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Curaleaf Holdings, Inc. (CURLF) is a prominent international provider of consumer cannabis products, known for its mission to enhance lives by sharing and celebrating the power of the plant. It operates under various brands like Curaleaf, Select, Grassroots, JAMS, Find, and Zero Proof in the medical and adult-use markets. With operations in over 15 countries globally, Curaleaf focuses on quality, expertise, and accessibility in the cannabis industry.
Recently, Curaleaf announced a strategic acquisition of Northern Green Canada, a licensed Canadian cannabis producer with a focus on international market expansion. This move aligns with Curaleaf's vision of becoming a global cannabis company with a strong presence in North America, Europe, and Australasia. The acquisition of NGC provides Curaleaf with EU-GMP certification, enabling the company to strengthen its supply chain, improve margins, and extend its global footprint.
Under the leadership of Boris Jordan, Executive Chairman, and Matt Darin, CEO, Curaleaf continues to drive growth and innovation within the cannabis space. The company's commitment to delivering high-quality products and patient access remains a top priority in evolving markets and regulatory environments.
Curaleaf Holdings reported Q3 2024 results with revenue of $331 million, down 1% year-over-year, and adjusted gross margin of 49%, up 312 basis points. International revenue grew 82% year-over-year to $30 million. The company secured a $40 million revolving credit facility at 7.99% interest rate. Q3 highlights include net loss of $44 million, adjusted EBITDA of $75.3 million (23% margin), and cash balance of $90 million. Year-to-date operating cash flow reached $119 million with free cash flow of $53 million. The company expanded operations by opening new dispensaries in New York and Florida, bringing total U.S. retail stores to 151.
Curaleaf Holdings has secured a new $40 million revolving credit facility with a major commercial regional bank. The two-year secured facility, maturing on December 15, 2026, carries an interest rate of 7.99% on outstanding principal. The credit line will support general corporate purposes and working capital needs. CEO Boris Jordan emphasized this as a milestone achievement, providing flexibility uncommon in the cannabis sector during a challenging capital-raising environment. The facility aligns with the company's focus on cost-savings measures and profitable growth initiatives.
Curaleaf International released a report highlighting significant concerns about illegal online cannabis sales in the UK, which have increased by 50% in the past two years. The study reveals that 73% of online purchases are driven by consumers seeking relief from health conditions. Testing showed illegal cannabis contains harmful contaminants including mould, lead, and synthetic cannabinoids, posing serious health risks to 1.8 million UK users who self-treat medical conditions. Despite these dangers, 17% of cannabis consumers believe illegal cannabis is safer than regulated medical cannabis or don't recognize the difference. Curaleaf advocates for stronger enforcement, public education, improved patient access, and expanded research to address these challenges.
Curaleaf Holdings has opened a new medical cannabis dispensary in Miami, Florida, located at 8868 SW Bird Road. This marks the company's 66th location in Florida and 8th dispensary in Miami-Dade County, bringing their total U.S. presence to 151 dispensaries. The new location offers various cannabis products including Select Fruit STIQ vapes, Grassroots craft flower, pre-rolls, and Select Liquid Diamonds. Operating hours are 9:00 a.m. to 8:30 p.m. ET Monday-Saturday and 10:00 a.m. to 7:00 p.m. ET on Sundays. A grand opening celebration will be announced later, featuring promotions, a ribbon-cutting ceremony, live music, and prizes.
Curaleaf Holdings, Inc. (TSX: CURA / OTCQX: CURLF), a leading international provider of consumer products in cannabis, has announced that it will report its financial and operational results for the third quarter ended September 30, 2024, after market close on November 6, 2024. The company will host a conference call and audio webcast at 5:00 p.m. ET on the same day.
The earnings call will consist of prepared remarks from management, followed by a question-and-answer session related to the company's operational and financial highlights. Interested parties can join the live call using the provided phone numbers or access the webcast through Curaleaf's investor relations website. For those unable to join the live call, a dial-in replay will be available until November 13, 2024.
Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) has opened a new medical cannabis dispensary in Port St. Lucie, Florida. This marks the company's 65th location in Florida and 151st nationwide. The new dispensary, located at 1720 Southwest Gatlin Boulevard, began serving medical patients on October 3, 2024.
The Port St. Lucie location is Curaleaf's second in St. Lucie County, expanding its presence on Florida's Treasure Coast. It offers a wide selection of cannabis products, including Select Fruit STIQ vapes, Grassroots craft flower, and Select Liquid Diamonds. Operating hours are 9:00 a.m. to 8:30 p.m. ET Monday through Saturday and 10:00 a.m. to 7:00 p.m. ET on Sunday.
Curaleaf's Chairman and CEO, Boris Jordan, highlighted the potential for adult-use legalization in Florida with Amendment 3. The company is also supporting communities affected by Hurricane Helene through an employee relief fund and a fundraising campaign for Feeding Tampa Bay.
Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) has launched JAMS Remix, a new line of fast-acting cannabis-infused jellies. These innovative edibles combine unique multi-cannabinoid ratios with functional ingredients to cater to different needs throughout the day. The product line includes:
1. Shineapple: Pineapple strawberry flavor with THC, THCV, CBG, and B12 vitamins for morning use.
2. Sootheberry: Raspberry pomegranate flavor with THC, CBD, CBG, and L-Theanine for mid-day relaxation.
3. Lullaberry: Blackberry flavor with THC, CBN, CBD, and melatonin for nighttime calm.
JAMS Remix will initially launch in Arizona on August 30, followed by New York and Massachusetts in late September. Additional markets are planned, pending regulatory approval.
Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) has announced the opening of a new medical dispensary in Destin, Florida. This expansion increases Curaleaf's retail presence to 64 dispensaries in Florida and 150 nationwide. The new location, Curaleaf Destin, is the company's first in Okaloosa County and will serve patients along the scenic coastline near Henderson Beach State Park.
The dispensary will offer a wide selection of cannabis products and brands, including the new Select Fruit STIQ all-in-one vape, JAMS edibles, Grassroots, B NOBLE, and Select BRIQ. Curaleaf Destin will operate seven days a week with extended hours. The company expresses support for Amendment 3 in Florida, which relates to adult-use cannabis access.
Curaleaf Holdings has announced the opening of a new medical cannabis dispensary in Pensacola, Florida. This expansion increases Curaleaf's retail presence to 63 dispensaries in Florida and 149 nationwide. The new location, situated at 2E 9 Mile Rd, Pensacola, FL 32534, will begin serving patients on August 9, 2024.
The Pensacola dispensary is Curaleaf's second in the area, offering a wide range of cannabis products including the Select Fruit STIQ all-in-one vape, JAMS edibles, B NOBLE, and the Select BRIQ two-gram vape. Operating hours will be 9:00 a.m. to 8:30 p.m. CT Monday through Saturday and 10:00 a.m. to 7:00 p.m. CT on Sunday.
Curaleaf CEO Matt Darin expressed optimism about the upcoming vote on Amendment 3 for adult-use cannabis. A grand opening event is scheduled for September 6, featuring live music, prizes, and special discounts for medical patients.
Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) has announced a significant leadership change. Executive Chairman Boris Jordan will become Chairman and CEO, effective August 16, 2024, replacing current CEO Matt Darin, who plans to retire but will stay on as a special advisor through year-end. This announcement coincides with Curaleaf's Q2 earnings report, showing 2% year-over-year revenue growth to $342 million and adjusted EBITDA of $73 million (21.3% of revenue).
Boris Jordan, Curaleaf's founding investor since 2014, has been instrumental in the company's growth to become a leader in the global cannabis industry. Under his leadership, Curaleaf has expanded to 17 states, 15 countries, and operates 147 dispensaries across the U.S. with over 5,000 team members. Jordan aims to streamline operations, accelerate growth initiatives, and drive margin expansion in his new role.
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