Cannabis company Columbia Care has reported another record quarter for cannabis revenues. For the second quarter that ended on June 30, 2021, Columbia Care generated roughly $110 million. The company’s success continues a trend that pre-dates the COVID-19 pandemic, and there is no indication that the positive results will slow down anytime soon. What does the future hold for the cannabis industry generally, and for Columbia Care in particular? Keep reading this blog to find out.
Columbia Care Generates $110 Million in Cannabis Revenues in Second Quarter 2021
According to financial and operating results reported to investors on August 12, Columbia Care generated $109.7 million in cannabis revenues during the second quarter of 2021. This was a 19% increase over revenues from the first quarter of 2021, and a staggering 232% increase over revenues from the second quarter of 2020.
Nicholas Vita, the CEO of Columbia Care, said that the cannabis company’s strong financial results are evidence of its commitment to expanding and scaling in different markets throughout the U.S., including California, Colorado, and Pennsylvania. Vita noted that Columbia Care increased its overall wholesale activity in “new and maturing markets” to strengthen the company’s national portfolio of cannabis properties. Vita also emphasized the recent acquisition of Green Leaf Medical, which was officially completed during the second quarter.
Columbia Care also continued a major rollout of its Cannabist retail storefront. The company currently has five (5) Cannabist dispensaries that sell company-branded cannabis products directly to consumers, as well as related in-house brands and products like Plant Sugar edibles, Seed & Strain flower, Triple Seven flower, and Amber and Platinum Label CBD.
Columbia Care Dispensaries Show Strong Results in California, Colorado, Massachusetts, Ohio, and Pennsylvania
The quarterly financial results from Q2 2021 indicate that the top five (5) markets for Columbia Care were California, Colorado, Massachusetts, Ohio, and Pennsylvania. This should not be surprising, since most of these are mature cannabis markets in which Columbia Care has a strong retail presence.
Columbia Care also posted impressive quarterly financial results in the following states:
- Arizona: Columbia Care showed 54% growth in Arizona cannabis revenues when compared to Q2 2020, with the higher revenues fueled by competitors’ flower shortage that led to increased demand for the company’s Seed & Strain flower brand.
- Florida: Columbia Care focused on expanding its in-house product lines, including edibles and other cannabis products. The result was a 46% increase in Florida cannabis revenues over the previous quarter, and a 335% year-over-year increase when compared to Q2 2020.
- Illinois: Columbia Care launched several new cannabis products in Illinois, including Seed & Strain vapes and Triple Seven flower, which increased foot traffic to the Cannabist Villa Park dispensary.
- New Jersey: The company’s NJ cultivation facility completed its first harvest, which will provide cannabis products to medical marijuana patients via wholesale partnerships. Columbia Care also continued development of Cannabist dispensaries located in Deptford and Hamilton Township.
- New York: Columbia Care received preliminary approval to start operations at a cannabis cultivation facility located in Long Island, NY. The company also began the process of adding four (4) more medical marijuana dispensaries in New York.
- Virginia: Columbia Care continued its active pursuit of five (5) retail dispensaries in Virginia, which would give the company a total of 12 dispensaries in the state.
Not only is Columbia Care succeeding in the current climate that is favorable to cannabis legalization, but there is also plenty of optimism among cannabis industry insiders about what the future holds for the company. Columbia Care CEO Nicholas Vita pointed toward the many states that have recently legalized marijuana for recreational use, including New Jersey, New York, and Virginia. Vita said that as these states transition to adult use, Columbia Care will have more opportunities than ever before to reach new cannabis markets.
Contact Denver-Based Scythian Real Estate for Information About Cannabis Property Financing
Columbia Care is a leading cannabis operator in Colorado, where the company has a number of The Green Solution (TGS) dispensaries. The Green Solution, and by extension Columbia Care, has an established relationship with Scythian Real Estate, a privately held cannabis real estate fund with more than a dozen properties currently serving as TGS dispensaries.
For more information about Scythian Real Estate, send an email today.
PLEASE NOTE THAT THIS BLOG IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY SECURITIES IN SCYTHIAN REAL ESTATE FUND.