Leading Independent Advisory Firm ISS Recommends Columbia Care Shareholders Vote FOR the Transaction with Cresco Labs

NEW YORK--(BUSINESS WIRE)--Jun. 29, 2022--Columbia Care Inc.(NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) (FSE: 3LP) (“Columbia Care” or the “Company”), one of the largest and most experienced cultivators, manufacturers and providers of cannabis products in theU.S., today announced that leading independent firmInstitutional Shareholder Services(“ISS”) has recommended that shareholders vote “FOR” the previously announced transaction with Cresco Labs (“Cresco”) at the Company’s upcoming Special Meeting of Shareholders (the “Special Meeting”) scheduled forJuly 8, 2022.

“We are pleased that ISS supports our Board’s unanimous recommendation that shareholders vote ‘FOR’ the transaction with Cresco,” saidNicholas Vita, Co-Founder, CEO ofColumbia Care. “We look forward to our shareholder vote and delivering on the value of this combination for all stakeholders. We’re grateful to our employees and team members who have remained focused on serving our patients and customers, working diligently to execute on our strategic priorities.”

Columbia Care Special Meeting of Shareholders

The Special Meeting is scheduled forJuly 8, 2022at10:00 AM EST. All shareholders as of record dateMay 10, 2022are entitled to vote at the Special Meeting.

The proposed Arrangement Agreement has been unanimously approved by Columbia Care’s Board of Directors and by a special committee of independent directors ofColumbia Care, which was appointed by the Columbia Care Board of Directors. The Columbia Care Board of Directors unanimously recommends that shareholders vote FOR the Arrangement.

Columbia Careshareholders that have any questions or need assistance in voting their shares should contact the Company’s proxy solicitation agent, Morrow Sodali, at 1-888-999-2785 toll free inNorth America, or call collect outsideNorth Americaat 1-289-695-3075 or by email at assistance@morrowsodali.com.

Investors are strongly encouraged to read the proxy materials that were filed with theUnited States Securities and Exchange Commission(the “SEC”) and on SEDAR before authorizing a proxy to vote, including the section in the Management Information Circular datedJune 6, 2022(the “Circular”) entitled “Risk Factors”.

AboutColumbia Care

Columbia Careis one of the largest and most experienced cultivators, manufacturers and providers of cannabis products and related services, with licenses in 18 U.S. jurisdictions and theEU.Columbia Careoperates 131 facilities including 99 dispensaries and 32 cultivation and manufacturing facilities, including those under development.Columbia Careis one of the original multi-state providers of medical cannabis in theU.S.and now delivers industry-leading products and services to both the medical and adult-use markets. In 2021, the company launched Cannabist, its new retail brand, creating a national dispensary network that leverages proprietary technology platforms. The company offers products spanning flower, edibles, oils and tablets, and manufactures popular brands including Seed & Strain, Triple Seven, gLeaf, Classix, Press, Amber and Platinum Label CBD. For more information onColumbia Care, please visit www.col-care.com.

Additional Information and Where to Find It

In connection with the proposed transaction,Columbia Carehas filed the Circular containing important information about the proposed transaction and related matters. Additionally,Columbia Careand Cresco will file other relevant materials in connection with the proposed transaction with applicable securities regulatory authorities. Investors and security holders ofColumbia Careare urged to carefully read the entire Circular (including any amendments or supplements to such documents when such documents become available) before making any voting decision with respect to the proposed transaction, as it contains important information about the proposed transaction and the parties to the transaction.

Investors and security holders ofColumbia Caremay obtain a free copy of the Circular, as well as other relevant filings containing information aboutColumbia Careand the proposed transaction, without charge, at theSEC'swebsite (www.sec.gov) or fromColumbia Careby going to Columbia Care’s Investor Relations page on its website, under Events, at https://investors.columbia.care/ .

Participants in the Solicitation

Columbia Careand certain of its respective directors, executive officers and employees may be deemed to be participants in the solicitation ofColumbia Careproxies in respect of the proposed transaction. Information regarding the persons who may, underSECrules, be deemed participants in the solicitation of proxies toColumbia Careshareholders in connection with the proposed transaction are set forth in the Circular for the proposed transaction. Other information regarding the participants in theColumbia Careproxy solicitation and a description of their direct and indirect interests in the proposed transaction, by security holdings or otherwise, are also contained in the Circular and other relevant materials to be filed with theSECin connection with the proposed transaction. Copies of these documents may be obtained, free of charge, from theSECorColumbia Careas described in the preceding paragraph.

Caution Concerning Forward Looking Statements

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements or information, which although considered reasonable by the Company, may prove to be incorrect and are subject to known and unknown risks and uncertainties that may cause actual results, performance or achievements of the Company to be materially different from those expressed or implied by any forward-looking information. These risks, uncertainties and other factors include, among others, favorable operating and economic conditions; obtaining and maintaining all required licenses and permits; favorable production levels and sustainable costs from the Company’s operations; and the level of demand for cannabis products, including the Company’s products sold by third parties. In addition, securityholders should review the risk factors discussed under “Risk Factors” in the Circular and “Risk Factors” in Columbia Care’s Form 10 datedMay 9, 2022, filed with the applicable securities regulatory authorities and described from time to time in documents filed by the Company with Canadian andU.S.securities regulatory authorities.

Investor Contact
Lee Ann Evans
SVP, Capital Markets

Media Contact
Lindsay Wilson
VP, Communications

Source:Columbia Care Inc.

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