The Cannabist Company Holdings Inc. - CCHWF STOCK NEWS

Columbia Care (CCHWF) has announced the acquisition of Medicine Man Denver, a leading cannabis company in Colorado, for $42 million, comprised of $8.4 million in cash and $33.6 million in stock. This acquisition aims to strengthen Columbia Care's position in Colorado’s cannabis market, which is the second largest globally. Medicine Man saw a sales growth of 42% in 2020, outpacing state growth. The deal adds a cultivation facility and four dispensaries to Columbia Care's operations, enhancing its market footprint and expected financial performance.

Columbia Care has successfully completed the acquisition of Green Leaf Medical for approximately $240 million, comprising $45 million in cash and $195 million in stock. The deal is set to enhance Columbia Care's position as a leader in the Mid-Atlantic cannabis market, bringing Green Leaf's established brand and operational scale into their portfolio. The transaction is immediately accretive to gross margin, adjusted EBITDA, and cash flow. Green Leaf's strong financial performance includes Q1 2021 revenue of $29 million and a gross margin exceeding 50%, positioning Columbia Care for significant growth and market expansion.

Columbia Care (CCHWF) launched Forage, an innovative cannabis discovery tool aimed at enhancing the shopping experience for users at dispensaries. Forage personalizes product suggestions based on user preferences and local inventory, filling a data gap in the cannabis industry. The platform is designed for both novice and expert users, helping them make informed choices. With an exclusive partnership with Lightbox, Forage will feature interactive panels in dispensaries. This launch follows the success of Columbia Care's Virtual.Care platform, which has conducted over 5,000 consultations since April 2020.

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.

Columbia Care reported strong financial results for Q1 2021, with revenue of $92.5 million, a 220% increase year-over-year. Adjusted EBITDA rose to $10.4 million, reflecting organic growth and successful acquisitions in key markets. Same-store sales surged by 60% year-over-year, with notable performance in Florida, Arizona, and Illinois. The company remains on track to finalize the acquisition of Green Leaf Medical by Q3 2021, enhancing its market presence. Pro forma guidance for 2021 suggests combined revenue could reach between $500M and $530M, with an adjusted gross margin surpassing 47%.

Columbia Care (CCHWF) announced the launch of its new retail brand, Cannabist, aimed at enhancing the shopping experience for medical and recreational cannabis users. The first Cannabist store opened in Springville, Utah, with plans to rebrand three existing locations in Arizona, Illinois, and California by the end of May. Over the next 24 months, Columbia Care aims to expand Cannabist to more than 80 locations. The brand emphasizes customer engagement, extensive employee training, and technology integration to streamline the cannabis shopping experience.

XS Financial Inc. has announced an upsized financing facility of $20 million for Columbia Care, aimed at supporting its expansion in new markets such as Arizona, West Virginia, and Missouri. This follows Columbia Care fully drawing on its initial facility announced in December 2020. The financing will facilitate CAPEX and equipment purchases, enhancing Columbia Care's operational capabilities as it grows across 114 facilities nationwide. XS Financial positions itself as a preferred financing partner in the U.S. cannabis industry.

Columbia Care has acquired a 34-acre cultivation site in eastern Long Island, NY, enhancing its capacity for the state's medical marijuana program, with anticipated first sales in Q4 2021, pending approvals. This site provides 740,000 square feet of greenhouse space and an additional 200,000 square feet for cultivation. The acquisition, costing $42.5 million, is aimed at meeting growing market demand and supports the company's entry into New York's adult-use market. Columbia Care aims to lead in New York’s cannabis sector, with market projections exceeding $5 billion by 2025.

Columbia Care announced it will release its financial results for Q1 2021 on May 17, 2021, before US markets open. A conference call with management is scheduled for 8:00 a.m. ET to discuss these results. Investors can join the call by dialing 1-877-407-8914 (US) or 1-201-493-6795 (internationally). A live audio webcast will also be accessible on the Company’s website. Columbia Care is a leading cannabis provider with over 114 facilities across 18 US jurisdictions and EU, offering a variety of cannabis products.