Foley Hoag Represents Columbia Care in $69M Acquisition of Project Cannabis
December 3, 2020
Foley Hoag LLP advised global cannabis operator Columbia Care Inc. (NEO: CCHW) (OTCQX: CCHWF) (FSE: 3LP) in its $69 million acquisition of Project Cannabis, a leading cannabis cultivator, wholesaler and retailer based in Los Angeles, California. Total transaction consideration includes approximately $52.5 million in Columbia Care stock and an additional consideration of $16.5 million anticipated to be paid to the sellers from the proceeds of a subsequent sale of Project Cannabis’ real estate assets.
Columbia Care, headquartered in New York, 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. The company currently operates 100 facilities including 76 dispensaries and 24 cultivation and manufacturing facilities. The acquisition of Project Cannabis will further enhance the breadth and quality of Columbia Care’s product offerings. Through the retail channel, Project Cannabis will cross-sell Columbia Care’s medically-focused and new adult use product lines—along with its existing brand portfolio—leveraging its long-standing distribution network of over 100 dispensaries across California.
Foley Hoag attorneys Erica Rice, Corey Brown, Jason Roche and Patricia Pérez Elias represented Columbia Care in the transaction, with assistance from Kip Cawley, Terry Martland, Jeff Ganguly and Jesse Alderman.
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