Columbia Care sees triple-digit growth thanks to Illinois

458 0

The cannabis company has quickly risen to the top of the charts

As one of the states with the largest populations in the US, Illinois legalized adult sales for recreational use of cannabis within its borders just recently and some companies are starting to collect the benefits of the boom in sales that the Prairie State is experiencing. Columbia Care Inc. is one of the largest operators that are fully integrated into the global cannabis industry, with licenses all over the US and EU, and yesterday it shared updated information regarding its operations in Illinois. This update was also included results from recreational sales from the Chicago area and reports from The Green Room Social Equity Partners LLC and Malcolm Partners LLC, in which Columbia Care is a minority partner.

During Illinois’ first day of legal recreational sales on January 1, lines were formed outside virtually all dispensaries in Chicago for hours, even before they opened. And, with this great momentum, Columbia Care’s dispensary in Chicago experienced an increase of over 260% in the number of transactions and over 100% in revenue in comparison to daily averages in December 2019.

According to Nicholas Vita, CEO of Columbia Care, “We are off to a great start in Illinois with initial results exceeding our expectations based on our experience in other markets that have converted from medical only to adult use. We believe the long-term impact on revenue to be three to four times prior to medical-only levels. With the opening of our second Chicago location later this year leveraging our recently upgraded cultivation, manufacturing and packaging facility in Aurora, we are well-positioned to meet increased demand for quality cannabis products, including flower, through both the wholesale and direct to consumer retail channels.”