MSOS - Columbia Care: Shrewd Acquirer But Margins Still Lagging

• Columbia Care continued to acquire and expand its asset portfolio while its base operations reached positive EBITDA for the first time in Q3.
• Recent acquisitions are priced reasonably and make strategic sense as they help increase scale and profitability in several markets.
• The biggest uncertainty remains Columbia Care's low profitability, likely a result of spreading itself too thin across 16 states.
• Shares are fairly valued with near-term execution risk from the need to close the margin gap with other MSO peers.

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