Columbia Care acquires regional medical marijuana company

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Columbia Care Inc. signed a definitive agreement to acquire Maryland-based Green Leaf Medical, LLC, a privately held, cannabis multi-state operator in the mid-Atlantic region, for approximately $240 million.

The deal includes the potential for additional performance-based milestone payments.

Columbia has medical marijuana locations in Smyrna, Rehoboth Beach and north Wilmington.

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 markets.

Columbia Care will be one of the largest and most efficient operators in Pennsylvania, Maryland, Ohio and Virginia.

Green Leaf is one of the largest private cannabis companies in the United States and a market leader in the mid-Atlantic region with cultivation, extraction, processing, and retail operations across a four-state area.

In addition to its dispensary footprint, Green Leaf also brings a leading wholesale market position in both Pennsylvania and Maryland.

Green Leaf has online ordering and home delivery services in Maryland and Virginia.

“This combination affirms Columbia Care’s position as one of the largest cultivators, manufacturers and retailers in four key states – Pennsylvania, Virginia, Ohio and Maryland – three of which are expected to convert from medical to adult use in the next 24 months,” said Nicholas Vita, CEO of Columbia Care.”

The company’s acquisition of Green Leaf is expected to close in the summer of 2021.

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