Currently available in multiple markets, the CNC card will enable
cannabis consumers and dispensaries nationwide to transact
electronically using credit in all of Columbia Care’s markets by the end
of 2019
First legal, transparent and highly scalable credit card solution
available to fast-growing $23B US cannabis industry.
Successful pilot program in New York has average basket size increase
of 18% for patients using their CNC card in place of other forms of
payment
NEW YORK–(BUSINESS WIRE)–Columbia Care Inc. (NEO:CCHW, OTC:COLXF) (“Columbia Care” or the “Company”),
one of the largest multistate operators in the medical cannabis
industry, with licenses in 15 jurisdictions in the US and the EU, today
announced that it is launching its Columbia National Credit program (the
“CNC Card”) across the United States, following a successful pilot
program in New York. With this program, Columbia Care becomes the first
and only cannabis company in the United States capable of directly
accepting a credit card for cannabis purchases.
Recent expansion of the program into the Company’s Delaware and
Pennsylvania markets from New York will be followed later this month by
availability in Illinois and Arizona, with expansion to all Columbia
Care locations by the end of 2019. Available initially at Columbia Care
dispensaries exclusively, the Company is evaluating opportunities
through targeted partnerships for broader market adoption as the premier
and only credit payment option available to the cannabis industry.
“We are in the business of expanding the entire national cannabis
market, and this is exactly the type of industry-wide challenge our team
excels at solving. By launching the first credit card in the country
that can be used by consumers and industry participants to purchase
cannabis products, we now exclusively offer an important capability that
will serve Columbia Care’s national growth initiatives, including home
delivery, automatic fulfillment and e-commerce,” said Nicholas Vita,
chief executive officer of Columbia Care. “If given the choice to pay
with credit or cash, consumers prefer credit, and until now, the
cannabis industry has been predominantly cash-based due to restrictions
on the use of credit cards for cannabis purchases. Through our exclusive
network of partners and painstaking attention to detail, we successfully
navigated the complexities of the financial industry unique to cannabis
and are proud to once again lead the way as the first company to solve
this fundamental issue. Through the launch of the CNC Card, we seek to
further differentiate our customers’ experience by making their journey
as easy and familiar as possible, reaffirming Columbia Care’s commitment
to delivering innovative solutions designed to enhance the patient
experience, build customer loyalty and provide greater access to our
high-quality portfolio of products.”
The Company initially launched the CNC Card as a pilot program in New
York in the second half of 2018 and experienced an 18% increase in
average basket size for in-store purchases using the CNC Card over other
forms of payment, in addition to significant increases in repeat visits
and an increased utilization rate for home delivery and automatic
fulfillment. Home delivery in New York currently represents over 10% of
the Company’s revenue in the state, with an average basket size 40%
greater than those in-store. Upon introducing the CNC Card in New York,
home delivery users became the fastest growing segment of the CNC
program, increasing 25% month-over-month in 2019.
“We are encouraged by the overall results of our pilot program and the
impact it has had on our home delivery customers, who are often unable
to visit our dispensaries for a variety of reasons,” continued Vita.
“Based on our success in New York, one of the most demanding retail
markets in the world, we are confident that the CNC Card has the
potential to be a significant value add for the company and for all of
our customers who look to us for reliable and convenient high-quality
health and wellness options.”
In addition to its utility as a dependable, electronic form of payment,
CNC cardmembers may also be eligible for other benefits including cash
back affinity programs, discounts, educational seminars, first access to
new products and other exclusive offers. More information can be found
at www.columbianationalcredit.com.
About Columbia Care Inc.
Columbia Care Inc. (“Columbia Care” or the “Company”) is one of the
largest and most experienced multi-state operators in the medical
cannabis industry, with licenses in 15 jurisdictions in the US and the
EU. With over 1,000,000 successful sales transactions since its
inception, Columbia Care is a patient-centered organization setting the
standard for compassion, professionalism, quality, caring and
innovation, working in collaboration with some of the most renowned and
innovative teaching hospitals and medical centers in the world. The
Company is committed to providing the type of education and transparency
patients deserve and quality of product that clinicians expect. For more
information on Columbia Care, please visit www.col-care.com.
Contacts
Investor Contact:
Gary Santo
Investor Relations
+1.978.614.0627
[email protected]
Media Contact:
Cait Williamson
LifeSci Public Relations
+1.646.751.4366
[email protected]
