Columbia Care Inc (CCHW) News

Sold most of my shares here today took the loss and redeployed the tithe to cannabis in more supportive places. I wish everyone the best of luck.

Concentrating assets is a good idea imo. It does not matter which candidate wins. If Harris legalizes nationally they can ship. If trump wins state by state will kill the msos scattered everywhere. Strange times for sure!

Yikes

https://www.greenmarketreport.com/cannabist-lender-fed-up-with-being-ghosted/

Kamala harris… mentions Weed

https://www.marijuanamoment.net/kamala-harris-says-we-need-to-legalize-marijuana-for-first-time-as-democratic-presidential-nominee/

What's the news?? Up almost 15%

https://www.benzinga.com/markets/cannabis/24/08/40565929/leading-us-cannabis-operator-gets-buy-rating-amid-strategic-divestment-and-growth-initiative

I'm afraid they have it all backwards. The Cannabist is SELLING (not acquiring).

https://www.tipranks.com/news/the-fly/cannabist-to-acquire-lakeland-cultivation-facility-14-dispensaries-for-16-4m

https://mjbizdaily.com/verano-to-acquire-arizona-virginia-cannabis-licenses-from-cannabist-co/

Sold some assets. More cash available.

Not that I'm complaining or anything but why are we up 20% today???

https://themarijuanaherald.com/2024/07/its-the-final-week-to-submit-comments-on-the-deas-marijuana-rescheduling-proposal/

https://finance.yahoo.com/news/cannabist-company-bloom-introduce-cutting-110000456.html

Come on baby time to go back to five dollars

I recommend going to YouTube and searching trade to Black interview with Nancy Mace.

She is well informed on cannabis. A great advocate for our cause.

It might be the best politician I've ever heard in an interview.

https://thecapitolist.com/florida-supreme-court-to-issue-ballot-initiative-decisions-on-monday/amp/

Thanks for clarifying. Makes sense now

I think you're confusing the number of outstanding shares with the number of shares owned. MSOS is an ETF, so it's basically a basket of cannabis stocks that tries to hold each company's stock in proportion to their market value. If MSOS buys shares of CBSTF to hold in their fund that makes the price of CBSTF go up.

If I had been referring to the number of issued and outstanding shares, then yes, reducing is good, and increasing is bad.

Why is adding shares a good sign? I would think reducing shares would be a good sign.

As of 2/1/2024 Advisor Shares MSOS ETF held 34,215,176 shares of The Cannabist
As of 2/22/2024 Advisor Shares MSOS ETF holds 36,960,431 shares of The Cannabist

They have added 2,745,255 shares of CBSTF so far this month. Good sign.

https://www.cannabisbusinesstimes.com/news/cresco-labs-sunnyside-dispensary-gettysburg-pennsylvania-opening/

Thank you for sharing. It is funny to see this in the FP. We have arrived. Now those in control smell $ things will move quickly. It has been a long time coming but I believe worth the wait.

https://financialpost.com/pmn/business-wire-news-releases-pmn/the-cannabist-company-expands-retail-and-wholesale-partnership-with-rapidly-growing-vaporizer-brand-airo

https://thedalesreport.com/cannabis/additional-analysis-on-canopy-growths-q3-2024-earnings/

've listened to hundreds of interviews with leading figures in the cannabis space over more than a decade and have to say that Jesse Channon belongs at the very top. His vision for The Cannabist Co. is honest and practical. He's absolutely correct regarding Florida and a portfolio spread of circa 15% is calculated and smart.

Nice volume this morning.

Who knows? Just another day in the cannabis space. Things tank when they should fly and rise on nothing but air. I am just collecting a spectrum of companies canadian, american and international. Good luck all!

What is going on? What happened today?

Here is an interview with Montel lots of info. I can not believe that people do not recognize the opportunity here.

Here is an interview with Montel lots of info

Excellent interview with the new CEO of The Cannabist. I have always liked this company. They are making good decisions and are ready to thrive imo

It is about to get much heavier. Tweed/Canopy was just the appetizer. It has been a while for the meal to be served but it will be worth the wait. I bought these guys much higher and they are a better company today than they were then. It is hard to find places to make money and make the world better at the same time. I am capitalizing on it at every opportunity lol. I do not see a situation where retail gets to scoop institutions again.

It is about to get much heavier. Tweed/Canopy was just the appetizer. It has been a while for the meal to be served but it will be worth the wait. I bought these guys much higher and they are a better company today than they were then. It is hard to find places to make money and make the world better at the same time. I am capitalizing on it at every opportunity lol. I do not see a situation where retail gets to scoop institutions again.

$CBSTF
https://x.com/hannahadad8890/status/1743240617616928853?s=61

Good timing on your part. Up 16% today on HEAVY volume.

Bought more today. Will continue to do this as long as the company stays on an upward trajectory.

There are many options in the US and globally and as one of my main US choices I still pick these guys
This video shows why

The Cannabist just made a deal with Old Pal Watching this one closely

This is the US cannabis company I like the best. The MSOS in the US will face the same headwinds the Canadian companies did and these guys have chosen a controlled rollout and prime locations over just a land grab. The thought they put in to every aspect of the business will pay off imo.
He has done exactly what he said he would and it is a better company now than it was over $2. I am averaging down. Staying diversified in the sector tho! Change happens so fast.

It will be interesting to watch this one. What a rollercoaster this industry is! Have to learn the new ticker lol! I did not recognize it. Portfolio has been kinda on autopilot but I think things are going to get interesting in the next 60 days or so. Jmo

CCHWF changed to CBSTF:

https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes

Columbia Care Announces Corporate Actions to Accelerate Operational Efficiencies and Cash Flow Generation

NEW YORK, July 31, 2023--(BUSINESS WIRE)--Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) (FSE: 3LP) ("Columbia Care" or the "Company"), one of the largest and most experienced cultivators, manufacturers and retailers of cannabis products in the U.S., today provided additional corporate updates following on the separate announcement earlier today.

"Over the past 16 months, we have implemented important changes to Columbia Care that have resulted in a stronger and more efficient company. We have an outstanding portfolio of scaled markets – one of the best in the industry – with key states like New York and Maryland having recently transitioned to adult use, Delaware poised to transition to adult use, and additional retail locations in growth markets such as New Jersey and Virginia under development, all of which should fuel continued topline growth opportunities and facilitate the rollout of our national retail brand, Cannabist, as well as our portfolio of category-leading product brands. In addition, we have taken steps to enhance our liquidity position, reduce interest expense, extend debt maturities, and have continued to reduce costs at the corporate level to enhance profitability. Including the impact of the organizational changes announced today and the recent integration of Green Leaf Medical, LLC, since December 2022, we have eliminated over $38 million, net, in annual expense, while also improving our organizational design to accelerate decision-making and leverage our scale in markets more effectively. This also sets the stage for the execution of our capital markets strategy and enables us to proactively manage our balance sheet. Over the next 12 months, we intend to launch a number of initiatives to further our goals of ongoing margin improvement, free cash flow generation, driving shareholder value and profitably capturing additional market share across the country," said Nicholas Vita, CEO of Columbia Care.

Vita continued, "With the uncertainty of the past 16 months behind us, along with the enthusiasm and energy that accompanies moments of renewal, our team welcomes the next stage of Columbia Care’s growth and expansion. In spite of the challenges we have faced, the team has remained committed to the success of our Company and, as is obvious from the pace of activity, has been engaged at all levels, actively preparing for the future. We are excited to show our stakeholders, communities and one another what we are capable of, and I am grateful to all of my colleagues for keeping our mission and values at the forefront of everything we do."

Business Update

The following capital markets and operational initiatives are intended to drive shareholder value, improve profitability, accelerate the reduction of debt and interest expense, and improve free cash flow:

The Company has received commitments from several of its largest holders of its 13% senior secured notes due May 2024 (the "2024 notes") to exchange into the Company’s 9.5% senior secured notes due February 2026, on a one-for-one basis. The Company is in ongoing discussions with a limited group of additional bondholders to exchange more 2024 notes under the same structure. These private exchange agreements will meaningfully reduce the amount of the $38.2 million principal of notes due in May 2024, reduce the cash interest cost for the exchanged notes by 350 basis points, and extend the maturity of the converted notes to February 2026. More details will be provided upon closing of the exchange which will be in the third quarter. The Company intends to pursue additional alternatives to reduce debt, reduce interest expense and extend maturities. In that vein, Columbia Care has been contacted by several of the largest debtholders in addition to those holders of the 2024 notes that have already committed to the ongoing exchange, in order to facilitate the Company’s balance sheet enhancement efforts.

Columbia Care has completed the final phase of its previously announced corporate restructuring plan and expects to realize an additional net benefit to EBITDA of approximately $950,000 in 2023 and approximately $3.8 million in 2024. The primary source of the additional savings is a 52-person headcount reduction, primarily from gLeaf corporate redundancy, as well as facility rightsizing and dispositions. These operational improvements are expected to be cash flow positive in 2023 and 2024.

Following the announcement of the first stage of non-core/underperforming asset sales in Missouri, the Company announced today that it has closed on the sale of its Downtown Los Angeles facility, consisting of a single dispensary and approximately 36,000 square feet of cultivation capacity. Gross proceeds are approximately $9 million, and the Company expects to net $3 million after taxes and the repayment of the outstanding mortgage. This sale will not only add to the Company’s cash balance but will also reduce overall debt and make permanent a net reduction in annual operating costs of more than $8.5 million for Columbia Care operations in California. All asset sale proceeds are being prioritized for debt reduction.

Based on advanced discussions the Company is having with a U.S. senior exchange, Columbia Care is announcing that it will consolidate its equity trading activity onto the Cboe Canada, the new business name of the NEO Exchange. In connection with this corporate action, Columbia Care is submitting a request to voluntarily delist its securities from its secondary, venture exchange, the Canadian Securities Exchange (the "CSE"). The effective date of the CSE delisting will be made public when confirmed and is subject to the CSE’s approval. Cboe Canada will remain the Company’s primary exchange, as it has been since the Company’s initial public listing. As one of two U.S. multistate cannabis operators listed on a senior exchange, the Company remains committed to maintaining its unique access to institutional investors, including inclusion in MSCI1 equity index benchmarks and their corresponding investors. Focusing trading activity on a single, senior exchange will allow for a more orderly closing price formation and greater transparency for the company and investors. As part of the process to complete an uplisting to a senior U.S. exchange and enhance investor flexibility, based on several factors including uplisting timing, market conditions and normalized trading dynamics, the company intends to pursue a share consolidation, to satisfy margin eligibility or initial listing requirements. The Company already reports in U.S. GAAP and is an SEC registrant in good standing.

Finally, the Company also announced two senior leadership changes. Effective today, Columbia Care has named David Hart as President & Chief Operating Officer and Jesse Channon as Chief Commercial Officer. Mr. Hart will continue to oversee all revenue-driving functions and Mr. Channon, formerly Chief Growth Officer, will oversee retail, wholesale, technology innovation, marketing, and communications.

Over the next several quarters, Columbia Care looks forward to sharing additional updates to highlight the impact of operational improvements as well as those changes we intend to implement to enhance profitability, beginning with our second quarter earnings release on August 14.

Conference Call and Webcast Details

The Company will host a conference call today, July 31, 2023 at 9:00 a.m. ET to discuss the announcement.

To access the live conference call via telephone, participants must pre-register at https://register.vevent.com/register/BId3571a1adc1d4132bae86dd53b2ae85c. After registering, instructions will be shared on how to join the call for those who wish to dial in. A live audio webcast of the call will also be available in the Investor Relations section of the Company's website at https://investors.columbia.care/ or at https://edge.media-server.com/mmc/p/poyxfkhh.

A replay of the audio webcast will be available in the Investor Relations section of the Company’s website approximately 2 hours after completion of the call and will be archived for 30 days.

Mon, July 31, 2023 at 7:21 AM CDT

CHICAGO, July 31, 2023--(BUSINESS WIRE)--Cresco Labs (CSE:CL) (OTCQX:CRLBF) (FSE: 6CQ) ("Cresco" or "the Company") and Columbia Care (NEO:CCHW) (CSE:CCHW) (OTCQX:CCHWF) ("Columbia Care") today announced a mutual agreement, dated July 30, 2023, to amicably terminate the definitive arrangement agreement dated March 23, 2022, as amended on February 27, 2023, pursuant to which Cresco agreed to acquire all of the issued and outstanding shares of Columbia Care (the "Transaction"). There are no penalties or fees related to the mutual agreement to terminate the Transaction.

"In light of the evolving landscape in the cannabis industry, we believe the decision to terminate the planned transaction is in the long-term interest of Cresco Labs and our shareholders. We want to express our sincere gratitude to Columbia Care for their valuable collaboration and dedication during this transaction," said Charles Bachtell, CEO and Co-founder of Cresco Labs.

He continued, "Moving forward, we remain committed to our Year of the Core strategy, which involves the swift restructuring of low-margin operations, improving competitiveness and driving efficiencies in markets where we maintain leading market share, and scaling operations to prepare for growth catalysts in emerging markets. A strong core will enable us to take advantage of the margin accretive, growth opportunities we foresee within this tough economic time for the cannabis industry. While this is not the outcome we originally hoped for, we are confident Cresco Labs is in a stronger position moving forward."

"After careful consideration, we are confident in the mutual decision to move forward as separate, standalone companies. This is the best path forward for Columbia Care’s employees, customers, and shareholders. We are thankful for the collaboration and partnership with the Cresco team throughout this extensive process," said Nicholas Vita, CEO and Co-founder of Columbia Care. "Over the last 16 months we have reviewed every aspect of our business, remained decisive and have made substantive changes that significantly improved our operations — positioning us with significant strategic and operational strength at this inflection point in the company’s history. We are looking forward to realizing the benefits of these changes as well as focusing on the opportunities in our outstanding footprint in markets with embedded upside; diversified portfolio of brands; our award-winning national retail brand, The Cannabist; recently implemented operational and organizational efficiencies; proactive balance sheet management activities; and meaningful equity capital markets initiatives that will propel Columbia Care into one of the most profitable and resilient companies in the industry over the next several years."

As an additional update, the definitive agreements dated November 4, 2022, to divest certain New York, Illinois and Massachusetts assets of Cresco and Columbia Care to an entity owned and controlled by Sean "Diddy" Combs have also been terminated, effective July 28, 2023.

By January 2024!

By June.

So much for 6-8 weeks

Were about 6 to 8 weeks away before the buy out is complete. This will be my last post on this stock.