Columbia Care Reports Third-Quarter Gains in Cannabis Harvest, Sales

In the third quarter, ending September 30, Columbia Care, one of the biggest adult use cannabis companies in the U.S., completed its first harvest out of the second cultivation facility it built in Vineland.

The second facility added approximately 270,000 square feet of cultivation and production capacity to the company’s New Jersey footprint, as well as employing new post-harvest automation equipment to support retail and wholesale growth.

Many of Columbia’s retail dispensaries are called Cannabist. The Vineland location is at 1062 North Delsea Drive.

With the opening of the Carytown, Virginia Cannabist in October, Columbia now has 32 Cannabist locations in the U.S. and 85 dispensaries in all.

“Our third-quarter results are a testament to the embedded growth in our strategic footprint and the operational excellence we have developed over time. We achieved solid sequential topline growth in another challenging quarter, with revenue increasing 2.4 percent sequentially to $133 million,” said Nicholas Vita, CEO of Columbia Care.

“Sixteen of our 17 markets generated positive EBITDA [Earnings Before Interest Taxes Depreciation and Amortization] in the quarter; we continue to drive revenue and EBITDA growth in our emerging markets such as New Jersey, Virginia, and West Virginia, two of which are now among our top five markets by revenue,” he added.

Based on what Vita termed “operational changes,” Columbia Care has seen stabilization in its most mature markets—California and Colorado—materialize.

The company’s New Jersey retail locations expanded to full adult use hours in June and market revenue increased more than 75 percent sequentially, with growth in wholesale of nearly five times the prior quarter. This was driven by the ramping scale in the new Vineland facility.

Additional dispensaries in development include seven in Virginia, one in West Virginia, and one in New Jersey.

A version of this content first appeared on Yahoo Finance.

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