Columbia Care, Inc. (CCHWF) (NEO: CCHW; CSE: CCHW; OTCQX: CCHWF; FSE: 3LP) reported its financial and operating results for the second quarter ended June 30, 2020.

Q2 Financial Highlights (All financial information is provided in U.S. dollars and compared to the previous quarter.)

• Revenue: increased 14.1% to $33.0M
• Gross Profit: increased 31.3% to $11.9M
• Gross Margin: increased 480 basis points to 36.1%
• Adj. EBITDA: improved 52% to $(4,734)
• Cash on Hand: increased 58% to $42.5M

Management Commentary

Nicholas Vita, CEO, had the following comments regarding the company's Q2 results:

• “Columbia Care had record results in 2Q and showed material improvements across all of its key financial metrics, enabling the company to deliver the strongest results in the Company’s history...
• With sequential top line growth every month during the second quarter, the continued operational improvements we have made across the organization give us the conviction to reaffirm revenue, gross margin, and Adjusted EBITDA guidance and convey confidence in the sustainability of the sequential gross margin and Adjusted EBITDA improvements we have seen, and expect to see going forward...
• Looking ahead, we are excited to close our acquisition of The Green Solution and incorporate Colorado into our leading, integrated national platform."

FY 2020 Forward Guidance

• Revenue: $155M to $180M
• Gross Margin: 40%
• EBITDA: positive by Q4

Stock Performance

munKNEE.com's pure-play Pot Stock Index of 25 pure-play cannabis companies that trade in excess of $US1/share is down 15% YTD but, while the American Multi-State Operators (MSOs) sector within the index is UP 11.9%, Columbia Care, a MSO itself, is UP 31.3% YTD which demonstrates:

• how well managed,
• how well-financed and
• how well the company is executing its business plan.

In recognition of the company's outstanding Q2 performance and extremely positive forward guidance its stock price continues to do well in a negative business environment brought about by the impact of the COVID-19 pandemic.

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