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Columbia Care To Raise CA$130M In Deal With Canaccord Genuity

January 8, 2021 10:55 am
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Columbia Care To Raise CA$130M In Deal With Canaccord Genuity

Columbia Care Inc. (OTCQX:CCHWFintends to raise CA$130 million ($102.5 million) through a bought deal offering.

Under the deal with Canaccord Genuity Corp, the New York-based company agreed to sell a portion of its common shares to a syndicate of underwriters.

The underwriters opted to purchase some 16.1 million common shares of Columbia Care at CA$8.05 per share.

The offering is scheduled to close on or about Wednesday, Jan 13.

The company intends to utilize the proceeds for working capital and general corporate purposes.

Meantime, the move came on the heels of Columbia Care’s purchase of another San Diego dispensary.

The company confirmed Thursday it has acquired The Healing Center San Diego (THCSD) in a $15 million deal.

Over the last year, Columbia Care substantially increased its retail footprint within the country. Last fall, the company boosted its presence in Illinois by launching a new store in Villa Park.

It also cut the ribbon on two new stores in Florida, bringing its footprint within the state to 12 retail locations. The new dispensaries are located in Miami and Brandon.

In November, marketing expert Alison Worthington opted to join the company’s board of directors.

Worthington recently told Benzinga that she “can’t think of a more dynamic industry than cannabis,” adding that Columbia Care is able to “make a difference with their ethical, growth-oriented mindset.”

 


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