One of the Leading Dispensaries in San Diego, The Healing Center Strengthens Columbia Care’s Vertical Operations in the World’s Largest Cannabis Market
Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) (FSE: 3LP) (“Columbia Care” or the “Company”) announced today it has acquired The Healing Center San Diego (“THCSD”), one of the leading dispensaries in Southern California, for approximately $15.0 million.
An accretive transaction for shareholders, total consideration includes $3.0 million in cash, $6.0 million in Columbia Care stock and $6.0 million in seller promissory notes. Excluding any revenue or margin synergies, the purchase price represents approximately 1.2x and 4.7x estimated 2021 revenue and Adjusted EBITDA, respectively. Since its founding, THCSD has consistently generated revenue growth, as well as positive Adjusted EBITDA and free cash flow.
THCSD, founded by Ray Taylor and Jim Dickinson, opened its doors in 2016 as one of the first dispensaries to operate in San Diego, a limited license market. Offering a wide selection of products, high touch customer service, outstanding access and an expanded sales floor that will be open soon, THCSD continually receives some of the highest online customer ratings in California’s second largest metropolitan market.
Acquiring THCSD enhances Columbia Care’s retail presence and