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The Cannabist Company Holdings Inc. (CCHWF) maintains its position as an innovator in cannabis cultivation and product development. This news hub provides investors and industry observers with timely updates on operational milestones, financial performance, and strategic initiatives driving the company's growth.
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Columbia Care (OTCQX: CCHWF) announced overwhelming shareholder support for its business combination with Cresco Labs (OTCQX: CRLBF), with 98.5% voting in favor at a special meeting held on July 8, 2022. The arrangement will see Cresco Labs acquire all issued shares of Columbia Care. A total of 169,938,646 shares were represented in the voting, constituting 42.6% of the outstanding shares. CEO Nicholas Vita expressed gratitude for the support as the company anticipates the transaction's completion by year-end.
Columbia Care Inc. (OTCQX: CCHWF) announced a special shareholders' meeting on July 8, 2022, at 10:00 AM EST, to vote on a proposed business combination with Cresco Labs Inc. The record date for eligible shareholders is May 10, 2022. The management circular containing details of the arrangement under the Business Corporations Act is available on SEDAR and the SEC's EDGAR system. The Board unanimously recommends shareholders vote in favor of the arrangement. Stakeholders are urged to review the proxy materials carefully before voting.
Columbia Care Inc. (OTCQX: CCHWF) has launched a new, 270,000-square-foot cultivation and production facility in New Jersey, which will increase its cultivation capacity threefold. This facility, approved by the New Jersey Cannabis Regulatory Commission on May 25, 2022, enables the use of post-harvest automation equipment, expediting product availability for both medical and adult-use markets. Adult-use sales commenced on April 21, with expanded hours at Cannabist locations in Deptford and Vineland. Columbia Care operates 131 facilities across the U.S., enhancing its position in the growing cannabis industry.
Columbia Care Inc. (CCHWF) announced CEO Nicholas Vita will participate in a fireside chat at the VirtualInvestorConferences.com Cannabis Conference on June 7, 2022, at 12:30 p.m. ET. The discussion will be available via webcast on the Columbia Care website, with a replay accessible for 30 days. Columbia Care is a leading provider of cannabis products, operating 131 facilities across 18 U.S. jurisdictions and the EU, offering various products including flowers, edibles, and oils under its retail brand, Cannabist.
Columbia Care reported a strong first quarter of 2022, with quarterly revenue of $123 million, up 43% year-over-year, and gross profit of $57 million, reflecting a 68% annual increase. The adjusted gross margin improved to 46%, a rise of 676 basis points year-over-year. Adjusted EBITDA surged to $17 million, marking a 355% increase from the previous year. The company reaffirms its 2022 guidance of $625 million to $675 million in revenue and $120 million to $135 million in adjusted EBITDA.
Columbia Care Inc. (OTCQX: CCHWF) expands its presence in the booming Colorado cannabis market with the launch of its flower brands, Seed & Strain and Classix. Available at 20 The Green Solution dispensaries, these brands cater to consumers' demand for high-quality cannabis products. Classix offers various strains in 3.5g, 14g, and pre-roll options, while Seed & Strain features eco-friendly packaging. This marks Columbia Care's entry into its 13th market, enhancing its national footprint in a market valued over $2 billion.
Columbia Care (CCHWF) will release its financial results for Q1 2022 on May 16, 2022, before U.S. markets open. A conference call will follow at 8:00 a.m. EST for discussions on the results. The company plans a special shareholder meeting around June 14, 2022 to approve a transaction with Cresco Labs, pending OSC approval to exempt minority vote requirements. Columbia Care operates 131 facilities across 18 U.S. jurisdictions, providing cannabis products for both medical and adult-use markets.
Columbia Care (OTCQX: CCHWF), a leading cannabis company, announced the rebranding of its Portsmouth dispensary to the Cannabist retail experience, marking its 31st Cannabist location. The company plans to open eight more locations in Virginia to support the state's expanding medical program. Columbia Care operates 84 retail locations and offers a variety of products including edibles and extracts. They also utilize a cannabis discovery tool called Forage to help patients choose suitable products.
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