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Saturday, Apr 20, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

The weed wire

Columbia Care aims to keep doors open, notches record weekly sales

The pot retailer provided an operational update amid COVID-19, while also reporting US$2.8 million in weekly revenue

Columbia Care keeps doors open, notches record weekly sales
Columbia Care keeps doors open, notches record weekly sales

Columbia Care (NEO: CCHW) said it notched record weekly cannabis sales inside eight U.S. states, while also providing a complete operational update across 17 jurisdictions in response to COVID-19.

The New York-based company said revenues came in at US$2.8 million, based on over 22,200 transactions with an average basket size above US$120, for the week ended March 21, 2020.

According to Columbia Care, the weekly sales figure is a company record in six states and a state record in Delaware and Pennsylvania.

Due to some states issuing shutdowns of non-essential services due to the COVID-19 pandemic, the company said it is monitoring each state where it operates closely to ensure patients have continued access to the medical cannabis they need.

Columbia Care said it will provide regular updates on its website for the current status of operations and store hours. As of March 23, the company provided the following updates on each state’s essential service designations:

Columbia Care keeps doors open, notches record weekly sales

Image via Columbia Care

Columbia Care said it is expanding home delivery services and product offerings where available.

“The well-being of our patients, guests and team continues to be our highest priority. As an essential service, we are authorized and/or required to remain open like pharmacies, grocery stores and hospitals. Columbia Care is taking all necessary safety precautions in our facilities across the nation, as recommended by the CDC and local health authorities, to continue serving our communities in the safest and most professional manner possible,” Columbia Care CEO Nicholas Vita said in a statement.

“We continue to see record operational performance, as reflected by our weekly results. One of the most important innovations driving Columbia Care’s success is the CNC Credit Card, the first credit card for the cannabis industry. Concerns over COVID-19 contaminating cash makes the CNC card a more convenient and safer payment option.”

Like toilet paper, U.S. shoppers have been snatching up more weed as the COVID-19 pandemic unfolded in March.

According to cannabis analytics firm Headset, sales climbed 20 per cent in Washington state and Colorado through last weekend.

Meanwhile, U.S. sales of edibles are up 18 per cent, while dried flower purchases have dropped 21 per cent, according to online directory Weedmaps.

Read more: Don’t mix THC with COVID-19, Aurelius researchers say

Read more: Columbia Care’s expanding dispensary network buoys Q4 sales

Top image via Columbia Care


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