Columbia Care Expands To California Via $69M Purchase Of Project Cannabis

September 9, 2020

Cannabis company Columbia Care Inc. (CSE: CCHW) (OTCQX: CCHWF) which recently closed The Green Solution’s acquisition, opted to purchase Project Cannabis for roughly $69 million.

Under the deal, which the New York-based company inked, Project Cannabis would be “immediately accretive to Columbia Care’s adjusted EBITDA, and cash flow,” Columbia Care’s CEO Nicholas Vita confirmed.

The price tag includes $57 million in Columbia Care stock and roughly $12 million in cash coming from the profits of a sale of Project Cannabis’ real estate assets.

The New York-based company noted Tuesday that the acquisition is scheduled to close in the last quarter of this fiscal year.

Project Cannabis cultivates, wholesales, and retails Triple Seven and Classix. It also operates a 32,000 square feet cultivation facility in Los Angeles.

Read more at Benzinga