Columbia+Care+Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) (FSE: 3LP) (“Columbia Care” or the “Company”), one of the largest and most experienced cultivators, manufacturers and retailers of cannabis products in the U.S., announced today that it has undertaken a number of initiatives to increase efficiency, decrease expenses and transition to cash flow positive in order to further strengthen its operations and financial performance. The Company closed four unprofitable dispensaries in California (1) and Colorado (3) and consolidated cultivation operations in California, Colorado and Pennsylvania to improve their Adjusted EBITDA contribution. In addition, the Company has decreased corporate headcount by approximately 25%. As a result, the Company expects to show a sustained improvement in its long-term expense ratio as well as a decrease in its cash burn. Excluding the impact of today’s announced changes, Columbia Care ended 2022 with more than $48 million in cash on the balance sheet, highlighting a free cash flow burn rate of less than $2 million in the fourth quarter, a sequential improvement of approximately $30 million.
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