Within the first 96 hours of legal adult-use cannabis sales in Illinois, Columbia Care Inc (OTC: CCHWF) said its Chicago dispensary posted an average daily increase of more than 260% in sales and 100% in revenue versus its December results.
Adult-use cannabis outsold medical 7-to-1, with a median sale price of $81 versus $110 for medical sales, the company said in a Monday press release.
This ratio may be affected by the excitement around the first days of legal adult-use sales in Illinois, which began Jan. 1, and the sales differential is expected to shrink to 4-to-1 as time goes by, Columbia Care said.
“We are off to a great start in Illinois with initial results exceeding our expectations based on our experience in other markets that have converted from medical only to adult use. We believe the long-term impact on revenue to be three to four times prior medical-only levels.” CEO Nicholas Vita said in a statement.
“As more of our markets prepare to convert to adult use, Columbia Care has rapidly added operational scale in order to create sustainable margin and market share advantages necessary for accelerating our pathway to profitability. Along with our other 15 markets in the U.S., Illinois is going to be a terrific performer.”
Columbia Care also announced that it recently joined The Green Room Social Equity Partners LLC and Malcolm Partners LLC as a minority partner.
Each partner has submitted 10 applications for single adult-use dispensary permits in Illinois, according to Columbia Care.
“We are proud to partner with The Green Room and Malcolm Partners, who share our commitment to re-investing in those who have been most impacted by prior cannabis policies.,” Vita said.