US (CA): Columbia Care closes $69 million acquisition

Columbia Care has completed its acquisition of Project Cannabis, a 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.

Project Cannabis’ fully integrated portfolio includes four dispensaries and one 36,000ft2 state-of-the-art cultivation facility. "To begin realizing margin synergies, Columbia Care will start manufacturing Project Cannabis’ extracted products and concentrates at the Company’s 45,000ft2 manufacturing facility in San Diego," Columbia Care team explains. "Through the retail channel, Project Cannabis will cross-sell Columbia Care’s medically-focused and new adult use product lines—along with its existing brand portfolio—leveraging its long-standing distribution network of over 100 dispensaries across California."