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Columbia Care Finalizes Acquisition Of The Green Solution

September 1, 2020 2:17 pm
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Columbia Care Finalizes Acquisition Of The Green Solution

Cannabis company Columbia Care Inc. (CSE:CCHW) (OTCQX:CCHWFconfirmed Tuesday the closing of The Green Solution’s acquisition.

The transaction, announced last month, includes Columbia Care’s 33.2 million shares valued at C$4.35, as well as US$15 million in secured debt, and a US$15 million seller’s note.

The deal expands Columbia Care’s footprint to 95 facilities, including 73 dispensaries and 22 cultivation and manufacturing locations across 18 jurisdictions in both U.S. and the European Union.

Expectations are that TGS’s 23 dispensaries and six cultivation and manufacturing facilities which Columbia Care obtained would generate roughly US$88.5 million in revenue and US$18.5 million in adjusted EBITDA in this fiscal year.

Columbia Care’s CEO Nicholas Vita said earlier that “closing the acquisition of The Green Solution represents a major milestone for Columbia Care.”

Meanwhile, some of Columbia Care’s recent moves include entering the New Jersey market with the launching of a Vineland-based medical cannabis store and closing of long-term leases with Innovative Industrial Properties Inc. (NYSE: IIPR) for the two properties the San Diego cannabis REIT purchased in the Garden State.

The New York-based company agreed to complete additional tenant improvements for the industrial property, through its subsidiaries.

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