NEW YORK–(BUSINESS WIRE)–Dec 2, 2020–
Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) (FSE: 3LP) (“Columbia Care” or the “Company”) announced that it has completed its acquisition of Project Cannabis, a leading cannabis cultivator, wholesaler and retailer based in Los Angeles, California.
Total transaction consideration includes approximately $52.5 million in Columbia Care stock and an additional consideration of $16.5 million anticipated to be paid to the sellers from the proceeds of a subsequent sale of Project Cannabis’ real estate assets 1.
“As both a shareholder and Columbia Care’s CEO, I am delighted to announce the completion of our acquisition of Project Cannabis. This combination enables us to optimize both profitability and scale as we deepen our presence in the world’s largest cannabis market,” said Nicholas Vita, CEO of Columbia Care. “The transaction is…