Columbia Care (CCHW.N) announced today that it has received approval from the Office of Medical Cannabis, West Virginia Department of Health and Human Resources, to begin cultivation operations in the state at its facility in Falling Waters.
“We are excited to begin cultivation in West Virginia and be one step closer to providing relief to the patients who need it…Our ability to begin operations solidifies our position as a leader in the state. As we begin design of Phase 2 of our buildout, we will add more square feet to our facilities to continue to meet the demand of the medical program in West Virginia,” said Nicholas Vita, CEO of Columbia Care.
Who is Columbia Care?
With licenses in 18 US jurisdictions and the EU, Columbia Care is one of the largest cultivators, manufacturers and providers of medical and adult use cannabis products and services. Moreover, the Company operates 126 facilities including 95 dispensaries and 31 cultivation/manufacturing facilities. Columbia Care’s current portfolio offers a wide range of products including cannabis flower, edibles, oils, capsules and tablets. Since its inception in 2012, the Company has completed more than four million sales transactions, solidifying its position in the rapidly expanding cannabis market.
Recently, Columbia Care acquired Ohio-based CannAscend, the owner and operator of four dispensaries across the state. Combined with its existing facilities, CannAscend will play a pivotal role in expanding the Company’s vertically integrated operations in Ohio, which represents a top-five market for Columbia Care with year-to-date states sales up more than 110% year-over-year and annualized run rate sales of more than $370 million for 2021.
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Having received approval to begin cultivation operations in West Virginia, Columbia Care will be 1 of only 10 provisionally licensed cultivators in the state. Under state regulation, the Company intends to utilize the maximum available space permitted for its cultivation facility. Furthermore, Columbia Care has begun developing all five of its medical dispensaries across West Virginia, which is expected to support the growing community of more than 2,300 patients enrolled in Wester Virginia’s medical program.
According to the Columbia Care’s Q1 2021 results, the Company was able to increase its assets to $941,605 in March 2021, up from $792,591 in December 2021. The Company’s liabilities also increased almost 4% to $488,454 in March 2021. However, Columbia Care’s cash position grew substantially during the same period, increasing from $26,858 to $176,498. With this in mind, as the Columbia Care continues to expand its operations throughout the US, the Company may be worth adding to your watchlist.
Columbia Care’s share price opened at $4.96, up from a previous close $4.87. The Company’s shares are up $2.87% and are currently trading at a high of $5.02 as of 10:20AM ET. This indicates that there has been noticeable change following the news.
