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 36,000ft2 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, Peter Banyai, Lisa Dal Gallo, Celia Guzman, Allen 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
Founded in 1958, Hanson Bridgett is a multidisciplinary law firm with a thriving cannabis practice serving all of California with 180 attorneys throughout the state. Our clients range from multinational Fortune 500 corporations to individuals which we serve in transactions around the world.
Hanson Bridgett is a dedicated supporter of diversity and inclusion. Our commitment to diversity begins with the recruitment of our workforce. Our firm's attorneys currently consist of 46 percent women, 27 percent people of color, and 4 percent self-identified LGBTQ+ individuals. Our firm's partners are 40 percent women, 21 percent people of color, and 6 percent self-identified LGBTQ+ individuals.
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