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join.

Yes, files need to be sorted on the join field(s).

EDIT: e.g.
bash-3.2$ join -t: -1 5 -2 2 -o 1.1 2.1 2.2 2.3 <(sort -t: -k5 file1) <(sort -t: -k2 file2)
Victoria:British Comumbia:10:BC...