Columbia Care Inc. CCHWF CCHW CCHW 3LP released financial results for the second quarter ended June 30, 2022, revealing revenue of $129.6 million, an 18.1% increase compared to $109.7 million in Q2 2021.
Q2 2022 Financial Highlights
Gross profit was $50.8 million, a 17.3% increase compared to $43.3 million in Q2 2021, and a 10.2% decrease compared to Q1 2022.
Adjusted EBITDA was $12 million, a decrease of 26.8% compared to adjusted EBITDA of $16.4 million in Q2 2021.
Nicholas Vita, CEO of Columbia Care, stated, “For the remainder of 2022, Columbia Care will execute against our strategic priorities while completing the steps necessary to close the merger with Cresco on time. The integration planning process has brought an overwhelming sense of excitement and momentum. As a founder of Columbia Care, seeing our organizations collaborate so well has been humbling and deeply gratifying. Our shared vision has enabled both organizations to focus on the range of opportunities that lay before us and meet the future with clarity, momentum and capabilities that will drive outsized shareholder value for years to come. The embedded growth and sustainable margin opportunity being unlocked by this combination will be a gamechanger.”
Anticipating business and financial reporting impacts and adjustments from the asset divestitures required for the Cresco transaction, ongoing economic headwinds, and assuming no material improvement in Colorado or California, Columbia Care is forecasting continued sequential top line growth of mid-single digits in each of the next two quarters. In addition, the company expects sequential improvements in market level EBITDA margin in the range of 150-250 basis points per quarter compared to its YTD results.
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