Columbia Care Expects To Close TGS Deal On Sept. 1

Columbia Care Inc. CCHWF has inched closer to officially owning Colorado-based The Green Solution.

The closing of the acquisition is scheduled for Sept. 1, according to a Wednesday press release.

Under the deal, Columbia Care will expand its footprint to 95 facilities open or under development. It will operate 73 dispensaries as well as 22 cultivation and manufacturing locations within 18 jurisdictions in the country and the European Union.

The transaction itself includes 23 dispensaries as well as six cultivation and production facilities. Expectations are that the newly acquired operations would generate roughly $88.5 million in revenue and $18.5 million in adjusted EBITDA in this fiscal year.

“Closing the acquisition of The Green Solution represents a major milestone for Columbia Care,” said Columbia Care CEO Nicholas Vita.

Columbia Care’s team is “grateful to our partners at TGS and applaud their vision and dedication to build one of the most successful companies in the industry,” continued Vita.

Kyle Speidell, who co-founded and operates TGS with his brother Eric Speidell, called it a “landmark acquisition,” which enables expansion of “our brands, products, and expertise to every major market in the US.”

Meantime, in July, the subsidiaries of the New York-based company entered into long-term triple-net leases with Innovative Industrial Properties Inc. IIPR for the two properties the cannabis REIT bought in New Jersey for $12.4 million.

Courtesy photo