The Green Solution, one of Colorado’s biggest dispensary chains, announced it has been purchased by Columbia Care, a Toronto-based company in the global cannabis industry with Multi-State Operator (MSO) licenses across the United States and Europe, for approximately $140 million through a stock and note transaction.
The Green Solution runs 21 dispensaries across the state of Colorado with two more expected to open later this year. It also operates one of the largest cannabis manufacturing facilities in the country and a network of indoor and outdoor growing facilities that are expected to produce more than 48,000 pounds of cannabis by the end of the year. With the purchase, Columbia Care will grow to 74 dispensaries either open or under development in 13 states, Washington D.C., and Puerto Rico. Colorado passed $1 billion in cannabis revenue in June.
“Given the success and reputation we have built over the last decade, we were approached by nearly every serious operator in the cannabis industry about a potential transaction,” said co-founder Kyle Speidell of the move. “This deal allows us to provide Colorado consumers with Columbia Care’s unique portfolio of pharmaceutical-quality products, and also enables us to quickly expand our TGS brands into fourteen new U.S. jurisdictions.”
The Green Solution will begin carrying Columbia Care products in its Colorado locations and in the other states where Columbia Care does business; The Green Solution will see its signature line of cannabis products for sale, including over 50 strains of cannabis, tinctures, drinks, edibles and topicals. The merger also expands Columbia Care’s Columbia National Credit (CNC) by combining the nation’s first legal cannabis credit card with The Green Solution’s loyalty rewards program.
State officials said the transaction will require both state and local approval once a formal application is received. The Speidell brothers believe it will be a five to eight month process.