NEW YORK--(BUSINESS WIRE)--Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) (FSE: 3LP) is pleased to announce that it has closed its previously announced bought deal private placement offering. Pursuant to the Offering, the Company issued and sold an aggregate of 3,220,000 common shares of the Company at a price of C$9.00 per Share for aggregate gross proceeds to the Company of C$28,980,000, which includes the exercise, in full, of the underwriter’s option by Canaccord Genuity Corp., who acted as sole underwriter of the Offering.
The Shares were offered for sale on a private placement basis in certain provinces of Canada pursuant to applicable exemptions from the prospectus requirements of Canadian securities laws. The Shares were also sold in the United States to or for the account or benefit of “U.S. persons” (as defined in the United States Securities Act of 1933, as amended)(the “U.S. Securities Act”), on a private placement basis to “qualified institutional buyers” pursuant to an exemption from the registration requirements of the U.S. Securities Act, and in certain jurisdictions outside of Canada and the United States, in each case in accordance with applicable laws. The Shares issued are subject to a customary four-month hold period under Canadian securities laws.
The net proceeds from the Offering will be used for working capital and general corporate purposes.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The Shares have not been and will not be registered under the U.S. Securities Act or any state securities laws. Accordingly, the Shares may not be offered or sold within the United States or to or for the account or benefit of “U.S. persons” unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Columbia Care
Columbia Care 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 108 facilities1 including 81 dispensaries and 27 cultivation and manufacturing facilities. Columbia Care is one of the original providers of medical cannabis in the United States, and continues to deliver an industry-leading, patient-centered medicinal cannabis operation that has quickly expanded into the adult use market as a premier operator. The company currently offers products spanning flower, edibles, oils, and tablets, and manufactures popular brands including Seed & Strain, Amber and Platinum Label CBD. 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. For more information on Columbia Care, please visit www.col-care.com.