NEW YORK–(BUSINESS WIRE)–Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) (FSE: 3LP) today announced that it has completed its acquisition of The Green Solution, the largest vertically integrated cannabis operator in Colorado.
Total transaction consideration includes approximately 33.2 million shares of Columbia Care stock priced at C$4.35, US$15 million in secured debt issued to TGS at signing, and a US$15 million seller’s note. The seller’s note is subject to customary closing adjustments related to transaction costs and unpaid liabilities that are expected to total US$6-8 million, resulting in a final outstanding amount of US$7-9 million that will become payable in three installments beginning January 2021.
TGS’ fully integrated portfolio includes 23 dispensaries and six cultivation and manufacturing facilities that are expected to generate approximately US$88.5 million in revenue and US$18.5 million in adjusted EBITDA in FY 2020. Columbia Care is reiterating its 2020 pro forma combined revenue guidance of US$234-265 million, with adjusted EBITDA profitability in the third quarter.
For additional information regarding the transaction, please refer to Columbia Care’s press release issued on August 26, 2020, or visit the presentations section of the investors’ website at www.ir.col-care.com.
About Columbia Care Inc.
Columbia Care is one of the largest and most experienced cultivators, manufacturers and providers of medical and adult use cannabis products and related services with licenses in 18 US jurisdictions and the EU. Columbia Care currently operates 95 facilities1 including 73 dispensaries and 22 cultivation and manufacturing facilities. Columbia Care is one of the original providers of medical cannabis in the United States, and continues to deliver an industry-leading, patient-centered medicinal cannabis operation that has quickly expanded into the adult use market as a premier operator. The company currently offers products spanning flower, edibles, oils, and tablets, and manufactures popular brands including Amber and Platinum Label CBD. With more than four million sales transactions since its inception in 2012, Columbia Care is known for setting the standard for compassion, professionalism, quality, care, and innovation in the rapidly expanding cannabis industry. For more information on Columbia Care, please visit www.col-care.com.