Cannabis company Columbia Care had record Q3 2021 cannabis revenues, with third quarter revenues topping $132 million. The company recently released its financial and operating results to the public, and the numbers are staggering. In addition to more than $132 million in quarterly revenues from medical marijuana sales, Columbia Care also posted an adjusted gross profit of more than $64 million. The promising financial figures bode well for the cannabis operator going forward, as well as for the cannabis industry as a whole.
To learn more about Columbia Care’s record quarterly results, keep reading this blog.
Columbia Care Posts Record Quarterly Revenue for Cannabis Sales
Columbia Care, one of the country’s largest and most successful multi-state cannabis operators, recently released its quarterly economic report. The data shows that the company posted an all-time record for a single quarter during Q3 2021, with $132.3 million in cannabis revenues. This represented a substantial 144% increase over the third quarter of 2020, and a 21% increase over the second quarter in 2021.
These were the company’s top cannabis markets in terms of revenue during the third quarter:
- California: Columbia Care upgraded its cultivation facilities in California to increase capacity and yield, as well as the quality of marijuana production in the state.
- Colorado: Columbia Care saw harvesting in Trinidad set records for grams per cannabis plant and THC levels.
- Massachusetts: Columbia Care had record wholesale revenues in the state, with a major boost coming from the start of adult use sales at the Boston Cannabist dispensary.
- Ohio: Columbia Care had record retail transaction volume in the state, fueled in part by the expansion of Columbia Care brand flower to more than 90% of Ohio dispensaries.
- Pennsylvania: Cannabis revenues at Pennsylvania dispensaries were up approximately 85% over the third quarter of 2021. The company also plans to introduce Columbia Care brand flower and other products to PA dispensaries in the fourth quarter.
Columbia Care Projects All-Time High for Annual Cannabis Revenues in 2021
Given the steady increase in revenues during the first three quarters of 2021, Columbia Care now projects to hit nearly $500 million in total cannabis revenues for the entire year. After the quarterly financial results were revealed, the company provided revised guidance to show projected annual revenues of between $470 million and $485 million.
Nicholas Vita, the CEO of Columbia Care, said that the company expects to have strong growth in the months ahead as they continue to execute on a nationwide strategy that includes opening new dispensaries and rolling out new cannabis products. Vita noted that Columbia Care opened dispensaries in New Jersey and Missouri during the third quarter, as well as converting existing Columbia Care locations to Cannabist retail stores.
Future Looks Bright for Cannabis Industry Leader Columbia Care in 2022 and Beyond
Columbia Care is an industry leader in providing medical marijuana to qualifying patients throughout the United States. The company is dedicated to increasing the health and wellness of individuals by emphasizing individualized medical care and treatment involving high-quality cannabis, which is offered through in-house brands such as ClaraCeed, EleCeed, Medical Cannabis, and TheraCeed. Columbia Care operates in several states, with 39 current cannabis licenses in 15 different markets. The company also has 63 facilities that are utilized for either cannabis operation/distribution or development of new cannabis products.
Columbia Care is well positioned to scale in a number of lucrative cannabis markets, including New Jersey, New York, and Virginia. CEO Nicholas Vita observed that October saw the company complete “the largest single-day national flower brand launch in the history of the industry.”
Contact Scythian Real Estate Today
Scythian Real Estate is a privately held cannabis fund that has partnered with a number of major cannabis operators, including Columbia Care. Scythian’s relationship with Columbia Care extends to more than a dozen dispensaries operating under The Green Solution (TGS) and for which Scythian provided financing through sale-leaseback deals.
For more information about Scythian Real Estate, send an email.
PLEASE NOTE THAT THIS BLOG IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY SECURITIES IN SCYTHIAN REAL ESTATE FUND.