Welcome to our dedicated page for The Cannabist Company Holdings news (Ticker: CCHWF), a resource for investors and traders seeking the latest updates and insights on The Cannabist Company Holdings stock.
The Cannabist Company Holdings Inc. (CCHWF) maintains its position as an innovator in cannabis cultivation and product development. This news hub provides investors and industry observers with timely updates on operational milestones, financial performance, and strategic initiatives driving the company's growth.
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Columbia Care has launched its proprietary solid-fill cannabis powder capsule for medicinal use in the UK, marking a significant industry first. This product is the first dose-metered medicinal cannabis capsule manufactured in the UK and is part of the Ceed product range. Developed in the US, these capsules feature a mix of cannabinoids and offer longer-lasting effects compared to existing CBMP options. The introduction addresses increased demand for precise dosing and user-friendly formats. With this launch, Columbia Care aims to expand its market presence and cater to the evolving needs of patients and physicians in the UK.
Columbia Care announced the closure of its bought deal private placement offering, issuing 3,220,000 common shares at C$9.00 per share, raising gross proceeds of C$28,980,000. The offering was underwritten by Canaccord Genuity Corp., who fully exercised its option. The shares were sold under private placement exemptions in Canada and to qualified institutional buyers in the U.S. The net proceeds will be used for working capital and general corporate purposes. The shares are subject to a customary four-month hold period under Canadian securities laws.
Columbia Care has been awarded five medical dispensary permits by the West Virginia Office of Medical Cannabis, enhancing its retail presence in the state. Columbia Care already holds one of the ten cannabis processing licenses and cultivation licenses. The new permits will allow operations in Beckley, Fayetteville, Morgantown, St. Albans, and Williamstown, while a permit granted to Green Leaf Medical will bolster its presence in Charleston. This expansion aims to leverage patient-focused services and products across the state, further establishing Columbia Care's market position.
Columbia Care (NEO: CCHW) has received a provisional license for adult-use retail sales at its Patriot Care dispensary in Boston, allowing it to expand operations. The Boston Zoning Board approved a zoning permit for the co-located dispensary in December. CEO Nicholas Vita emphasized their commitment to quality and community engagement. The company operates 108 facilities across the U.S. and EU, offering a range of cannabis products. With this license, Columbia Care aims to finalize operations soon, reinforcing its position in the rapidly growing cannabis market.
Columbia Care has successfully completed a bought deal public offering, raising C$149,508,625 by issuing 18,572,500 common shares at C$8.05 each. This offering included an over-allotment option fully exercised by underwriters. The proceeds will be utilized for working capital and general corporate purposes. The offering was managed by Canaccord Genuity Corp. and ATB Capital Markets Inc., among others, and conducted across Canada, excluding Québec.
Columbia Care (CCHW, CCHWF) has acquired The Healing Center San Diego for approximately $15 million. The deal includes $3 million in cash, $6 million in stock, and $6 million in promissory notes. The purchase price reflects approximately 1.2x estimated 2021 revenue and 4.7x Adjusted EBITDA. THCSD has shown consistent revenue and EBITDA growth since its 2016 inception. This acquisition enhances Columbia Care's retail footprint and operational scale in California, supporting its growth strategy and leading position in the cannabis market.
Columbia Care Inc. (CCHW) has opened its first dispensary in Virginia, marking its entry as the only vertically integrated medical cannabis provider in the Hampton Roads/Norfolk region. The dispensary, located at 4012 Seaboard Court in Portsmouth, accompanies a 65,000-square-foot cultivation and manufacturing center approved for operations in April 2020. CEO Nicholas Vita emphasized the company's commitment to serving Virginia's patients and supporting local economic growth. The dispensary will operate Monday to Saturday, offering access to eligible patients registered with the Virginia Board of Pharmacy.
