Columbia Care Inc. Archives - Green Market Report

Debra BorchardtMarch 24, 2022
2104-16-1421-scaled.jpg?fit=1200%2C833&ssl=1

4min7170

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.

Outlook

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.”


Kaitlin DomangueMarch 4, 2021
Daily-Hit-Header.png?fit=960%2C400&ssl=1

5min9330

It’s time for your Daily Hit of cannabis financial news for March 4th, 2021. 

On the Site

Columbia Care Guides Higher for 2021

Columbia Care Inc.  (OTCQX: CCHWF)  released preliminary results for the fourth quarter and full year ended December 31, 2020 and issued 2021 guidance. Actual revenue rose 228% in the fourth quarter to $76 million versus $23 million for the same time period in 2019. 

While this is a solid performance, it does miss the analyst estimates for revenue of $79 million in the fourth quarter according to Yahoo Finance. The combined results for the fourth quarter are listed as $81 million. 

 

Cannabis Companies Go On Buying Spree

This week has been unusually active as cannabis companies have been on a major buying spree.

  • Schwazze acquires Star Buds for roughly $72.3 million
  • Greenlane acquires Eyce for an undisclosed amount
  • Terra Tech buys UMBRLA, Inc., recently rebranded as Unrivaled for an undisclosed amount

 

PACT Act to Apply to All Vaping Products

Amendments to the Prevent All Cigarette Trafficking (PACT) Act may have caused cannabis to hit yet another setback. The PACT Actt has been amended to include “electronic nicotine delivery systems”, which looks inclusive to cannabis at first glance. However, it’s described as followed:

“any electronic device that, through an aerosolized solution, delivers nicotine, flavor, or any other substance to the user inhaling from the device including an e-cigarette; an e-hookah; an e-cigar; a vape pen; an advanced refillable personal vaporizer; an electronic pipe; and any component, liquid, part, or accessory of a device described without regard to whether the component, liquid, part, or accessory is sold separately from the device.”

This means that USPS can no longer deliver cannabis vape products to consumers. 

 

Delic Moves To Focus On At-Home Mushroom With Homestead Acquisition

Psychedelic media company Delic Holdings Inc. (OTCQB: DELCF) has acquired mushroom kit maker and media company Homestead brands in an all-stock deal. DELIC issued subordinate voting shares worth $50,000 and 50,000 incentive stock options were also granted to Homestead founder David Tatelman, with an exercise price of $0.58. David Tatelman will act as a consultant to the company.

 

Charlotte’s Web Moving Beyond Hemp

Well-known hemp CBD company Charlotte’s Web Holdings, Inc.  (OTCQX: CWBHF) is expanding beyond its current model with a planned acquisition of privately-held Stanley Brothers USA Holdings. Stanley Brothers is a cannabis wellness incubator currently operating in three states (Colorado, California, Florida) with expansion plans underway in eight additional states.

The acquisition though isn’t immediate. Instead, Charlotte’s Web is pursuing a five-year option plan valued at $8 million, which could be extended to seven years.

In Other News

Tryp Therapeutics Announces Application to List on OTCQB

Pharmaceutical company focused on identifying and developing clinical-stage compounds for diseases with complex and unmet medical care, announced today their application to list on the OTCQB® Venture Market OTCQB. 

 

Illinois Dispensaries See $2.88 Million in Daily Sales in February 

Illinois dispensaries sold almost $2.9 million dollars worth of cannabis last month, outpacing the record set just one month earlier. The state’s retail shops sold more than $80 dollars in adult-use cannabis last month, a slight drop from $88 million in February. 


Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.

 Subscribe

We respect your privacy. See our privacy policy.


About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


READ MORE



Recent Tweets

@GreenMarketRpt – 19 hours

5 Cannabis Stock Picks From Viridian

@GreenMarketRpt – 20 hours

RT : AMAZING account of how consumer brands are using the psychedelic buzzword to market legal non-psychedelic products explo…

@GreenMarketRpt – 20 hours

RT : Founder and managing principal of , Matt Hawkins, spoke with on primarily private-side investors in…

Back to Top

Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.

 Subscribe

We respect your privacy. See our privacy policy.