Columbia Care Inc. CCHWF has acquired another dispensary in San Diego.
The New York-based cannabis company took over The Healing Center San Diego (THCSD) in a $15 million deal.
The price tag includes $3 million in cash, $6 million in the company's stock as well as $6 million in seller promissory notes.
THCSD was launched in 2016 by Ray Taylor and Jim Dickinson.
“Expanding the retail footprint in our operational markets enhances scale, improves consumer access, leverages Columbia Care brands, drives margin expansion through the supply chain, and delivers outsized shareholder returns — pillars of our stated growth strategy,” Columbia Care CEO Nicholas Vita said Thursday.
“We are proud to add THCSD and its team to our organization and further strengthen our leadership position in the world’s largest cannabis market."
Currently, Columbia Care operates three dispensaries and a cultivation facility in Los Angeles, two stores and a manufacturing facility in San Diego, and one San Francisco-based dispensary. In addition, it also has a few acres of outdoor cultivation in Desert Hot Springs.
Columbia Care’s Recent Moves
Over the last year, Columbia Care has been shifting gears toward establishing its presence in the country.
In September, the company finalized The Green Solution's acquisition, expanding its footprint to 95 facilities, including 73 dispensaries and 22 cultivation and manufacturing locations spread across 18 jurisdictions in the U.S and Europe.
Shortly after, Columbia Care inked a $69 million deal to purchase Project Cannabis.
To wrap up the successful year, the cannabis company disclosed its intentions to buy fully-integrated multi-state cannabis operator Green Leaf Medical for $240 million.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!