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Columbia Care Inc. (OTCQX: CCHWF) has announced a collaboration with ButACake, a minority-owned baked goods company, to launch a variety of cannabis-infused edibles. The initial products, including Peanut Butter & Jelly brownies and ChocoChunk and Oatmeal Raisin cookies, will be available at three Delaware locations in Wilmington, Smyrna, and Rehoboth Beach. This partnership aims to cater to patients preferring edibles over smoking, facilitating better control over dosing. Both companies anticipate expanding this collaboration into additional markets following regulatory approvals. Columbia Care operates 126 facilities across 16 U.S. jurisdictions and aims to provide diverse cannabis options to its patients.
Columbia Care has opened its 35th Cannabist location and 85th dispensary nationwide in Norfolk, Virginia, marking its ninth of twelve planned dispensaries in the state. This facility serves registered medical patients and is part of Columbia Care's strategy to expand its footprint in Virginia, which now has over 55,000 registered medical cannabis patients. The new location provides a range of products including flower, edibles, and concentrates from popular brands such as Classix and gLeaf. The company operates nearly 148,000 square feet of cultivation and manufacturing space in Virginia, and it is focused on patient access and education in the growing cannabis market.
Columbia Care Inc. (OTCQX: CCHWF) has opened its 84th dispensary in the U.S. and fifth in West Virginia at Cannabist Huntington. This location will serve registered medical patients, enhancing the company's presence in the state. Columbia Care now operates 126 facilities nationwide, including 94 dispensaries under its Cannabist brand, which offers various cannabis products. The team is focused on educating patients and assisting them with medical card applications. Columbia Care anticipates continued growth in West Virginia, driven by partnerships with local healthcare providers and community engagement.
Columbia Care reported a record annual revenue of $511.6 million, marking an 11% increase year-over-year. The annual gross profit was $201.2 million, a 4% rise, while adjusted EBITDA reached $67.4 million, up 17%. Despite facing macroeconomic challenges, fourth-quarter revenues fell to $126.2 million, down 9.4% year-over-year. Key markets like New Jersey and Virginia continued to drive growth, contributing to an increased adjusted EBITDA margin of 13%. Ongoing operational adjustments aim to enhance cash flow generation in 2023.
Columbia Care Inc. (OTCQX: CCHWF) has announced an extension of the maturity date for its 13% senior secured notes worth $38.2 million from May 14, 2023 to May 14, 2024. This extension is part of the Trust Indenture dated May 14, 2020 with Odyssey Trust Company as the trustee. CEO Nicholas Vita emphasized that this action will enhance liquidity and provide the company with the flexibility to execute strategic initiatives aimed at improving cash flow. Columbia Care operates 126 facilities across 16 U.S. jurisdictions and offers a variety of cannabis products.