Press Release: Columbia Care Reports Record Preliminary Fourth Quarter and Full Year 2020 Results; Issues 2021 Guidance
BY Dow Jones & Company, Inc. 03/03/2021
Columbia Care Reports Record Preliminary Fourth Quarter and Full Year 2020 Results; Issues 2021 Guidance
Q4 & Full Year 2020 Preliminary Results Exceed Consensus Estimates and Reflect Continued Growth and Improvement Across Key Financial Metrics
Delivers on 2020 Outlook with Outperformance in Multiple Markets Across the Country
Strong Balance Sheet with More Than C$179 Million Raised Subsequent to Year-End; Well-Positioned for Additional Accretive Acquisitions and Targeted Growth CapEx in Markets Converting from Medical Only to Adult Use NEW YORK--(BUSINESS WIRE)--March 03, 2021--
Columbia Care Inc. ( CCHWF ) (FSE: 3LP) ("Columbia Care" or the "Company") is providing preliminary results for the fourth quarter and full year ended December 31, 2020. The Company is also issuing 2021 guidance.
"Our record-breaking fourth quarter and full year performance was driven by continued revenue growth and margin expansion. We generated robust sequential and year-over-year increases in Combined Revenue, Gross Profit and Adjusted EBITDA," said Nicholas Vita, CEO of Columbia Care ( CCHWF ). "We effectively navigated the challenges of the COVID-19 pandemic and, in spite of those headwinds, delivered an exceptional year as we exceeded every milestone target set forth in our 2020 outlook. Highlighting our position as an industry consolidator, we closed key acquisitions with The Green Solution and Project Cannabis and announced the transformational acquisition of Green Leaf Medical, which remains on target to close in the 3(rd) quarter of this year.
Most notably, corporate profitability continued to expand as we further leverage our national scale. Including the full fourth quarter's financial contribution of Project Cannabis, Columbia Care ( CCHWF ) generated approximately $87M in Combined Revenue (4th quarter ONLY!!) and $12M in Adjusted EBITDA. We have continued to see sequential revenue growth and margin improvements in the first quarter 2021, affirming Columbia Care's ( CCHWF ) position as the fastest growing top-tier multi-state operator.(1) I am extremely proud of our team's dedication to executing our growth strategy and delivering the highest-quality cannabis to our loyal patients and customers in the communities we serve."
2021 Outlook Metric Pro Forma ------------------------------- ------------- Combined Revenue $500M - $530M -------------------------------- ------------- Combined Adjusted Gross Margin 47%+ -------------------------------- ------------- Combined Adjusted EBITDA $95M - $105M
Columbia Care's ( CCHWF ) pro forma 2021 outlook assumes the Company's pending acquisition of Green Leaf Medical closes in the 3(rd) quarter but does not include any contribution from future acquisitions nor does it assume any changes in the regulatory environment in markets where Columbia Care ( CCHWF ) currently operates, such as the pending adult-use program in New Jersey. This also excludes markets where a conversion from medical only to adult use is under consideration by the Governor and/or legislature, such as New York and Virginia. See "Caution Concerning Forward-Looking Statements" below for further discussion.
Conference Call and Webcast Details
The Company will host a conference call on Tuesday, March 16, 2021 at 8:00 a.m. ET to discuss its full financial and operating results for the fourth quarter and full year 2020.
To access the live conference call via telephone, please dial 1-877-407-8914 (US Callers) or 1-201-493-6795 (international callers). A live audio webcast of the call will also be available in the Investor Relations section of the Company's website at https://ir.col-care.com/ or at https://78449.themediaframe.com/dataconf/productusers/colc/ mediaframe/43954/indexl.html.
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.
About Columbia Care ( CCHWF )
Columbia Care ( CCHWF ) is one of the largest and most experienced cultivators, manufacturers and providers of medical and adult use cannabis products and related services with licenses in 18 US jurisdictions and the EU. Columbia Care ( CCHWF ) currently operates 108 facilities(4) including 81 dispensaries and 27 cultivation and manufacturing facilities. Columbia Care ( CCHWF ) is one of the original providers of medical cannabis in the United States, and continues to deliver an industry-leading, patient-centered medicinal cannabis operation that has quickly expanded into the adult use market as a premier operator.
The company currently offers products spanning flower, edibles, oils, and tablets, and manufactures popular brands including Seed & Strain, Amber and Platinum Label CBD. With more than four million sales transactions since its inception in 2012, Columbia Care ( CCHWF ) is known for setting the standard for compassion, professionalism, quality, care, and innovation in the rapidly expanding cannabis industry. For more information on Columbia Care ( CCHWF ), please visit www.col- care.com.
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