia Care’s Form 10 dated May 9, 2022, filed with the applicable securities regulatory authorities and described from time to time in documents filed by the Company with Canadian and U.S. securities regulatory authorities.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220607005379/en/

Investor Contact

Lee Ann Evans

Capital Markets

ir@col-care.com

Media Contact

Lindsay Wilson

Communications

+1.978.662.2038

media@col-care.com

Source: Columbia Care Inc.

FAQ

What did Columbia Care announce regarding its new facility in New Jersey?

Columbia Care announced the launch of a new 270,000-square-foot cultivation and production facility in New Jersey, which will triple its available canopy.

When did Columbia Care receive approval for its new production facility?

Columbia Care received approval from the New Jersey Cannabis Regulatory Commission on May 25, 2022.

What benefits does the new facility provide for Columbia Care?

The new facility allows for increased production capacity and the use of post-harvest automation equipment to meet growing demand more efficiently.

When did adult-use sales commence at Cannabist locations?

Adult-use sales began on April 21, 2022, at Cannabist locations in Deptford and Vineland.

What is the stock symbol for Columbia Care?

The stock symbol for Columbia Care is CCHWF, which trades on the OTCQX.