The Cannabist Company Holdings Inc. Stock Price, News & Analysis

Columbia Care reported a transformational year in 2021, achieving record revenue of $460 million and adjusted EBITDA of $58 million. The quarterly revenue for Q4 reached $139 million, marking a 70% year-over-year increase. The company anticipates 2022 revenue between $625 million and $675 million. Columbia Care continues to expand its retail presence while integrating major acquisitions, indicating a robust future as adult use cannabis sales are expected to begin in New Jersey.

Cresco Labs (CNSX:CL, OTCQX:CRLBF) is set to acquire Columbia Care Inc. (NEO:CCHW, OTCQX:CCHWF) for approximately US$2.0 billion, providing Columbia Care shareholders with considerable premiums. The transaction will create the largest multi-state operator in cannabis with pro forma revenues exceeding $1.4 billion. After the merger, Columbia Care shareholders will own about 35% of the new entity, which will enhance access to key markets and bolster retail and wholesale operations across the U.S.

Columbia Care reports 2021 preliminary results, transitioning to U.S. GAAP. The company achieved record revenue of $460 million, a 156% increase YoY from $179.5 million. Adjusted EBITDA reached $58 million compared to a $109.9 million loss in 2020. The combined revenue for the year stands at $474 million, aligning with earlier IFRS guidance of $470M-$485M. The company anticipates fully compliant U.S. GAAP results to be released on March 24, 2022.

Columbia Care has announced the opening of its Cannabist Beckley dispensary in West Virginia, marking its 82nd location across the U.S. This dispensary is the second of five planned openings in the state this year, following the Williamstown location. The Beckley dispensary began sales on February 16, and a grand opening celebration is set for today. The facility will offer a range of cannabis products, including Columbia Care's Seed & Strain brand, along with other brands in the upcoming months. The company aims to enhance community engagement while providing a resource for patients seeking cannabis.

Columbia Care has launched its first medical cannabis dispensary, Cannabist Williamstown, in West Virginia, marking a significant milestone in the state's medical cannabis program. This is the first of five planned locations for the year, with three more dispensaries expected to open in the spring. The company currently holds five dispensary licenses in West Virginia and began cultivation operations in July 2021. Cannabist Williamstown offers products from Columbia Care's brands, including Seed & Strain, with plans for future product introductions.

Columbia Care has announced the completion of a private placement of US$185 million in 9.50% senior-secured first-lien notes due 2026. The funds will be utilized for capital expenditures, strategic acquisitions, and general corporate purposes. The Offering was led by Canaccord Genuity Corp. and ATB Capital Markets Inc.. The 2026 Notes provide Columbia Care with a non-dilutive financing option, enhancing its ability to pursue growth, particularly in New Jersey, New York, and Virginia. The company has also exchanged US$31.75 million of existing notes for new notes.

Columbia Care Inc. (OTCQX: CCHWF) will report its financial results for Q4 and full year ending December 31, 2021, on March 15, 2022, after US markets close. A conference call will follow at 5:00 p.m. EST to discuss these results. To participate, dial 1-877-407-8914 (US) or 1-201-493-6795 (international). A webcast will be available on their Investor Relations website. Columbia Care operates 131 facilities across the U.S. and EU, including 99 dispensaries, and is a leading provider of cannabis products.