TORONTO--(BUSINESS WIRE)--NEO is very pleased to welcome Columbia Care Inc. (“Columbia Care”) as it makes its public market debut today on the NEO Exchange, trading under the symbol “CCHW”. Opening its first day of trading with a market capitalization over C$2 billion, Columbia Care is the first company with an enterprise value of over one billion dollars to list on NEO. Columbia Care is among the largest health and wellness companies to emerge from the US cannabis sector, setting the standard of care for medical cannabis with its consistently-dosed, pharmaceutical-quality products.
“We are thrilled to make our public market debut today and are looking forward to leveraging the benefits afforded to us by being listed on the NEO Exchange as we look to accelerate the growth of our company,” said Nicholas Vita, Vice Chairman & CEO, Columbia Care. “We chose NEO as our listing partner because it is a senior stock exchange that both understands the complex needs of our business and facilitates our ability to take advantage of the unprecedented growth opportunities within the global cannabis sector. Furthermore, the stringent listing requirements provide institutional and retail investors with enhanced confidence and transparency. While this is a considerable milestone for Columbia Care, our commitment to improving people’s wellness journey has not changed. We remain focused on our mission to solve some of the world’s most challenging, unmet medical and health needs through the use of our proprietary portfolio of consistently-dosed, pharmaceutical-quality cannabis-based medicines.”
The public debut of Columbia Care is a result of a qualifying transaction by Canaccord Genuity Growth Corp., a Special Purpose Acquisition Company that completed its initial public offering and commenced trading on NEO on September 20, 2018. The qualifying transaction was approved by the NEO Exchange on April 26, 2019 and demonstrates how these vehicles can be successful with the right company at the right time, in the right sector and on the right exchange.
“We are very proud that Columbia Care, one of the largest and most experienced cultivators, manufacturers and distributors of medical cannabis products in the US, now calls NEO home,” added Jos Schmitt, President & CEO, NEO. “Mature, billion-dollar plus companies greatly benefit from listing on a senior stock exchange to gain wider access to a global investor base and ensure quality liquidity for their investors. NEO offers this and much more to Columbia Care. This is an exciting time to be partnering with a leader in the US cannabis sector as it moves into its next phase and looks to raise capital on the North American public markets. Combined with the recent NEO launches of two world first ETFs invested solely in the US cannabis sector, the listing of Columbia Care is a testament to NEO’s commitment to partnering with the best, next generation of leading, high growth companies in the US and the hungry appetite from investors to participate in this sector.”
Investors can trade shares of Columbia Care through their usual investment channels, including discount brokerage platforms and full-service dealers. The NEO Exchange is now home to over 70 corporate and ETF listings, and consistently facilitates over 10 per cent of all Canadian trading volume. Click here for a complete view of all NEO-listed securities.
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