Hanson Bridgett Advises Project Cannabis on $69 Million Sale to Columbia Care
Dec. 4, 2020 (San Francisco, CA) – Hanson Bridgett is pleased to announce that Los Angeles-based client Project Cannabis has been acquired by Columbia Care, one of the world’s largest and most experienced cultivators, manufacturers, and providers of medical and adult-use cannabis products, and related services. Hanson Bridgett partner Jonathan Storper, who heads the firm's Cannabis Practice, led the team representing Project Cannabis in the $69 million deal.
"Project Cannabis’ success in growing a highly successful vertically integrated company in the world’s number one cannabis market understandably had many suitors knocking at its door, and it was a pleasure to help make its sale to such a highly respected publicly traded company a reality,” said Storper, who has advised the company for several years. “I’m proud of the interdisciplinary Hanson Bridgett team that worked together to ensure this extremely complex transaction went off without a hitch.”
The total transaction consideration includes approximately $52.5 million in Columbia Care stock and an additional $16.5 million of consideration anticipated to be paid to the sellers from the proceeds of a subsequent sale of Project Cannabis' real estate assets.
Project Cannabis is a leading cannabis cultivator, wholesaler, and retailer of highly recognized branded products distributed to more than 100 dispensaries throughout California. The company’s fully integrated portfolio encompasses a 36,000 square foot state-of-the-art cultivation facility and adult-use retail dispensaries in North Hollywood, Downtown Los Angeles, and Studio City as well as a retail location in San Francisco’s SOMA district that houses one of the only permitted consumption lounges in the city.
The Hanson Bridgett attorneys assisting Storper on the deal included Neepa Ranavat, Lisa Dal Gallo, Celia Guzman, Allan Jergesen, Jennifer Martinez, Teresa Pahl, Davina Pujari, Daren Shaver, Scott Smith, Fred Weil, and Alison Wright, along with legal assistant Teresa Daniele.
About Hanson Bridgett LLP
Hanson Bridgett LLP is a full service AmLaw 200 law firm with more than 200 attorneys across California. Creating a diverse workforce by fostering an atmosphere of belonging and intentional support has been a priority at Hanson Bridgett since its founding in 1958. We are dedicated to creating an environment that provides opportunities for people with varied backgrounds, both for attorneys and administrative professionals. We are also committed to the communities where our employees live and work and consider it part of our professional obligation to serve justice by encouraging and supporting pro bono and social impact work.
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