Columbia Care Signs Definitive Agreement to Acquire Medicine Man, a Rapidly Growing, Vertically Integrated Operator in the Denver Metro Area

Cannabtimes

<![CDATA[NEW YORK, June 15, 2021 – PRESS RELEASE – Columbia Care, a cultivator, manufacturer and provider of cannabis products in the United States, announced that it has entered into a definitive agreement to acquire Medicine Man Denver, a vertically integrated cannabis company that has been serving the Denver metro area since 2009."The acquisition of Medicine Man further solidifies Columbia Care’s position as a scaled retailer, cultivator and manufacturer in Colorado, the world’s second-largest cannabis market. Medicine Man is outperforming the broader Colorado market, with sales growth of 42% in 2020, versus 24% for the state and 64% year-to-date through May, versus 25% for the state. The acquisition will add one cultivation facility and four dispensaries, including one co-located adult-use and medical location and three adult-use facilities to Columbia Care’s national footprint."We have great admiration for what Medicine Man’s leaders, Sally Vander Veer and Andy Williams, have built over the past 12 years through their tireless leadership, local and state-level advocacy and exceptional business acumen and vision,” said Nicholas Vita, CEO of Columbia Care. "Medicine Man will further cement our position as the leading vertically integrated operator in Colorado, in tandem with our ongoing integration of The Green Solution and will have a positive impact on our financial performance for years to come. We are also confident that the strong alignment of values between our two companies will help Columbia Care continue its growth in Colorado sustainably and responsibly. We are thrilled to bring one of Colorado’s longest-running and most highly respected cannabis companies into the Columbia Care family."Medicine Man brings a highly experienced and talented team of executives and employees that further bolsters Columbia Care’s strong talent pool. The company’s founders and management team are pioneers of Colorado’s legal cannabis industry. Over the past 12 years, they have built a…

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Source : Columbia Care Signs Definitive Agreement to Acquire Medicine Man, a Rapidly Growing, Vertically Integrated Operator in the Denver Metro Area

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