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Columbia Care Inc. (NEO: CCHW) (CSE:CCHW) (OTCQX:CCHWF) (FSE: 3LP) reported its financial and operating results for the third quarter ended September 30, 2022.
About Q3 2022:
Top 5 Markets by Revenue in Q3 are California, Colorado, New Jersey, Ohio, and Virginia. And, the top 5 Markets by Adjusted EBITDA in Q3: are Colorado, New Jersey, Ohio, Pennsylvania, Virginia.
Nicholas Vita, CEO of Columbia Care, said their 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 and standout profitability improvements in another challenging quarter, with revenue increasing 2.4% sequentially to $133 million in the quarter. Adjusted EBITDA improved 74% over Q2 to $21 million, with sixteen of our seventeen markets generating positive EBITDA in the quarter,” Vita added.
Announced execution of agreement relating to first asset divestiture on November 4, with Illinois, Massachusetts, and New York assets being sold to Sean “Diddy” Combs, via Combs Enterprises; the remainder of the asset divestiture process is continuing to move forward with an additional announcement expected soon; and Closing of Cresco transaction anticipated to be around the end of the first quarter of 2023.
Outlook: Columbia Care expects sequential topline performance to be flat to low-single-digit growth in the fourth quarter. In addition, the Company expects an Adjusted EBITDA margin in the mid-to-high teens in the fourth quarter.
“At this time, Columbia Care’s 2022 outlook does not assume any additional changes in the regulatory environment in markets where Columbia Care currently operates. This also excludes potential future market changes where a conversion from medical only to adult use is under consideration by a governor and/or legislature,” according to the press release.
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