Columbia Care Inc (OTC: CCHWF), one of the largest integrated operators in the global cannabis industry, announced this week it has entered into an agreement to acquire The Green Solution, the largest vertically integrated cannabis operator in Colorado.
With this transaction, valued at $140 million, Columbia Care seeks to establish itself as the dominant vertically integrated cannabis company in Colorado’s $1.6 billion market, while increasing its overall footprint to 93 facilities open or under development.
The Green Solution operates 21 revenue-generating dispensaries, with two additional stores expected to open by the end of this year, as well as an automated manufacturing facility currently producing over 225,000 units of curated products monthly.
CEO Nicholas Vita told Benzinga Columbia Care’s mission of improving the lives of those the company serves is “reinforced and embodied in the shared values that are engrained in each of our corporate DNA.
“The founders of The Green Solution have worked tirelessly since inception to build this business from the ground up. They have directed their leadership and energies to focus on an unyielding commitment to quality, market leadership, scalability and community and customer satisfaction,” he said. “The analogous institutional history and overlapping corporate cultural similarities make The Green Solution a natural and synergistic addition to the Columbia Care family.”
For Vita, this is about leadership, people and execution.
“Our transaction makes us even stronger financially and operationally by bringing the best people together, accelerating our collective path to profitability, by nearly doubling our revenue base, facility count and materially enhancing our production efficiency and capacity," he said.
The Green Solution’s co-founder and co-president Kyle Speidell said, “As various companies have reached out to partner and grow with us as we expand to new markets, Columbia Care stood out in terms of how their expertise can complement ours. Together, we will grow The Green Solution brand into new markets while remaining committed our Colorado customers, providing access to Columbia Care’s market-leading innovations.”
Image from col-care.com