Columbia Care Announces Corporate Actions to Accelerate Operational Efficiencies and Cash Flow Generation
NEW YORK, July 31, 2023--(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 retailers of cannabis products in the U.S., today provided additional corporate updates following on the separate announcement earlier today.
"Over the past 16 months, we have implemented important changes to Columbia Care that have resulted in a stronger and more efficient company. We have an outstanding portfolio of scaled markets – one of the best in the industry – with key states like New York and Maryland having recently transitioned to adult use, Delaware poised to transition to adult use, and additional retail locations in growth markets such as New Jersey and Virginia under development, all of which should fuel continued topline growth opportunities and facilitate the rollout of our national retail brand, Cannabist, as well as our portfolio of category-leading product brands. In addition, we have taken steps to enhance our liquidity position, reduce interest expense, extend debt maturities, and have continued to reduce costs at the corporate level to enhance profitability. Including the impact of the organizational changes announced today and the recent integration of Green Leaf Medical, LLC, since December 2022, we have eliminated over $38 million, net, in annual expense, while also improving our organizational design to accelerate decision-making and leverage our scale in markets more effectively. This also sets the stage for the execution of our capital markets strategy and enables us to proactively manage our balance sheet. Over the next 12 months, we intend to launch a number of initiatives to further our goals of ongoing margin improvement, free cash flow generation, driving shareholder value and profitably capturing additional market share across the country," said Nicholas Vita, CEO of Columbia Care.
Vita continued, "With the uncertainty of the past 16 months behind us, along with the enthusiasm and energy that accompanies moments of renewal, our team welcomes the next stage of Columbia Care’s growth and expansion. In spite of the challenges we have faced, the team has remained committed to the success of our Company and, as is obvious from the pace of activity, has been engaged at all levels, actively preparing for the future. We are excited to show our stakeholders, communities and one another what we are capable of, and I am grateful to all of my colleagues for keeping our mission and values at the forefront of everything we do."
The following capital markets and operational initiatives are intended to drive shareholder value, improve profitability, accelerate the reduction of debt and interest expense, and improve free cash flow:
The Company has received commitments from several of its largest holders of its 13% senior secured notes due May 2024 (the "2024 notes") to exchange into the Company’s 9.5% senior secured notes due February 2026, on a one-for-one basis. The Company is in ongoing discussions with a limited group of additional bondholders to exchange more 2024 notes under the same structure. These private exchange agreements will meaningfully reduce the amount of the $38.2 million principal of notes due in May 2024, reduce the cash interest cost for the exchanged notes by 350 basis points, and extend the maturity of the converted notes to February 2026. More details will be provided upon closing of the exchange which will be in the third quarter. The Company intends to pursue additional alternatives to reduce debt, reduce interest expense and extend maturities. In that vein, Columbia Care has been contacted by several of the largest debtholders in addition to those holders of the 2024 notes that have already committed to the ongoing exchange, in order to facilitate the Company’s balance sheet enhancement efforts.
Columbia Care has completed the final phase of its previously announced corporate restructuring plan and expects to realize an additional net benefit to EBITDA of approximately $950,000 in 2023 and approximately $3.8 million in 2024. The primary source of the additional savings is a 52-person headcount reduction, primarily from gLeaf corporate redundancy, as well as facility rightsizing and dispositions. These operational improvements are expected to be cash flow positive in 2023 and 2024.
Following the announcement of the first stage of non-core/underperforming asset sales in Missouri, the Company announced today that it has closed on the sale of its Downtown Los Angeles facility, consisting of a single dispensary and approximately 36,000 square feet of cultivation capacity. Gross proceeds are approximately $9 million, and the Company expects to net $3 million after taxes and the repayment of the outstanding mortgage. This sale will not only add to the Company’s cash balance but will also reduce overall debt and make permanent a net reduction in annual operating costs of more than $8.5 million for Columbia Care operations in California. All asset sale proceeds are being prioritized for debt reduction.
Based on advanced discussions the Company is having with a U.S. senior exchange, Columbia Care is announcing that it will consolidate its equity trading activity onto the Cboe Canada, the new business name of the NEO Exchange. In connection with this corporate action, Columbia Care is submitting a request to voluntarily delist its securities from its secondary, venture exchange, the Canadian Securities Exchange (the "CSE"). The effective date of the CSE delisting will be made public when confirmed and is subject to the CSE’s approval. Cboe Canada will remain the Company’s primary exchange, as it has been since the Company’s initial public listing. As one of two U.S. multistate cannabis operators listed on a senior exchange, the Company remains committed to maintaining its unique access to institutional investors, including inclusion in MSCI1 equity index benchmarks and their corresponding investors. Focusing trading activity on a single, senior exchange will allow for a more orderly closing price formation and greater transparency for the company and investors. As part of the process to complete an uplisting to a senior U.S. exchange and enhance investor flexibility, based on several factors including uplisting timing, market conditions and normalized trading dynamics, the company intends to pursue a share consolidation, to satisfy margin eligibility or initial listing requirements. The Company already reports in U.S. GAAP and is an SEC registrant in good standing.
Finally, the Company also announced two senior leadership changes. Effective today, Columbia Care has named David Hart as President & Chief Operating Officer and Jesse Channon as Chief Commercial Officer. Mr. Hart will continue to oversee all revenue-driving functions and Mr. Channon, formerly Chief Growth Officer, will oversee retail, wholesale, technology innovation, marketing, and communications.
Over the next several quarters, Columbia Care looks forward to sharing additional updates to highlight the impact of operational improvements as well as those changes we intend to implement to enhance profitability, beginning with our second quarter earnings release on August 14.
Conference Call and Webcast Details
The Company will host a conference call today, July 31, 2023 at 9:00 a.m. ET to discuss the announcement.
To access the live conference call via telephone, participants must pre-register at https://register.vevent.com/register/BId3571a1adc1d4132bae86dd53b2ae85c. After registering, instructions will be shared on how to join the call for those who wish to dial in. A live audio webcast of the call will also be available in the Investor Relations section of the Company's website at https://investors.columbia.care/ or at https://edge.media-server.com/mmc/p/poyxfkhh.
A replay of the audio webcast will be available in the Investor Relations section of the Company’s website approximately 2 hours after completion of the call and will be archived for 30 days.
Mon, July 31, 2023 at 7:21 AM CDT
CHICAGO, July 31, 2023--(BUSINESS WIRE)--Cresco Labs (CSE:CL) (OTCQX:CRLBF) (FSE: 6CQ) ("Cresco" or "the Company") and Columbia Care (NEO:CCHW) (CSE:CCHW) (OTCQX:CCHWF) ("Columbia Care") today announced a mutual agreement, dated July 30, 2023, to amicably terminate the definitive arrangement agreement dated March 23, 2022, as amended on February 27, 2023, pursuant to which Cresco agreed to acquire all of the issued and outstanding shares of Columbia Care (the "Transaction"). There are no penalties or fees related to the mutual agreement to terminate the Transaction.
"In light of the evolving landscape in the cannabis industry, we believe the decision to terminate the planned transaction is in the long-term interest of Cresco Labs and our shareholders. We want to express our sincere gratitude to Columbia Care for their valuable collaboration and dedication during this transaction," said Charles Bachtell, CEO and Co-founder of Cresco Labs.
He continued, "Moving forward, we remain committed to our Year of the Core strategy, which involves the swift restructuring of low-margin operations, improving competitiveness and driving efficiencies in markets where we maintain leading market share, and scaling operations to prepare for growth catalysts in emerging markets. A strong core will enable us to take advantage of the margin accretive, growth opportunities we foresee within this tough economic time for the cannabis industry. While this is not the outcome we originally hoped for, we are confident Cresco Labs is in a stronger position moving forward."
"After careful consideration, we are confident in the mutual decision to move forward as separate, standalone companies. This is the best path forward for Columbia Care’s employees, customers, and shareholders. We are thankful for the collaboration and partnership with the Cresco team throughout this extensive process," said Nicholas Vita, CEO and Co-founder of Columbia Care. "Over the last 16 months we have reviewed every aspect of our business, remained decisive and have made substantive changes that significantly improved our operations — positioning us with significant strategic and operational strength at this inflection point in the company’s history. We are looking forward to realizing the benefits of these changes as well as focusing on the opportunities in our outstanding footprint in markets with embedded upside; diversified portfolio of brands; our award-winning national retail brand, The Cannabist; recently implemented operational and organizational efficiencies; proactive balance sheet management activities; and meaningful equity capital markets initiatives that will propel Columbia Care into one of the most profitable and resilient companies in the industry over the next several years."
As an additional update, the definitive agreements dated November 4, 2022, to divest certain New York, Illinois and Massachusetts assets of Cresco and Columbia Care to an entity owned and controlled by Sean "Diddy" Combs have also been terminated, effective July 28, 2023.
So much for 6-8 weeks
It passed - Arrangement Resolution
At the Meeting, the Shareholders voted to pass a special resolution, the full text of which is set forth in Appendix “B” to the Circular, approving the Arrangement (as defined in the Circular) under Division 5 of Part 9 of the Business Corporations Act (British Columbia) whereby, among other things, Cresco Labs Inc. will acquire all of the issued and outstanding shares of the Company, all as more particularly described in detail in the Circular.
The following is a summary of the votes cast by all shareholders of the Company:
FOR AGAINST ABSTAIN
167,469,030 2,395,951 73,665
Additional Proxy Soliciting Materials (definitive) (defa14a)
June 29 2022 - 04:21PM
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Leading Independent Advisory Firm ISS Recommends Columbia Care
Shareholders Vote FOR the Transaction with Cresco Labs
NEW YORK, N.Y., June X, 2022 – 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., today announced that leading independent firm Institutional Shareholder Services (“ISS”) has recommended that shareholders vote “FOR” the previously announced transaction with Cresco Labs (“Cresco”) at the Company’s upcoming Special Meeting of Shareholders (the “Special Meeting”) scheduled for July 8, 2022.
“We are pleased that ISS supports our Board’s unanimous recommendation that shareholders vote ‘FOR’ the transaction with Cresco,” said Nicholas Vita, Co-Founder, CEO of Columbia Care. “We look forward to our shareholder vote and delivering on the value of this combination for all stakeholders. We’re grateful to our employees and team members who have remained focused on serving our patients and customers, working diligently to execute on our strategic priorities.”
Columbia Care Special Meeting of Shareholders
The Special Meeting is scheduled for July 8, 2022 at 10:00 AM EST. All shareholders as of record date May 10, 2022 are entitled to vote at the Special Meeting.
The proposed Arrangement Agreement has been unanimously approved by Columbia Care’s Board of Directors and by a special committee of independent directors of Columbia Care, which was appointed by the Columbia Care Board of Directors. The Columbia Care Board of Directors unanimously recommends that shareholders vote FOR the Arrangement.
Columbia Care shareholders that have any questions or need assistance in voting their shares should contact the Company’s proxy solicitation agent, Morrow Sodali, at 1-888-999-2785 toll free in North America, or call collect outside North America at 1-289-695-3075 or by email at firstname.lastname@example.org.
Investors are strongly encouraged to read the proxy materials that were filed with the United States Securities and Exchange Commission (the “SEC”) and on SEDAR before authorizing a proxy to vote, including the section in the Management Information Circular dated June 6, 2022 (the “Circular”) entitled “Risk Factors”.
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.
Additional Information and Where to Find It
In connection with the proposed transaction, Columbia Care has filed the Circular containing important information about the proposed transaction and related matters. Additionally, Columbia Care and Cresco will file other relevant materials in connection with the proposed transaction with applicable securities regulatory authorities. Investors and security holders of Columbia Care are urged to carefully read the entire Circular (including any amendments or supplements to such documents when such documents become available) before making any voting decision with respect to the proposed transaction, as it contains important information about the proposed transaction and the parties to the transaction.
Investors and security holders of Columbia Care may obtain a free copy of the Circular, as well as other relevant filings containing information about Columbia Care and the proposed transaction, without charge, at the SEC’s website (www.sec.gov) or from Columbia Care by going to Columbia Care’s Investor Relations page on its website, under Events, at https://investors.columbia.care/ .
Participants in the Solicitation
Columbia Care and certain of its respective directors, executive officers and employees may be deemed to be participants in the solicitation of Columbia Care proxies in respect of the proposed transaction. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Columbia Care shareholders in connection with the proposed transaction are set forth in the Circular for the proposed transaction. Other information regarding the participants in the Columbia Care proxy solicitation and a description of their direct and indirect interests in the proposed transaction, by security holdings or otherwise, are also contained in the Circular and other relevant materials to be filed with the SEC in connection with the proposed transaction. Copies of these documents may be obtained, free of charge, from the SEC or Columbia Care as described in the preceding paragraph.
Yes. It’s been a good thing for Trulieve with its three million sf of grow here in the sunshine state. But every transaction needs permission from the OMMU, so it’s not that big a deal.
This isnt totally relevant to this thread but it is intersting that in Florida they can transfer weed between each other nothing spefic to CC or CL but just food for thought
Living the dream?
CCHWF was $3.06 when this was announced now going out the door (read quick by the PRs) at 0.5579 of CRLBF's $2.94 at the moment or a whopping $1.64 for a new and improved generational guaranteed take under further begging the question, why do you think they call it dope? Will be more entertaining watching this IF CRLBF touches the lower end of the $2 range as this firms even more. Waiting for that PR saying the CC board of directors recommends a yes vote for the sale --at whatever price.
What a sick joke on Columbia Care shareholders.
Most Titans of Industry would have insisted on a minimum price to be paid clause. I hope that's buried in the documents somewhere. Otherwise, CRLBF must be laughing their asses off.
Columbia Care GAAP EPS of -$0.07 in-line, revenue of $123M misses by $14.75M
May 16, 2022 7:05 AM ETColumbia Care Inc. (CCHWF)By: Urvi Shah, SA News Editor2 Comments
Columbia Care press release (OTCQX:CCHWF): Q1 GAAP EPS of -$0.07 in-line.
Revenue of $123M (+33.0% Y/Y) misses by $14.75M.
Amazing take under/merger! Two unprofitable companies' intent on cornering the dope market. ETF darlings being sold in large blocks for cash raising (any bets) and option traded for a "higher" future? Looks it to me. Put that to their buddies. and everyone makes money but existing shareholders. Another new and improved generational buying opportunity or 52-week low for existing bag holders?
That is true. I find that the more compelling reason to be in the cannabis space. It is one of the few industries that has the potential to bring money and jobs and taxes to the economy and people are going to use cannabis whether they pay for it in crypto or gold or dollars. It has so much upside. Hard to watch the legislators play games. It should be done already. Just more time to accumulate. As the form moves from joints and bongs to cans and bottles and prescriptions it is exciting to watch!
--Full Year 2021 U.S. GAAP Results Include Record Revenue of $460 Million and Record Adjusted EBITDA of $58 Million (Non-GAAP Measure)
--Record Quarterly Revenue of $139 Million, an Increase of 70% YoY, 5% Sequentially
--Full Year 2021 Combined Revenue of $474 Million and Combined Adjusted EBITDA of $85 Million; Both Company Records and In-Line with Previously Communicated IFRS Guidance
--Company Issues 2022 Guidance of $625M - $675M Revenue, $120M - $135M Adjusted EBITDA, in U.S. GAAP
Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) (FSE: 3LP) ("Columbia Care" or the "Company") today reported financial and operating results for the fourth quarter ended December 31, 2021. All financial information presented in this release is in U.S. GAAP and in thousands of U.S. dollars, unless otherwise noted, and comparisons to prior quarter and prior year are made on an as-converted basis under U.S. GAAP, unless otherwise noted.
"We are pleased to report record results for the full year and fourth quarter of 2021, in what was a truly transformational year for Columbia Care," said Nicholas Vita, CEO of Columbia Care. "In 2021, organic growth across our diversified portfolio and the integration of several major acquisitions drove full year revenue increase of 156% over the prior year. As we build scale and operationalize new markets, Adjusted EBITDA (non-GAAP measure) has improved 220% over fourth quarter 2020. We have also evolved as a company through our launch of the Cannabist retail experience and our own suite of product brands. Innovative technologies like Forage allow us to engage with and understand our patients and consumers better than ever before."
Vita continued, "As we look ahead to the remainder of 2022, there are remarkable catalysts on the horizon, including adult use sales in New Jersey and growth in the medical programs in New York and Virginia. We will continue to roll out our award-winning Cannabist retail experience as we open new locations and will bring our house of brands to our strategic national footprint throughout 2022, providing consistent quality that patients and consumers demand. We've made tremendous operational improvements that are driving efficiencies in new and maturing markets. I am confident that our team will continue to demonstrate our successful strategies as we execute in 2022 and beyond."
I suppose I should have included the elephant in the room. How are the main markets going to fair? This decade will not be like the last. IMO, it’s going to take a lot more work to get it right.
At the end of the day, it will depend on how the sector does. The FED could lend a helping hand, SAFE banking would be helpful. But that story has not been written yet. There will be more mergers, and depending on who it could be, really shake up the landscape.
Fair enough, they are offering a comparative premium of 16% for cc and it makes a bigger company therefore more competitive over all. I look at cannabis like the auto industry’s early days. I am patient and I have preferred CC over the big guys. The synergy can be very beneficial. I did very well when Tweed bought Doja and mettrum. I got skunked on the arbitrage on acreage. Constellation screwed up the flow when they fired bruce
Well, your expectations maybe off. It’s a merger not a buyout. But it will be easy to follow as somewhere around NOV. is when it will occur. If at that point if Cresco is at, say 10 a share it’s good, on the other hand if there at 4, not so good. We’ll see.
Still a secret I guess
It amazes me this has not lit up on this epic news
Cannabis Mega-Merger: Cresco Is Buying Columbia Care -- Barrons.com
Today 7:30 AM ET (Dow Jones)Print
By Sabrina Escobar
Cresco Labs reached an agreement to acquire Columbia Care, a fellow Canadian marijuana company, for $2 billion.
The merger is expected to create one of the largest U.S. multistate cannabis operators based on pro forma revenue, with more than 130 retail stores across 18 markets, the companies said on Wednesday.
"The combination is highly complementary and provides unmatched scale, depth, diversification and long-term growth," said Charles Bachtell, CEO of Cresco Labs (ticker: CRLBF).
Columbia Care shareholders will receive 0.5579 of a subordinate voting share of Cresco Labs for each Columbia Care common share they own. The price is a premium of about 16% based on Columbia Care's closing price as of March 22. At the transaction's close, Columbia Care will hold about 35% of the pro forma Cresco Labs shares.
The deal is expected to close in the fourth quarter.
The companies hope to have annual revenue in excess of $100 million in eight different states by 2023 as the combined company diversifies its revenue base and expands to other markets. Currently, they have leading positions in four top markets -- Illinois, Pennsylvania, Colorado, and Virginia -- and plan to keep expanding in other states.
Shares of Cresco Labs (ticker: CRLBF) were down 0.5% to $6.50 in premarket trading on Tuesday. Columbia Care was up 1.6% to $3.12.
Ok . Thanks was not watching market lately .
No, just the run of the mill sector drawdown.
What happened here did I miss something bad ?
Update - Columbia Care's Preliminary Full Year Revenue Grows 156% YoY To $460M, Reports Positive Adjusted EBITDA
7:40 am ET March 14, 2022 (Benzinga) Print
Columbia Care Inc. (NEO:CCHW) (CSE:CCHW) (OTCQX: CCHWF) (FSE: 3LP) released Monday preliminary results for the full year ended December 31, 2021, reporting revenue of $460 million, up by 156% from 2020.
At this time, the company is working to complete its first U.S. GAAP audit and will report its financial results for the fourth quarter and full-year ended December 31, 2021, before U.S. financial markets open on Thursday, March 24, 2022.
Full Year Preliminary Results Summary
Revenue amounted to $460.08 million, compared to $179.50 million in 2020;
Gross profit was $194.02 million, versus $62.14 million in the previous year;
Net loss was $146.85 million, compared to a net loss of $119.65 million in 2020;
Adjusted EBITDA was a gain of $57.85 million, versus adjusted EBITDA loss of $19.8 million in the prior year;
Columbia Care: Major Catalysts
Stone Fox Capital
Columbia Care is a prime takeover target on the federal approval of cannabis likely to get more focus from Senate Majority leader Schumer.
The MSO has a major catalyst from recreational sales launching in New York, New Jersey and Virginia.
The stock is insanely cheap at 6x '22 EBITDA targets.
Before blood in the water, the sharks must first circle. We're getting closer. GL
Cannabis companies pivot to debt to raise capital as stock prices lag
2/3/22 2:49 PM ET (MarketWatch)Print
By Steve Gelsi
Columbia Care issues $185 million and Trulieve raises $75 million as debt issuance outpaces equity raises by cannabis companies.
Columbia Care Inc. and Trulieve Cannabis Corp. announced separate debt deals in recent days as cannabis companies turn away from issuing stock to raise capital in the face of weak share prices.
Columbia Care on Thursday said it closed a hefty debt offering valued at $185 million from a private placement with unnamed investors. The debt was priced at 9.5% in the form of senior secured first-lien notes due 2026.
Meanwhile, Trulieve Cannabis on Jan. 28 said it closed a $75 million private placement of 8% senior secured notes due 2026. The deal marked its second tranche of senior notes following a $350 million debt offering that closed on Oct. 6.
Canaccord Genuity Corp. led the debt deals for both Trulieve and Columbia Care.
Trulieve CEO Kim Rivers she's seen healthy debt appetite from investors, particularly in the larger multi state operators.
"Given the current trading levels for our stock and the attractive rates for debt, issuing this second tranche made sense," Rivers said. "The cost of capital is coming down as investors gain increasing comfort with industry and collateral and market dynamics. U.S. multi-state companies have built real businesses that are generating operating cash flow."
Unlike their Canadian counterparts that remain in the red, Trulieve managed to post third-quarter net income in November.
At the same time, Trulieve's stock is down nearly 17% so far in 2022 and off by 49.3% in the last 12 months. Columbia Care stock has fallen about 1% in 2022 and more than 59% in the last 12 months.
Overall, cannabis stocks remain weak with retail investors as U.S. legalization stalls, despite growth in the number of states with medical or adult use programs. Just this week, Mississippi became the 37th state with a medical use program.
Columbia Care Opens First Cannabist Dispensary In West Virginia
Today 7:29 AM ET (Benzinga)Print
Columbia Care Inc. (NEO:CCHW) (CSE:CCHW) (OTCQX: CCHWF) (FSE:3LP) announced Cannabist Williamstown, its first dispensary in West Virginia and 24th Cannabist nationwide, opened today.
Cannabist Williamstown, located at 76 Thunder Road in Williamstown, is the first of five dispensaries that Columbia Care will open in the state this year.
“The level of demand and excitement for high quality cannabis and best-in-class service in West Virginia is promising for such a nascent medical market. We’re here to be a leader and a resource for current and future patients, as we introduce them to the power of this incredible plant,” Jesse Channon, chief growth officer of Columbia Care. “As the medical cannabis program continues to expand, we look forward to also serving as a wholesale partner to ensure that patient needs are met across the state with a variety of high quality options. We’re thankful to the local community for welcoming Cannabist and to the Department of Health and Human Resources for their continued support.”
Cannabist Williamstown will offer Columbia Care’s Seed & Strain brand in multiple forms, including whole flower and vape carts. The company’s other portfolio brands such as Triple Seven and Classix will be introduced in the coming months for patients and wholesale partners. Patients will also be able to use Columbia Care’s proprietary cannabis discovery tool, Forage, both in-store and online to help find strains and products to fit their needs.
The company is expecting to open three more Cannabist dispensaries in the spring with locations in Beckley, Morgantown and St. Albans, as well as a fifth location to follow later in 2022.
Shares in U.S. marijuana companies are plunging, but they are less dependent on a bullish stock market than they used to be