Columbia Care Signs Definitive Agreement to Acquire Green Leaf Medical

The acquisition substantially expands Columbia Care's footprint and operating scale in the East Coast and Mid-Atlantic regions.


NEW YORK--(BUSINESS WIRE)--PRESS RELEASE--Columbia Care Inc. has signed a definitive agreement to acquire Green Leaf Medical, LLC, a privately held, fully-integrated cannabis multi-state operator (MSO) based in the mid-Atlantic region, for approximately $240 million with the potential for additional performance-based milestone payments.

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, limited license markets by materially enhancing the scale and capabilities of its seed-to-sale operations. Subject to the regulatory approval process, Columbia Care will be one of the largest and most efficient operators in Pennsylvania, Maryland, Ohio and Virginia. Founded in 2014 by Philip Goldberg and Kevin Goldberg, Green Leaf is one of the largest private MSOs in the United States and a market leader in the Mid-Atlantic region with cultivation, extraction, processing and retail operations across its four-state footprint. In addition to its dispensary footprint, Green Leaf also brings a leading wholesale market position in both Pennsylvania and Maryland, where its products are most widely sold under its nationally recognized gLeaf brand, including extracts and pre-rolls. Green Leaf facilitates online ordering, its operational home delivery services in Maryland and Virginia, and proprietary inventory and order management capabilities via its gLeaf Marketplace platform.

“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. Green Leaf complements our retail footprint and brings wholesale leadership through which we can drive our portfolio of brands and unique products. The transaction is immediately accretive to gross margin, Adjusted EBITDA and Cash Flow from Operations,” said Nicholas Vita, CEO of Columbia Care. “Ohio and Pennsylvania are already two of our top performing markets by revenue and Adjusted EBITDA, and this transaction makes us one of the largest, most scaled wholesale and retail operators. In Maryland and Virginia, Green Leaf materially expands our wholesale footprint, retail dispensary network and the scope of our home delivery services. Acquiring Green Leaf immediately converts Maryland to an Adjusted EBITDA positive market. In addition, it accelerates our growth and profitability in Virginia, Ohio and Pennsylvania. No organization in the industry will be better positioned to serve patients and customers in the Mid-Atlantic than Columbia Care. We are proud to partner with the Green Leaf team and organization and look forward to delivering the best suite of products and services available in the market.”

Commenting on the acquisition, Philip Goldberg, Green Leaf’s CEO and co-founder, stated: “Columbia Care is the ideal partner to take Green Leaf through its next phase of growth. In conjunction with its existing scale and market-leading strategy across its portfolio, Columbia Care’s dedication to ensuring optimal accessibility and product quality aligns with our values and will improve our ability to serve and expand our customer base throughout the mid-Atlantic.”

Kevin Goldberg, co-founder, general counsel and president of Green Leaf added: “We are excited to have the opportunity to expand the gLeaf brand beyond the Mid-Atlantic region, and our partnership with Columbia Care gives us the ability to accomplish this quickly and efficiently. As founders and shareholders, we’ve built one of the best organizations in the industry, and we wanted to partner with a like-minded company in terms of its mission, values and culture. We look forward to joining Columbia Care’s leadership team to capitalize on the many operational synergies across each of our markets and deliver unparalleled results.”

The company’s acquisition of Green Leaf is expected to close in the summer of 2021. Upon closing of the transaction, the entire Green Leaf management team will be retained and its CEO and co-founder, Philip Goldberg, is expected to join Columbia Care’s Board of Directors.

Vita continued: “Green Leaf has built a fantastic business, and as a result, they have market leading trust and loyalty among the patients and communities they serve. We immediately recognized the similarities in how our companies were formed and the way we define and achieve success. By leveraging Green Leaf’s legacy and market position, we look forward to continuing the growth, innovation and customer focus that both companies are known for across the industry.”

Transaction Highlights

Closing of the acquisition is subject to customary conditions, including regulatory approvals. At closing, the company will make a payment of $240.0 million, consisting of a cash payment of $45.0 million with the balance of $195.0 million being satisfied by the issuance of 43,900,144 common shares of the company.

Additional Highlights


  • One of the largest and most scaled cultivators and processors in Pennsylvania, with a 274,000-square-foot cultivation and processing facility; approximately 100,000 square feet of this capacity is currently operational, and fully-funded construction on the additional 174,000 square feet is expected to be completed by year-end 2021.
  • One of the state’s largest wholesalers; products are sold in approximately 85% of Pennsylvania’s 100 operating dispensaries.
  • Perfects vertical operations when combined with Columbia Care’s three operating dispensaries, positioning the company for further growth in the state going forward and streamlines path to additional consolidation among Pennsylvania dispensary license holders.
  • Governor has indicated an intent to convert the state’s program from medical to both adult use and medical use.


  • Fully built and operational 42,000-square-foot cultivation and production facility.
  • Two operating dispensaries with a third dispensary license in development.
  • One of the state’s largest wholesalers, with products sold in approximately 44% of the state’s 95 operating dispensaries.
  • Operates a robust statewide home delivery service, with 14 delivery vehicles and personnel that can be leveraged in adjacent markets of Washington, D.C., Virginia and Delaware via existing Columbia Care footprint.
  • The transaction increases Columbia Care’s total Maryland dispensary license count to four, which is the maximum number allowed per operator in the state.
  • Ongoing discussions in legislature to convert from medical only market to medical and adult use.


  • Green Leaf is the largest cultivator in the state, with 100% ownership of its 82,000-square-foot cultivation and production facility.
  • Commenced cultivation operations in May 2020 and retail operations in November 2020.
  • Serves as the state’s exclusive retailer in 20 counties in central Virginia—including the state capital, Richmond—and offers home delivery across the state with 10 vehicles.
  • Adds to Columbia Care’s operations in Southeastern Virginia, which includes a cultivation and production facility as well as one operating dispensary in the Norfolk area.
  • Each license entitled to operate one co-located cultivation/dispensary facility and five stand-alone dispensaries in their authorized region.
  • Governor has indicated an intent to convert the state’s program from medical to both adult use and medical use.


  • Green Leaf operates one retail dispensary – enabling Columbia Care to achieve the statutory maximum number of dispensaries owned and operated by one organization.
  • The 7th most populous state in the country has an expansive list of qualifying medical conditions that is expected to help generate an estimated $505 million market by 2022.
  • With the addition of the Green Leaf dispensary, Columbia Care will have five operating dispensaries in the state, the maximum number allowed per operator, along with its existing 63,000-square-foot cultivation and production facility.

All amounts reflected in this press release and references to $ are in U.S. dollars.


Canaccord Genuity Corp. is serving as lead financial advisor with Alliance Global Partners as co-advisor, and Foley Hoag LLP is serving as legal counsel to Columbia Care. INFOR Financial Inc. is acting as the exclusive financial advisor and the Dentons cross-border cannabis group is acting as legal counsel to Green Leaf.