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Columbia Care Obtains Second San Diego Store For $15M

January 7, 2021 10:25 am
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Columbia Care Obtains Second San Diego Store For $15M

Columbia Care Inc. (OTCQX: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.

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