Columbia Care Inc. CCHW CCHW CCHWF 3LP reported its financial and operating results for the third quarter ended September 30, 2022.

About Q3 2022:

• Quarterly revenue of $133 million, up 2.4% sequentially
• Gross profit of $52 million, up 2.5% sequentially
• Adjusted gross margin1 of 43%, up 33bps sequentially
• Adjusted EBITDA1 of $21 million, up 74.5% QoQ, and Adjusted EBITDA margin1 of 16%, up 653 bps QoQ

Top 5 markets by revenue in Q3 are California, Colorado, New Jersey, Ohio and Virginia. And the top 5 markets by Adjusted EBITDA in Q3: are Colorado, New Jersey, Ohio, Pennsylvania, Virginia.

Nicholas VitaColumbia Care CEO said the third quarter results are “a testament to the embedded growth in our strategic footprint and the operational excellence that we have developed over time.

“We delivered solid sequential revenue growth and outstanding profitability improvements in another challenging quarter, with revenue increasing 2.4% sequentially to $133 million for the quarter. Adjusted EBITDA improved 74% to $21 million in the second quarter, with sixteen of our seventeen markets generating positive EBITDA for the quarter,” added Vita.

Operational highlights for the third quarter of 2022

• Retail sales increased slightly by 0.4% compared to the second quarter of 2022, while wholesale sales increased 14% sequentially — a significant contributor to EBITDA
• New Jersey retail locations expanded to full-life adults in June 2022, and in-store revenue grew more than 75% sequentially, with wholesale growth nearly five times sequentially, driven by the expansion of the new facility in Vineland is due
• No further retail locations were opened in the third quarter. Subsequent to the quarter-end, Cannabist’s Carytown, Virginia location opened the Company’s fifth retail location in Virginia, bringing the total number of dispensaries to 85
• Additional pharmacies under development include 7 in Virginia, 1 in West Virginia and 1 in New Jersey
• Sixteen out of seventeen markets delivered positive third-quarter EBITDA…