Columbia Care Inc. (CSE: CCHW) (OTCQX: CCHWF) reported revenue in the fourth quarter of 2021 rose 70% over last year to $139 million and increased 5% sequentially from the third quarter’s revenue of $132 million. Columbia Care said that whole revenue accounted for 19% of the fourth-quarter sales.
The full-year 2021 revenue rose 156% to $460 million from 2020’s revenue of $179 million. The net losses increased in 2021 to $146 million from 2020’s net loss of $119 million.
The company has forecast revenue in 2022 to be in the range of $625 million to $675 million. Columbia Care said its outlook assumes that adult-use sales begin in New Jersey in the second 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 currently operates. This also excludes markets where a conversion from medical-only to adult-use is under consideration by the Governor and/or legislature.
“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.”
The company made big news on Tuesday when it announced it was being acquired by Cresco Labs. It’s a $2 billion deal that will make it the largest marijuana company in the U.S. The deal puts Cresco in the 10 fastest-growing U.S. markets, including access to New Jersey, which is expected to begin recreational sales soon and become a $2 billion-a-year market, approaching the size of the Illinois market. The combined company will be the largest in Illinois, Pennsylvania, Colorado, and Virginia.
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.”