Canaccord Genuity Growth Corp. (CGG) yesterday provided an update on its agreement with Columbia Care, a leading medical cannabis company in the United States.
CGG has obtained approval to extend the Escrow Release Deadline, as per an amendment of the subscription receipt agreement terms.
On November 21, 2018, CGG announced its definitive agreement with respect to a business combination with Columbia Care LLC. CGG issued subscription receipts in consideration of US$85.1 million pursuant to a brokered institutional private placement.
“Pursuing the merger with Canaccord Genuity Growth Corporation is among the most important corporate decisions since Columbia Care’s founding,” said Nicholas Vita, chief executive officer of Columbia Care.
“It will enable us to access the public equity markets opportunistically to accelerate growth, enhance the efficiency of our operations and, at the same time, showcase our governance, strategy and enhanced transparency for regulators, stakeholders and partners,” said Mr. Vita.
“Our steady stream of accomplishments since the announcement of our merger with CGGC, including our expansion into Europe, demonstrates our relentless execution.
“As we prepare to navigate regulatory review and approval by Canadian authorities and move forward with our strategy, our enthusiasm remains rooted in the opportunities that lay ahead.”
Columbia Care continues to actively pursue the growth and development of its operational footprint in selected jurisdictions, including:
Approval of its licensure application by Malta’s economic development agency is expected to give Columbia Care the ability to import, export, manufacture, cultivate and distribute in the European Union subject to local laws and regulations, the first of its kind for a US-based cannabis company.
The opening of two additional medical cannabis dispensaries in Pennsylvania, expands accessibility and availability for patients in that state. All three of Columbia Care’s Pennsylvania locations were serving qualifying patients as of mid-December.
Columbia Care’s was selected by the New Jersey Department of Health to apply for a permit to cultivate, process and dispense cannabinoid-based products to qualifying patients at its planned Columbia Care New Jersey Alternative Treatment Centre in Vineland, New Jersey, upon completion of final regulatory steps.
Columbia Care was one of only six alternative treatment centers to be chosen by the State, giving Columbia Care the opportunity to focus on its commitment of delivering high quality and consistent cannabinoid-based medicines to its patients.
GMP Certification of Columbia Care’s Florida medical cannabis manufacturing facility, located in Arcadia, Florida, in accordance with the Florida Department of Health’s requirements pertaining to the processing, extraction and production of medical cannabis.
Columbia Care Florida plans to produce Columbia Care’s portfolio of proprietary, pharmaceutical-quality products including sublingual tinctures, tablets, vaporization, and other application formats.
Selection by the Virginia Board of Pharmacy as one of only five licensees to produce and dispense cannabinoid-based medicines in Virginia. The conditional approval gives Columbia Care the ability to cultivate, produce and dispense CBD and THC oils to qualifying patients throughout the State.
Columbia Care further strengthened its cannabis research and IP development program, with the announcement of two key research initiatives:
- Partnership with The Center for Discovery, based in New York State, will collaborate on the examination of cannabis-derived medicines for the treatment of epilepsy. The partnership will use two of Columbia Care’s proprietary tablet formulations to study the efficacy of dose-metered CBD tablets in qualifying patients.
- The receipt of an R21 research grant by Columbia University Department of Psychiatry and Columbia Care to study the impact of medical cannabis on opioid use. The study will expand upon pilot data collected by Columbia Care, which examined opioid use in neuropathy patients across a wide range of indications who were administered Columbia Care’s dose-metered cannabinoid medicines