Foley Hoag LLP represented New York-based Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) (FSE: 3LP) in signing a definitive agreement to acquire Green Leaf Medical, LLC, a privately held, fully-integrated cannabis multi-state operator based in the mid-Atlantic region, for approximately $240 million with the potential for additional performance-based milestone payments. Following the close of two acquisitions that established Columbia Care as a market leader in the two largest cannabis markets in the world (California and Colorado), the acquisition of Green Leaf expands Columbia Care’s operational scale and footprint in four key, limited license markets by materially enhancing the scale and capabilities of its seed-to-sale operations. Subject to the regulatory approval process, Columbia Care will be one of the largest and most efficient operators in Pennsylvania, Maryland, Ohio and Virginia. Upon closing of the transaction in summer 2021, the entire Green Leaf management team will be retained and its CEO and Co-Founder, Philip Goldberg, is expected to join Columbia Care’s Board of Directors.
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. The company 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 107 facilities including 80 dispensaries and 27 cultivation and manufacturing facilities, and is one of the original providers of medical cannabis in the United States. It continues to deliver an industry-leading, patient-centered medicinal cannabis operation that has quickly expanded into the adult use market as a premier operator.
Foley Hoag attorneys Erica Rice, Kevin Lin, Patricia Pérez Elias and Shir Wisenberg represented Columbia Care in the transaction, with specialist support from Kip Cawley, Terry Martland, Jesse Alderman, Josh Jarvis, Jeff Ganguly, Jeremy Meisinger, Chris Feudo and Austin Ownbey.