Columbia Care Reports Record Third Quarter 2021 Results

CANNANNEW REPORT

Record Quarterly Revenue of $132.3 Million, an Increase of 144% YoY, 21% QoQ Record Quarterly Adjusted Gross Profit of $64.5 Million, an Increase of 205% YoY, 35% QoQ Record Adjusted Gross Margin of 49%, an Increase of 965bps YoY, 527bps QoQ Record Adjusted EBITDA of $31.0 Million, an increase of 634% YoY, 89% QoQ Record Adjusted EBITDA Margin of 23%, an increase of 1,564bps YoY, 848bps QoQ Revises 2021 Guidance to $470M – $485M Revenue, $85M – $95M Adjusted EBITDA and 46% Adjusted Gross Margin for Full Year 2021 NEW YORK–(BUSINESS WIRE)–Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) (FSE: 3LP) (“Columbia Care” or the “Company”) today reported financial and operating results for the third quarter ended September 30, 2021. All financial information is unaudited and provided in US dollars unless otherwise indicated. “We are pleased to report accelerating momentum and another record quarter for Columbia Care as fundamentals continue to improve and we execute on our national strategy,” said Nicholas Vita, CEO of Columbia Care. “With sequential revenue growth of over 20%, Columbia Care has continued to outpace the market while also maintaining margin discipline to achieve record company profitability, reflected in increased EBITDA margin and gross margin for the quarter.” Vita continued, “In the third quarter, we opened new dispensaries in New Jersey and Missouri, and, in line with our technology roll out, we progressed with the launch of Cannabist locations, with eight conversions completed to date, including Downtown Boston. We continued to gain market share and grow margins in Florida, where we will be converting all our dispensaries to Cannabist from Columbia Care. As expected, we are seeing tangible operational benefits driven by our proprietary technology solutions, such as Forage.” “Our team continues to execute on our strategic objectives and to be the first to seize…

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Source : Columbia Care Reports Record Third Quarter 2021 Results

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