Columbia Care Inc. (NEO: CCHW) reported revenue of $12.9 million for the first-quarter of 2019, an increase of 45% over last year’s $8.8 million. The net loss of $25.1 million increased over last year’s loss of $9.7 million for the same time period. The company attributed the increase to its investment in its growth initiatives.
“Our strong year over year growth in 2018 has continued into 2019 with the launch of our state-of-the-art dispensary in Brooklyn as well as our entry into two of the largest medical cannabis markets in the United States, California, and Florida,” said Nicholas Vita, Chief Executive Officer of Columbia Care. “Access to the public capital markets will allow us to accelerate growth as we expand operations in 12 of our 14 existing jurisdictions and enables us to expedite the commercialization of our hemp-based CBD brands into traditional consumer retail channels. By leveraging our extensive patient data and institutional experience, we are committed to delivering products, services, and brands designed to meet the needs of consumers in markets where we believe we can have the largest impact.”
The adjusted EBITDA of ($10.4) million compared to ($2.3) million for the prior year period, reflected the company’s new market expansion, pre-opening facility expenses, organizational growth and expenses related to Columbia Care’s becoming a publicly traded company. Luckily the company is sitting pretty on pro-forma cash of $169.6 million including proceeds from the closing of the company’s go-public transaction on April 26, 2019 with zero debt.
Post Quarter News
Subsequent to the end of the first quarter 2019, Columbia Care has launched a new line of industrial hemp-based CBD products in conjunction with the opening of its newest dispensaries in Brooklyn, NY and San Diego, CA. Additionally, since the beginning of the year, Columbia Care has entered into lease agreements for dispensaries in Delaware, the District of Columbia and 13 new facilities in targeted markets in Florida.