The Cannabist Company Holdings Inc. - CCHWF STOCK NEWS

Cresco Labs (CSE:CL, OTCQX:CRLBF) has announced the extension of the acquisition agreement with Columbia Care (NEO:CCHW, OTCQX:CCHWF) to June 30, 2023, allowing time for finalizing divestiture agreements and securing regulatory approvals. CEO Charles Bachtell stated that progress is being made on divestitures, contributing to the planned acquisition's completion. Furthermore, Cresco Labs will report its financial results for Q4 and the full year 2022 on March 16, 2023, and will host a conference call to discuss these results, including updates on the Columbia Care acquisition.

Columbia Care (CCHW, CCHWF) has launched new PRESS 2.0 hard-pressed tablets in five U.S. markets: Delaware, Massachusetts, New Jersey, Virginia, and West Virginia. These products, designed for morning, afternoon, and night usage, offer specific formulations to meet consumer needs. The PRESS brand aims to provide discreet cannabis consumption with a range of THC, CBD, and CBG ratios. Columbia Care operates 128 facilities with a diverse portfolio in the cannabis sector, signifying ongoing innovation in serving medical and adult-use consumers.

Columbia Care Inc. (CCHWF) has opened its newest Cannabist dispensary in Hampton, Virginia, marking the company's 83rd nationwide and 7th in the state. This location, situated at 2400 Cunningham Drive, aims to enhance patient access to cannabis products in the growing market of Virginia. The Cannabist Hampton will offer products from various brands, including Classix and gLeaf. Columbia Care plans to open two additional dispensaries pending regulatory approval. The company operates a total of 128 facilities across 18 U.S. jurisdictions, addressing both medical and adult-use markets.

Columbia Care (CCHWF) announced initiatives to enhance efficiency and achieve cash flow positivity, closing four unprofitable dispensaries in California and Colorado. Corporate headcount has been reduced by around 25%, which is expected to improve long-term expense ratios and decrease cash burn. The company ended 2022 with over $48 million in cash, showing a free cash flow burn rate below $2 million in Q4, an improvement of approximately $30 million. CEO Nicholas Vita emphasized a proactive approach to navigating economic challenges and maintaining market leadership, especially ahead of the planned merger with Cresco Labs.

Columbia Care Inc. (OTCQX: CCHWF) has released its inaugural Cultivate Impact Corporate Social Responsibility report, focusing on initiatives in opportunity, inclusion, access, and sustainability. The report outlines the Company's efforts to foster social justice and medical accessibility while collaborating with strategic partners. CEO Nicholas Vita emphasized the importance of demonstrating cannabis's positive effects on communities. Columbia Care operates 132 facilities across 17 U.S. jurisdictions, delivering a wide range of cannabis products to both medical and adult-use markets.

Columbia Care has opened its sixth dispensary, Cannabist Williamsburg, in Virginia, enhancing patient access to medical cannabis. This location, part of 12 planned Virginia dispensaries, signifies the company's expanding footprint in a growing market. Columbia Care operates 85 dispensaries nationwide, supported by nearly 148,000 square feet of cultivation space. The Cannabist model aims to create a welcoming environment for patients, featuring popular product lines like Classix and the new Hedy edibles brand.

Columbia Care reported Q3 2022 results, highlighting a 2.4% sequential revenue increase to $133 million and a 74.5% rise in Adjusted EBITDA to $21 million. The company achieved a 43% Adjusted Gross Margin despite challenges in the macroeconomic environment. Sixteen of seventeen markets generated positive EBITDA, with significant growth in New Jersey, Virginia, and West Virginia. The company anticipates a stable outlook for Q4 2022 but faces potential headwinds over the next 12-18 months. Columbia Care plans to finalize its merger with Cresco Labs by early 2023.

Columbia Care Inc. has launched its fifth dispensary in Virginia, named Cannabist Carytown, located at 3100 W Cary Street in Richmond. This is the company’s 85th dispensary across the U.S., responding to the growing demand for cannabis due to Virginia's expanding medical program, which has seen registrations increase to over 45,000 patients since July 1. Columbia Care operates 12 dispensaries in Virginia and nearly 148,000 square feet of cultivation capacity. A new location in Williamsburg is expected soon, pending approval.