Columbia Care Inc. completed the acquisition of Green Leaf Medical, LLC. (2024)

Columbia Care Inc. (CNSX:CCHW) signed a definitive agreement to acquire Green Leaf Medical, LLC for approximately $250 million on December 21, 2020. At closing, Columbia will make a payment of $240 million, consisting of a cash payment of $45 million with the balance being satisfied by the issuance of 43,900,144 common shares of the Columbia with the potential for additional performance-based milestone payments in 2022 and 2023. Upon closing of the transaction, the entire Green Leaf management team will be retained and its Chief Executive Officer and Co-Founder, Philip Goldberg, is expected to join Columbia Care’s Board of Directors. The acquisition of Green Leaf is subject to regulatory, unit holder approval and the waiting period required by the HSR Act and the regulations promulgated thereunder shall have expired or been terminated. The transaction is expected to close in the summer of 2021. As of March 3, 2021, the transaction is expected to close in the 3rd quarter of this year. The transaction is immediately accretive to gross margin, Adjusted EBITDA and Cash Flow from Operations with Acquisition Multiple of Approximately 4.8x 2021 Adjusted EBITDA. Canaccord Genuity Corp. is serving as lead financial advisor with Alliance Global Partners as co-advisor, and Erica Rice, Kip Cawley, Shir Wisenberg, Terry Martland, Jesse Alderman, Josh Jarvis, Jeff Ganguly, Chris Feudo and Austin Ownbey of Foley Hoag LLP is serving as legal counsel to Columbia Care. INFOR Financial Inc. acted as the exclusive financial advisor and Eric Foster, Eric P. Berlin and R. Matthew Garms of Dentons US LLP acted as legal counsel to Green Leaf.Columbia Care Inc. (CNSX:CCHW) completed the acquisition of Green Leaf Medical, LLC on June 11, 2021.