Columbia Care reports higher marijuana revenue, bigger losses

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Columbia Care, a New York-based multistate cannabis operator, reported revenue of $19.3 million for the second quarter ended June 30, up from $9.6 million in the same period last year.

Net loss for the period was $33.7 million, compared with a loss of $4.2 million in the second quarter of 2018.

The company said the increased losses stemmed from a combination of expansion initiatives and noncash expenses that included share-based compensation plans.

Columbia Care has relied on organic growth to date but is now targeting merger and acquisition opportunities, CEO Nicholas Vita said during a conference call.

The company would be looking at distribution and technology platforms for future M&A possibilities, he added.

Columbia Care, which trades on the NEO Exchange in Canada under the ticker symbol CCHW, has operations in 12 of its 15 jurisdictions following the opening of locations in Florida, Ohio and Puerto Rico after the second quarter ended.

More details on the company’s results can be found here.