Cannabist Co Hldgs Inc (CBSTF)

[GE_Jim]

--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."