Columbia Care Inc.
Ohio legalized medical cannabis use in 2016 after an 18-15 vote in the Senate and a 67-29 vote in the House. Legal sales began in January 2019 and reached $13.5 million during the first five months, while 35,000 patients have registered for the program.
Producers see it as a key battleground, as it is the seventh-largest state by population and the fourth largest to legalize medicinal marijuana. Ohio has issued 17 Level 1 cultivation licenses and the maximum size permitted for a facility is 56,000 sq. ft.
Columbia Care secured one of those licenses and it intends to become a vertically integrated operator within the state. It chose to set up operations in Brown County due to the “attractive labor market” there. It added that the southern part of the state is underserved and it believes it can benefit patients there through a competitive expense model.
The firm has licenses in 15 different states and the plan is to begin operations in each of them during 2019. It began cultivating cannabis in California two weeks ago, Florida last week and now Ohio.
“With several more market launches to come, this is a very exciting period for the company,” said chief executive Nicholas Vita. “The opening of our facility in Mt. Orab marks the launch of our statewide strategy to establish a leading presence in Ohio, one of the most attractive, limited license markets.”
Columbia Care has been a multi-state operator for the past seven years and it aims to prove to the people of Ohio that it is the “preeminent” and “most reliable” producer in the state.
The plan is to wholesale marijuana throughout the state and sell direct to patients at future dispensaries.
Columbia Care closed at $3.79 yesterday and increased 21% to $4.58 today.
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