Foley Hoag LLP represented Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) (FSE: 3LP) in its acquisition of the Van de Wetering Greenhouses in eastern Long Island, New York for $42.5 million, including $15 million in cash and $27.5 million in Columbia Care stock. The acquisition of the greenhouses, which are currently used to grow ornamental flowers and other plants, positions Columbia Care to expand cultivation to meet both increasing demand from medical marijuana patients and the soon-to-come demand from adult-use customers.
Columbia Care, which operates three of its 87 dispensaries in New York, is one of the largest and most experienced multi-state operators in the medical cannabis industry. In addition to its medical cannabis products, the company offers a variety of health and wellness brands and products, including hemp CBD brands that are full spectrum, independent 3rd party tested, organic, GMO-free, and produced in cGMP-compliant facilities.
Foley Hoag attorneys Jeffrey Ganguly, Erica Rice and Jennifer Lichtman represented Columbia Care in the transaction.