- 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.
For further details see:
Columbia Care: Shrewd Acquirer But Margins Still Lagging