Columbia Care Q4 2020 Cannabis Revenues

Cannabis company Columbia Care recently announced its financial results for the fourth quarter of 2020, and the results exceeded expectations. Preliminary data showed that the company set a record high for performance in both a single quarter and in a full year. What does Columbia Care’s continued success mean for the cannabis industry more generally? Keep reading this blog to learn more.

Columbia Care Remains Industry Leader for Medical and Adult-Use Marijuana

Columbia Care Inc. is one of the nation’s biggest cultivators, manufacturers, and providers of legal cannabis, with operations in 18 states. Columbia Care, which is based in New York, was one of the first companies to provide medical cannabis in the United States. Today, Columbia Care has expanded its business to also include adult-use cannabis, but it remains an industry leader in medical cannabis operations across the U.S., including 81 dispensaries and 27 cultivation and manufacturing facilities.

In Q4 for the year ending December 31, 2020, Columbia Care established an all-time company record for cannabis sales revenues. Financial data shows that Columbia Care generated around $87 million in combined revenues in the fourth quarter, which is up more than 50% over the previous quarter and more than 230% over the fourth quarter of 2019. These figures place Columbia Care among the most successful cannabis operators in the entire country, as well as making it “the fastest growing top-tier multi-state operator.”

Nicholas Vita, the CEO of Columbia Care, said in a company press release that the record sales figures were “driven by continued revenue growth and margin expansion.” Vita specifically highlighted the company’s effective navigation of challenges brought on by the COVID-19 pandemic, which caused significant problems for many businesses in other industries. For the entire fiscal year of 2020, Columbia Care generated approximately $290 million in pro forma revenue.

Columbia Care Completes Acquisition of The Green Solution in Colorado

At the close of 2020, Columbia Care completed major acquisitions of both The Green Solution (TGS) and Project Cannabis. Columbia Care also announced its upcoming acquisition of Green Leaf Medical. The integration of TGS dispensaries into the Columbia Care portfolio is expected to make Columbia Care a leader in Colorado, the world’s largest legal cannabis market. The Green Solution has a longstanding relationship with Scythian Real Estate, a Denver-based cannabis real estate fund with more than a dozen cannabis properties that operate as TGS dispensaries. The TGS dispensaries are located across Colorado, including Denver, Fort Collins, and Black Hawk.

In the third quarter of 2021, Columbia Care’s acquisition of Green Leaf Medical is expected to be finalized. Columbia Care has already agreed to purchase Green Leaf Medical LLC for $240 million in combined cash and stock. The deal should give Columbia Care an even stronger operational footprint on the East Coast, with both cultivation facilities and retail stores in Maryland, Ohio, and Pennsylvania.

These acquisitions continue a trend of Columbia Care integrating other cannabis companies into its nationwide business model and expanding its reach into new cannabis markets. Importantly, the promising cannabis sales figures for Columbia Care do not take into account the company’s upcoming entry into the New Jersey cannabis market. New Jersey recently legalized cannabis for recreational use, with the state expected to become the largest cannabis market in the eastern U.S. and to generate $1 billion annually in the coming years. It is also possible that Columbia Care could expand into other cannabis markets if certain states, like New York and Virginia, decide to legalize cannabis for recreational use.

Contact Scythian Real Estate for Information on Cannabis Financing

Scythian Real Estate is a privately held cannabis real estate fund that provides major U.S. cannabis operators with financing and other operational assistance. For more information, send us an email.


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