Columbia Care Archives - Green Market Report

StaffMay 14, 2019

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.

William SumnerMarch 23, 2018

Curaleaf New York and Columbia Care have announced that Curaleaf will take over operations at Columbia Care’s medical cannabis dispensary in Plattsburgh, New York. The dispensary serves patients in multiple counties, including Clinton, Franklin, and Essex.

Although the dispensary will operate under the Curaleaf brand, day-to-day dispensary operations will be run by PalliaTech NY.

“Patients in the North Country rely on this site, and we are pleased we can continue to ensure patients have access to these important treatments that help manage painful and chronic conditions,” said Michelle Bodner, President of PalliaTech NY, in a statement.. “We are excited to join the Plattsburgh community and look forward to providing a warm, comforting atmosphere for patients and helping those in Clinton and surrounding counties with our high-quality medical cannabis products.”

For their part, Columbia Care will move its operations to downtown Brooklyn and open a brand new medical cannabis dispensary, making it one of the only two medical cannabis dispensaries in Brooklyn. The other dispensary is owned by iAnthus Capital Holdings, Inc. (IAN), and will be operated by the company’s wholly-owned subsidiary Citiva Medical, LLC.

“Columbia Care is grateful to have had the opportunity to serve North Country patients for the last two years. Clinton County and the City of Plattsburgh have been incredible partners in helping support our mission and ensuring patients received the care and access they require,” said Nicholas Vita, CEO of Columbia Care, in a statement. “We thank our patients, participating practitioners, elected officials, law enforcement and the community at large for the opportunity to serve the region. We have every confidence that patients will continue to be served well by Curaleaf.”

Columbia Care has begun transitioning to its new property and is expected to be complete by April 5, 2018. In the coming days, Curaleaf will begin operating at Columbia Care’s Plattsburgh location to avoid any lapse in treatment for the area’s patients.