Columbia Care, NewLake Capital Enter $35M Sale-Leaseback Agreement

by Nina Zdinjak, Benzinga Staff Writer
December 13, 2019 4:28 PM | 1 min read | Make a Comment

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Columbia Care Inc. CCHW CCHWF, one of the largest integrated operators in the global medical cannabis industry, announced Thursday that it has entered into a $35-million sale-leaseback agreement with NewLake Capital.

The agreement concerns six properties totaling 127,000 square feet Illinois, California and Massachusetts comprising dispensaries in San Diego, Chicago, Greenfield, and Lowell, as well as cultivation and production facilities in Lowell and Aurora.

The total of $35 million in liquidity, combined with Columbia Care’s current cash status, will enable the company to advance its road to profitability in 2020, the company said in a press release.

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“With no debt and a substantial cash position, Columbia Care possesses one of the strongest balance sheets in the industry. Reflecting the high quality of our assets, locations and operations, this attractively priced financing option affirms the premium reputation institutional investors ascribe to Columbia Care,” Columbia Care CEO Nicholas Vita said in a statement. 

Columbia Care shares were 2.9% higher at $2.34 at the close Friday. 

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