Columbia Care Announces Second Tranche of Debt Financing, Raising Over US$54.0 Million in Aggregate

Jun 19, 2020•over 5 years ago

Amount Raised

$54 Million

New York

Description

Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) (FSE: 3LP) (“Columbia Care” or the “Company”) today announced the expected completion of the second tranche of its previously announced US$50.0 million financing with the offering of an aggregate principal amount of US$15.7 million in 5.00% senior secured convertible notes due 2023 (the “Convertible Notes”). US$12.8 million of escrowed funds are expected to close on or by June 22, 2020 with the remaining binding commitments closing in early July. The Convertible Notes can be exchanged into common shares of the Company at a previously negotiated price of C$3.79, representing a 20% premium to the closing volume weighted average price as of June 1, 2020

Company Information

Company

Columbia Care

Location

New York, New York, United States

About

Columbia Care is one of the largest and most experienced cultivators, manufacturers and providers of medical and adult use cannabis products and related services with licenses in 18 US jurisdictions and the EU. Columbia Care currently operates 99 facilities1 including 76 dispensaries and 23 cultivation and manufacturing facilities. Columbia Care is one of the original providers of medical cannabis in the United States, and continues to deliver an industry-leading, patient-centered medicinal cannabis operation that has quickly expanded into the adult use market as a premier operator. The company currently offers products spanning flower, edibles, oils, and tablets, and manufactures popular brands including Amber and Platinum Label CBD. With more than four million sales transactions since its inception in 2012, Columbia Care is known for setting the standard for compassion, professionalism, quality, care, and innovation in the rapidly expanding cannabis industry. For more information on Columbia Care, please visit www.col-care.com.

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