Columbia Care Archives - Green Market Report

Adam JacksonAugust 17, 2022

Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) rose in early trading Wednesday morning with the company posting positive second-quarter results — reinforcing its position as the largest wholesale cannabis provider as it shores up its M&A moves. The Chicago-based cannabis operator released its financial results for the three months ended June 3o, 2022.

Cresco Labs reported approximately $218 million in revenue during the period, up 4% versus the same period last year; and a gain of 1.8% sequentially — in line with the Yahoo Finance Average analyst estimate for revenues of $218.44 million.

The company also reported a second-quarter net loss of $8.3 million, down from 64% sequentially; and a net income of $2.7 million in the same period last year. The company did not provide earning figures for loss per share, and the quarterly report could not be found on SEDAR.

“We reported solid results in the face of an unprecedented macro environment,” said CEO Charles Bachtell. “We generated $218 million in revenue, representing 4% year-over-year growth, and maintained our industry position as the no. 1 wholesaler of branded cannabis, the no. 1 branded product portfolio chosen by consumers, and the no. 1 most productive per-store national retailer. Importantly, we accomplished these results while maintaining our Adjusted Gross Margin at 53% and Adjusted EBITDA margin of 23%, in a market where prices fell between 10-30% depending on the state. The Columbia Care transaction is proceeding as expected — we’re checking off milestone after milestone, the divestiture and regulatory processes are on track and we continue to anticipate a closing around year-end.”

Cresco Labs posted an adjusted gross profit of $116 million, or 53% of revenue, an increase of 8% year-over-year, “excluding fair value mark-up for acquired inventory and cost of goods sold adjustments for acquisitions and other non-core costs.”

Adjusted EBITDA for the second quarter was $51 million, or 23% of revenue, an increase of 11% year-over-year.

Cresco Labs said that wholesale revenue of $95 million maintained the company’s position as the #1 U.S. seller of branded cannabis products with leading share positions in the flower, concentrates, and vape categories.

Additionally, the company said that it achieved the leading branded share position in Massachusetts and maintained #1 share position in both Illinois and Pennsylvania.

Retail revenue increased 22% year-over-year, to $123 million, or $2.5 million per average store open in the quarter; same-store-sales increased 6% year-over-year.

The company said that it ended the quarter with $90 million of cash on hand, in addition to working capital of $86 million and senior secured term loan debt of $379 million. Cresco Labs said that it paid a total of $89 million in taxes during the quarter, including tax distributions to non-controlling unit holders and other out-of-period payments of $67 million.

On July 8, the Columbia Care shareholders approved the $2 billion-dollar all-stock acquisition by Cresco Labs and the company said it will work toward closing the transaction around year-end.

Columbia Care is the largest of several recent acquisitions by Cresco. Toward the end of 2021, the company bought Laurel Harvest Labs and Bay for $80 million, which added dispensary and cultivation operations in Pennsylvania. Cresco also expanded in Massachusetts last year with the $158-million-dollar all-stock acquisition of Cultivate.

“We recognize the challenges currently facing the cannabis industry and the tough macro backdrop we are operating against,” Bachtell said. “In this environment, we are managing through today while remaining focused on the long game — we’re holding and growing market share, driving efficiencies across the business to maintain margins, and preparing for the integration of Columbia Care to drive future growth.

Over the next three years, growth will come from the transition to adult use in seven large markets: New Jersey, New York, Pennsylvania, Ohio, Virginia, Florida and Maryland. Our combined footprint with Columbia Care, gives us exposure to all of these markets and leading positions in several. This is arguably the highest value footprint in cannabis – 180 million Americans and all 10 of the 10 highest projected 2025 revenue states. The acquisition more than doubles our retail footprint, gives us a number one branded or retail share position in five markets, and optimizes our operational footprint. It gives us the breadth and depth that we believe ensures growth, diversifies our revenue mix and creates an industry leader.”

Debra BorchardtAugust 15, 2022

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Columbia Care Inc. (CSE: CCHW) (OTCQX: CCHWF) reported financial results for the second quarter ending June 30, 2022, with revenue rising 18% to $129 million over last year’s $109 million. Revenue grew 5% sequentially from the first quarter. The company reported a net loss of $54 million versus last year’s net loss of $18 million, higher than the previous quarter’s net loss of $27 million. This is also expected to be the last quarterly earnings report before the company combines with Cresco Labs.

“In these challenging times, Columbia Care achieved exceptional results in several key markets that serve as meaningful, positive long-term indicators. Despite the economic headwinds and challenges that were particularly impactful in our most mature markets, we saw surprising resilience across the country, in addition to outstanding performance in our highest growth, emerging markets. We delivered solid organic topline growth of 5% sequentially to reach $130 million in revenue for the quarter, an increase of 18% over Q2 2021. New Jersey, the most recent state to launch adult use, was a primary driver in sequential revenue growth, along with Virginia and West Virginia, where we are the number one wholesaler and retailer in these rapidly-expanding medical markets” said Nicholas Vita, CEO of Columbia Care.

Best Markets

Col-Care said its top five markets by revenue in the second quarter were California, Colorado, Massachusetts, Pennsylvania, and Virginia. However, it was New Jersey that put it over the top this quarter. In April, New Jersey launched adult-use sales with limited hours but expanded to full adult use hours in June 2022, and revenue in New Jersey more than doubled sequentially. During the quarter, the company said it operationalized its second cultivation facility in New Jersey, adding approximately 270,000 square feet of cultivation and production capacity, as well as post-harvest automation equipment. The first harvest from the second cultivation site is expected in the third quarter of 2022.

Vita continued, “Sixteen of our seventeen U.S. markets generated positive EBITDA in the quarter and twelve markets saw sequential improvement in gross margin. Excluding California and Colorado, our EBITDA margin would have been over 500 basis points higher for the quarter. We continued to drive the organization forward by capitalizing upon growth from emerging markets as they transition to more favorable regulatory environments, leveraging our expanding scale, and implementing strategies in mature markets to consolidate supply and distribution channels.”

Looking Ahead

Columbia Care forecasts continued sequential top-line growth of mid-single digits in each of the next two quarters. In addition, the company said it expects sequential improvements in market level EBITDA margin in the range of 150-250 basis points per quarter compared to its year-to-date results.

“For the remainder of 2022, Columbia Care will execute against our strategic priorities while completing the steps necessary to close the merger with Cresco on time. The integration planning process has brought an overwhelming sense of excitement and momentum. As a founder of Columbia Care, seeing our organizations collaborate so well has been humbling and deeply gratifying. Our shared vision has enabled both organizations to focus on the range of opportunities that lay before us and meet the future with clarity, momentum, and capabilities that will drive outsized shareholder value for years to come. The embedded growth and sustainable margin opportunity being unlocked by this combination will be a game changer.”

Debra BorchardtJuly 28, 2022

Get ready for some cannabis companies to report boosted earnings as revenues got juiced from New Jersey adult-use sales. Cantor Fitzgerald analyst Pablo Zuanic thinks that the addition of this market could drive growth in second-quarter sales for several companies in a report he issued on Thursday. While there hasn’t been any official data from New Jersey on the number of sales, which began April 21, Zuanic thinks it could be as high as $60 million in the second quarter.

The first month was reported to be $24 million and since that time the store count has grown from 12 to 17. The SKUs at the stores have jumped from 283 to 1,322 as more products get added. Looking at the landscape the companies poised to benefit the most are TerrAscend (OTC: TRSSF) with three dispensaries in NJ selling recreational cannabis as does Ayr Wellness (OTC: AYRWF). Next with two stores under their belts are Verano (OTC: VRNOF), Acreage Holdings (OTC: ACRHF), Columbia Care (OTC: CCHWF), Curaleaf (CURLF), and Green Thumb Industries (OTC: GTBIF). Ascend Wellness (OTC: AAWH) taps in at one store, but its Montclair dispensary was been approved to start rec sales, however, Montclair won’t allow recreational sales.

Apothocarium stores are owned by TerrAscend

Brick & Mortar Wins

In order to make his sales estimates, the analyst calculated the number of days during the second quarter that these companies could open their stores for business. Then he looked at the hours the stores were open and the market share that the operators had. He reviewed the online menus to determine SKU counts for the stores and further drilled down to in-store brands.

“If we define market share based on opening hours (prorated for when stores began rec sales), in 2Q22 Green Thumb and Verano would have had 19% share, TerrAscend 18%, Acreage 15%, Curaleaf 11% (its second rec store opened 5/24), Ascend Wellness 8%, Columbia Care 6% (extended rec opening hours from early June), and AYR 5% (its stores opened for rec on 6/14),” wrote the analyst. “If we define it based on SKU count, Green Thumb would have had 24%, Verano 23%, Ascend 17%, TerrAscend 11%, Curaleaf 9%, Columbia Care 3%, and AYR 2%.”

However, the geography and cannabis market in the state splits into three zones – North, Central, and South. He wrote in his report, “There are more stores in the northeastern part of NJ while the Curaleaf store in Bellmawr initially had minimal competition and benefited from incoming Philly traffic. We should also factor in location (next to a high-traffic road/ highway) and parking availability. Although this report is not a 2Q preview, we would estimate that Green Thumb and Verano had ~18% share in 2Q; Curaleaf, Acreage, and Ascend 15%; TerrAscend (parking is an issue) 10%; and Columbia Care and AYR the rest (9% combined).”

The analyst then got out his calculator and wrote, “On the base of 1Q22 reported sales (all else equal; again, we are not forecasting total 2Q sales here), this would mean +4.4% for Green Thumb (18% x $60Mn, on a 1Q22 sales base of $242.6Mn); Verano +5.3% ($10.8Mn/$202.2Mn); Acreage +15.8% ($9Mn/$56.9Mn); Curaleaf +2.9% ($9Mn/$313.4Mn); Ascend +10.6% ($9Mn/ $85.1Mn); TerrAscend +12.1% ($6Mn on $49.7Mn); AYR +2.4% ($2.7Mn/$111.2Mn), Columbia Care +2.2% ($2.7Mn/$123.1Mn).”

Brand Power

The analyst went a little further and found that the top five brands in the adult use market accounted for 80% of the total SKUs available. Verano was the winner here with 376 SKUs or 28% of the market share. It was followed by Curaleaf with 321 SKUs and a 24% share, then TerrAscend’s Kind Tree brand came in at 215 SKUs and 16% share. Green Thumb’s Rhythm brand had 6%, and Ascend Wellness’s Ozone brand had 5%.

Vapes had the most SKU’s with Verano leading the pack, while flower came in second and Curaleaf led that category. Curaleaf led the day for pre-rolls, while Verano mopped up with the edible category.

In Closing

Most cannabis companies have been complaining about how challenging the cannabis industry has become. Mature markets are flattening out in sales and costs are going up, while prices come down. Consumers are being hit with inflation pressures and there are recession worries on the horizon. The addition of a new market and one that is looking to be a strong one is great news for these companies. Welcome to the Garden State.

Debra BorchardtJune 7, 2022

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With just 12 dispensaries open in the state, New Jersey still managed to ring up $24 million in sales in the first month. That’s roughly $5 million a week. According to the New Jersey Cannabis Regulatory Commission, “On the first day of adult-use sales in New Jersey, 12 participating dispensaries sold cannabis and cannabis products to 12,438 recreational cannabis customers for a total gross sale of nearly $1.9 million.” BDSA expects New Jersey to be the third-largest contributor to overall US sales growth by 2026 and is forecast to generate annual revenue of $2.3 billion in total legal cannabis sales.

“We expected sales to be substantial and the data shows that the market is effectively serving both adult-use consumers and patients,” said Jeff Brown, executive director of the New Jersey Cannabis Regulatory Commission. “We continue to monitor inventory and access for patients and are prepared to take enforcement action against any ATC that does not meet the requirements for patient access and supply.” The CRC has approved 102 conditional licenses to date.

Columbia Care

This is sparking the existing operators to keep ramping up as licenses expand. Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) said it has started operations in its new, approximately 270,000-square-foot cultivation and production facility in New Jersey. Col-Care has also begun using post-harvest automation equipment and expanded its adult-use shopping hours at both of its Cannabist locations in Deptford and Vineland to the maximum number of hours allotted by the New Jersey Cannabis Regulatory Commission (CRC). The company said it received approval from the New Jersey CRC to do so on May 25, 2022, along with the approval to begin using post-harvest automation equipment. Col-Care said the introduction of this equipment will reduce the “harvest to shelf” time for products, making it easier to meet the rapidly-growing patient and customer demand.

“After ten years of navigating the ever-evolving cannabis industry in various markets, we have so many lessons learned and have been able to bring those to bear in how we approach New Jersey, knowing how it will serve as a model for those east coast states transitioning to adult use in the near term. We are proud of how we managed to scale alongside the demand in the last month and are thrilled to be able to serve more patients, customers, and wholesale partners with our newest cultivation facility and equipment,” said Nicholas Vita, CEO, of Columbia Care. “As always, we owe a debt of gratitude to the CRC as well as local officials and our communities for their support in our efforts to make New Jersey one of the strongest cannabis markets in the world and a beacon for the industry.”

In addition to the new 270,000-square-foot cultivation, manufacturing, and processing facility, Col-Care also operates a 50,000-square-foot facility, located in Vineland. The company has a third retail location in development in New Jersey, which is expected to open later in 2022.

Green Thumb Industries

Green Thumb Industries (OTC: GTBIF) CFO Anthony Georgiadis said on the company’s recent earnings conference call, “New Jersey adult sales kicked off on 4/21 and early results look yearly similar to Illinois circa, January 2020. We just completed a wholesale facility expansion in Paterson. We have a new facility that’s about to break ground. So, long-term, we’re confident in our prospects of being a big player within the wholesale side of the New Jersey market.” The company did acknowledge the lack of products on the adult-use side of the store versus the medical side, but that is due to the state regulators’ preference to remain focused on the medical patients. CEO Ben Kovlar said on the same call, “There’s a lot of demand for this product. If there wasn’t, there would not be people lined up around the corner at these stores in New Jersey. So that’s what gives us a lot of conviction. There ends up being a lot of upside.”

Curaleaf

Curaleaf Holdings, Inc. (OTCQX: CURLF) is another New Jersey company enjoying its expansion efforts. Curaleaf began new adult-use sales at its Edgewater Park on May 25. It’s the company’s second location to sell adult-use cannabis in the Garden State and the 13th adult-use store to be added in the state. “After a successful adult-use launch in April, we are thrilled to expand our adult-use footprint allowing us to serve even more New Jersey consumers,” said Matt Darin, CEO of Curaleaf. “I’d like to thank the Town of Edgewater Park for their partnership and for so graciously welcoming us into the community. Curaleaf is committed to ensuring patients and consumers receive quality products and service as they embark on their cannabis journey.”

Ayr Wellness

Last month, medical operator Ayr Wellness (OTC: AYRWF) got its green light to begin adult-use sales. “We are thrilled to be approved for adult-use sales in New Jersey and to have all three dispensaries cleared simultaneously to open for adult-use,” said Jonathan Sandelman, Founder, Chairman and CEO of Ayr. “To date, Central Jersey has the lowest number of dispensaries per capita, leaving its population under-served compared with the rest of the state. New Jersey is expected to become a highly influential state for the U.S. cannabis industry, and we are honored to help shape the market landscape from its early stages.” The company is working on opening its first adult-use store.

Debra BorchardtMay 16, 2022

Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) reported financial results for the first quarter ended March 31, 2022. Revenue for Columbia Care fell sequentially by 11% to $123 million from $139 million in the fourth quarter. It was a 43% increase over last year’s revenue of $86 million for the same time period. It missed the Yahoo Finance average analyst estimates for revenue of $138 million.

The net loss was trimmed slightly to $27 million from last year’s $29 million for the same time period. The earnings per share were ($0.07) versus last year’s ($0.10). This was in line with analyst expectations.

“The results of the first quarter of 2022 demonstrate how Columbia Care overcame a number of macro-economic headwinds by exercising strong operational discipline. We materially increased our gross and EBITDA margins, as we continued leveraging the scale we have built across our strategic national platform. During the first quarter, we drove a revenue increase of 43% over the prior year, achieved nearly 700 basis points of improvement in Adjusted Gross Margin and more than 930 basis points in Adjusted EBITDA Margin. As our recent capital investments yield enhanced efficiencies throughout the value chain, this will not only allow us to capitalize on our growth opportunities throughout the country, but continue to further improve profitability,” said Nicholas Vita, CEO of Columbia Care. “As 2022 continues to unfold, our priority is on driving profitability. We expect market specific cyclicality to be surpassed by the standout growth in several key markets in our diversified portfolio. Having new, high growth markets come on line, beginning in 2Q, will provide a strong counterbalance as several maturing markets show the impact of inflationary and competitive pressures.”

Top Markets

Col-Care noted that its top five markets by revenue in the quarter were California, Colorado, Massachusetts, Pennsylvania, and Virginia. Virginia is now a top market for both revenue and Adjusted EBITDA with four active retail locations, with significant expansion of the medical program to begin July 1. Col-Care opened 5 additional retail locations in the quarter: four in West Virginia and one in Virginia Beach, VA to bring active total to 84. Additional dispensaries in development include eight in Virginia, one in West Virginia, and one in New Jersey.

Vita continued, “We are excited about recent achievements and progress thus far in 2022, including our fourth dispensary in the rapidly expanding market of Virginia, opening four retail locations and launching the leading wholesale operation in West Virginia, and the launch of adult-use in New Jersey in mid-April. As we look ahead to the remainder of the year, we are leaning into the markets that will propel growth such as New Jersey, Virginia, West Virginia, and New York, making ongoing operational improvements to drive efficiencies in new and maturing markets, and focusing on driving free cash flow to fund our growth strategy. We also remain determined to deliver the best outcome for our stakeholders as we progress towards a successful close of the transaction with Cresco Labs, with the shared vision of creating the definitive market leader in the cannabis industry.”

Outlook

Columbia Care said that it expects revenue in 2022 to range between $625 million and $675 million. At this time, the company said its 2022 outlook does not include any contribution from future acquisitions, nor does it assume any additional changes in the regulatory environment in markets where Columbia Care currently operates or the anticipated impact of the pending Cresco Labs transaction. This also excludes potential future market changes where a conversion from medical-only to adult-use is under consideration by a governor and/or legislature.

Debra BorchardtMarch 24, 2022

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.”

Debra BorchardtMarch 23, 2022

While the news of the Columbia Care acquisition was the big news of the morning, Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) also reported its financial results for the fourth quarter and year ending December 31, 2021. Cresco’s fourth-quarter revenue rose 34% over last year to $218 million, this was only a slight increase over the third quarter’s revenue of $215 million. The cash flow from operations was $38 million. Taxes and interest payments pushed the company to report a net loss of $11 million the quarter.

A deeper dive into the quarterly revenue showed that wholesale revenue was $101 million and maintained the position as the number one seller of branded cannabis products in the U.S. with a leading share in the flower, concentrates, and vape categories. Retail revenue increased 10% sequentially, to $117 million, an average of $2.8 million per store. Same-store-sales increased 28% year-over-year, 1% sequentially.

Full Year Results

Cresco reported that revenue rose 73% in 2021 to $822 million over 2020’s $476 million. The net loss though was a whopping $296 million versus 2020’s net loss of $92 million. The company said it ended the year with over $224 million of cash on hand.

“This has been an incredible year of growth and margin expansion for Cresco Labs. We generated $822 million in annual revenue, representing 73% annual growth. Adjusted EBITDA more than tripled as the investments we’ve made in the business start to bear fruit. We ended the year with 46 retail stores, more than double where we were at the end of last year. The Cresco Labs family expanded from approximately 2,300 employees to approximately 3,500, as we grew both organically and integrated five acquisitions,” said Charles Bachtell, Co-Founder, and CEO of Cresco Labs.

Growing Debt

Cresco noted in its release that total current liabilities crept up to $288 million by the end of 2021 from $252 million by the end of 2020. The total long-term liabilities also shot up to $694 million from 2020’s $404 million. The interest expense in 2021 was $51 million versus 2020’s $31 million.

“As we all saw, there was a slowing of market growth in the fourth quarter and we were not immune to this. The good news is our plan is working – consumers love our brands, we maintained our leadership as the #1 wholesaler of branded cannabis, and we were the most productive retailer in the industry. We competed very well, gaining or maintaining share in seven of our 10 states. We remain focused on driving growth for our shareholders through optimizing operations to drive margins and market share and by opening up new markets in which to sell our leading brands. With many more growth initiatives ahead, 2022 is set to be another record year as we continue to drive strategic breadth, depth and execute on our plan.”

StaffMarch 23, 2022

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Republished from Crain Chicago by John Pletz.

The $2 billion purchase of Columbia Care gives Cresco access to new markets and cements Chicago’s place at the center of the legal-marijuana industry.

Cresco Labs (OTC: CRLBF) is buying New York-based Columbia Care (OTC: CCHWF) in a $2 billion deal that will make it the largest marijuana company in the U.S.

The all-stock purchase would give Cresco a presence in new recreational-marijuana markets, such as New Jersey and Virginia.

StaffMarch 14, 2022

Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) announced preliminary results for the full year ended December 31, 2021. The company reported a 156% increase in annual revenue to $460 million over last year’s $179 million. The net losses rose by $27 million to $146 million. The company posted the following amounts in a statement:

Full Year 2021 U.S. GAAP Preliminary Results

	Year Ended December 31,
		2021		2020	YoY Change
Revenue	$	460,080	$	179,503		156%
Gross Profit	$	194,015	$	62,143		212%

Net Loss	$	(146,853)	$	(119,649)	$	(27,204)
EBITDA (Non-GAAP)	$	(63,698)	$	(109,859)	$	46,161
Adjusted EBITDA (Non-GAAP)	$	57,852	$	(19,800)	$	77,652

Full Year 2021 IFRS Guidance and Preliminary Results

The following table represents a comparative between the Company’s preliminary results for the year ended December 31, 2021 based on IFRS compared to the Company’s most recent 2021 guidance as issued on November 12, 2021:

Metric	IFRS Guidance	IFRS Preliminary Results
Combined Revenue	$470M – $485M	$473.8M
Combined Adjusted Gross Margin (Non-IFRS) (1)	46%+	45.1%
Combined Adjusted EBITDA (Non-IFRS)	$85M – $95M	$85.1M

At this time, the Company is working to complete its first U.S. GAAP audit and will report its financial results for the fourth quarter and full year ended December 31, 2021 before U.S. financial markets open on Thursday, March 24, 2022.

Video StaffFebruary 22, 2022

Columbia Care (OTC: CCHWF) cut the ribbon on its newly redesigned dispensary called the Cannabist in Brooklyn. CEO Nicholas Vita spoke to the Green Market Report and the company’s plans for its new look and he ventures a guess as to when New York will begin legal sales. The Brooklyn location is located directly across the street from the Brooklyn courthouse and the irony is lost on no one. Thank you for watching the Green Market Report!

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Columbia Care Archives - Green Market Report

Cresco Labs Revenue Rises, Maintains Wholesale Leadership

Columbia Care Gets Boost From New Jersey Sales

Best Markets

Looking Ahead

New Jersey Juices 2nd Quarter For Some Lucky Cannabis Companies

Brick & Mortar Wins