Columbia Care (CCHWF) Stock Attempts To Recover: Time to Buy?
Columbia Care (OTCMKTS:CCHWF), one of the largest manufacturers and suppliers of cannabis products, has announced receiving approval from the West Virginia Department OF Health and Human Resources Office of Medical Cannabis for commencing operations in the Falling Waters premises.
Nicholas Vita, CEO of Columbia Care expressed optimism on starting cultivation in the state and a step towards giving patient relief. He added that as the company begins design of Phase 2, it will be adding more space to its facilities for meeting demands of the medical program of the state. The company will harness the maximum available cultivation space allowed under the regulation and has started developing all five of its medical dispensaries across the state, supporting the growing community of over 2,300 enrolled patients in the medical program.
In another announcement, the firm confirmed finalising acquisition of Ohio-based CannAscend, which owns and operates four dispensaries across the state located in Logan, Marietta,Dayton and Monroe. This will allow Columbia Care to scale up operations in the state of Ohio.
Vita also said that Ohio an important state for the company with year-to-date state sales surging by over 110 percent year-over-year as well as annual sales of over $370 million for 2021.
Market Reaction:
On Friday, CCHWF stock jumped 7.80% at $5.25 with more than 585k shares, compared to its average volume of 446k shares. The stock had moved within a range of $4.89 – 5.25 after opening the trade at $4.96. Over the past 52-week, the stock has been trading within a range of $2.52 – 7.89.
