As investors and analysts are eagerly poring over the slew of financial results being released by cannabis companies, with quite a few have shown dramatic growth spikes within the last quarter.
Curaleaf Holdings Inc (CSE: CURA), a vertically integrated cannabis producer based out of Massachusetts, announced today that it had seen a 289% increase in total revenue over last years figures, along with a 46% increase in comparison to last quarters results.
Although the results are still unaudited, the figures show a remarkable spike in growth over the past year. The company currently has 29 Curaleaf retail locations throughout the United States and is predicted to have over 40 by the end of the year, along with an extra 27 at the minimum by the end of 2019.
“Boasting the largest retail dispensary footprint under a single, unified brand, with now 33 locations across 10 states, Curaleaf has established itself as a leader in the burgeoning U.S. cannabis industry. The expansion of our retail footprint was one of the several key factors that drove significant year-over-year quarterly revenue growth of 289%, a majority of which as attributable to organic growth,” said Curaleaf CEO Joe Lusardi.
Another highlight for Curaleaf this quarter was when it successfully raised over US$400 million in private placement in October along with its going-public transaction. In doing this, “we strengthened both our balance sheet and ability to accelerate our growth objectives in 2019,” Lusardi added. “We are actively seeking out accretive acquisitions in several major markets across the United States…we are confident that strong organic growth, combined with a sound M&S strategy, will allow Curaleaf to establish the first national cannabis dispensary brand in the United States.”
Total revenues for Q3 increased to $21.4 million compared to $5.5 million last year. Most of this came from increased sales in the Florida, New York, and Massachusetts markets. As for 2019, Curaleaf predicts that they will see revenues as high as $400 million, including revenue generated by their non-profit operations, along with a free cash flow of $100 million.
Additionally, the company anticipates that they will complete two acquisitions by the end of the year in Maryland and Massachusetts. These prodigious figures are based on a few assumptions, most significantly being the current trend of pro-cannabis legislation continuing to open up new states and markets in the U.S. for the immediate future.
Curaleaf Holdings Inc Company Profile
Curaleaf Holdings, Inc. is the parent of Curaleaf, Inc., a leading vertically integrated cannabis operator in the United States. Headquartered in Wakefield, Massachusetts, Curaleaf, Inc. has a presence in 12 states.
Curaleaf, Inc. operates 33 dispensaries, 12 cultivation sites and 10 processing sites with a focus on highly populated, limited license states, including Florida, Massachusetts, New Jersey and New York. Curaleaf, Inc. leverages its extensive research and development capabilities to distribute cannabis products in multiple formats with the highest standard for safety, effectiveness, consistent quality and customer care.
Curaleaf is committed to being the industry’s leading resource in education and advancement through research and advocacy. Curaleaf Inc.’s Florida operations were the first in the cannabis industry to receive the Safe Quality Food certification under the Global Food Safety Initiative, setting a new standard of excellence. – Curaleaf