Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) (FSE: 3LP) (“Columbia Care” or the “Company”) is providing preliminary results for the fourth quarter and full year ended December 31, 2020. The Company is also issuing 2021 guidance.
“Our record breaking fourth quarter and full year performance was driven by continued revenue growth and margin expansion. We generated robust sequential and year-over-year increases in Combined Revenue, Gross Profit and Adjusted EBITDA,” said Nicholas Vita, CEO of Columbia Care. “We effectively navigated the challenges of the COVID-19 pandemic and, in spite of those headwinds, delivered an exceptional year as we exceeded every milestone target set forth in our 2020 outlook. Highlighting our position as an industry consolidator, we closed key acquisitions with The Green Solution and Project Cannabis and announced the transformational acquisition of Green Leaf Medical, which remains on target to close in the 3rd quarter of this year. Most notably, corporate profitability continued to expand as we further leverage our national scale. Including the full fourth quarter’s financial contribution of Project Cannabis, Columbia Care generated approximately $87M in Combined Revenue and $12M in Adjusted EBITDA. We have continued to see sequential revenue growth and margin improvements in the first quarter 2021, affirming Columbia Care’s position as the fastest growing top-tier multi-state operator.1 I am extremely proud of our team’s dedication to executing our growth strategy and delivering the highest-quality cannabis to our loyal patients and customers in the communities we serve.”
Columbia Care’s pro forma 2021 outlook assumes the Company’s pending acquisition of Green Leaf Medical closes in the 3rd quarter but does not include any contribution from future acquisitions nor does it assume any changes in the regulatory environment in markets where Columbia Care currently operates, such as the pending adult-use program in New Jersey. This also excludes markets where a conversion from medical only to adult use is under consideration by the Governor and/or legislature, such as New York and Virginia. See “Caution Concerning Forward-Looking Statements” below for further discussion.
Conference Call and Webcast Details
The Company will host a conference call on Tuesday, March 16, 2021 at 8:00 a.m. ET to discuss its full financial and operating results for the fourth quarter and full year 2020.
To access the live conference call via telephone, please dial 1-877-407-8914 (US Callers) or 1-201-493-6795 (international callers). A live audio webcast of the call will also be available in the Investor Relations section of the Company’s website at https://ir.col-care.com/ or at https://78449.themediaframe.com/dataconf/productusers/colc/mediaframe/43954/indexl.html.
A replay of the audio webcast will be available in the Investor Relations section of the Company’s website approximately 2 hours after completion of the call and will be archived for 30 days.
