Curaleaf Holdings, Inc. (CSE: CURA) (OTCBB: CURLF) continues to trade at the bottom of its range just below the $10 mark after shedding a few dollars over the past month. The stock reached highs of $11.73 at the beginning of this month and Investors are looking for a run back over this level.
The Company said on May 21 it has acquired exclusive rights to operate the Emerald dispensary in Gilbert, AZ, whose license is held by Absolute Healthcare, Inc., an Arizona non-profit corporation. The dispensary will be rebranded as Curaleaf after the transaction closes. Emerald is the only dispensary licensed to operate in the Town of Gilbert which is located in the Metro Phoenix area. It is one of Arizona’s largest and longest standing medical cannabis retailers, serving over 44,000 unique patients since 2014. With over $1 million in revenue in March 2019, it is one of the highest grossing dispensaries in the state. Gilbert, located in the East Valley, is highly complementary to Curaleaf’s existing network of dispensaries in Phoenix.
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) (“Curaleaf”) is the leading vertically integrated multi-state cannabis operator in the United States. It is a high-growth cannabis company with a national brand known for quality, trust and reliability. The company is positioned in highly populated, limited license states, and currently operates in 12 states with 44 dispensaries, 12 cultivation sites and 11 processing sites. Curaleaf has the executive expertise and research and development capabilities to provide leading service, selection, and accessibility across the medical and adult-use markets, as well as the CBD category through its Curaleaf Hemp brand.
Earlier this year Curaleaf announced Q3 results “Total revenue for the third quarter 2018 increased 289% to $21.4 million, compared to $5.5 million in the third quarter of 2017. The increase was primarily attributable to growth in the Company’s retail and wholesale segment. Revenue for the third quarter of 2018 increased 47%, compared to $14.6 million in the second quarter of 2018. Retail and wholesale revenue increased 472% to $16.6 million during the quarter, compared to $2.9 million in the third quarter of 2017. This increase was primarily driven by increased sales attributable to new retail dispensaries in Florida, New York and Massachusetts and the acquisition of Swell in April of 2018. “
To Find out the inside Scoop on Curaleaf Subscribe to Microcapdaily.com Right Now by entering your Email in the box below
Curaleaf 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.
Earlier this month Curaleaf continued its expansion in Arizona by acquiring dispensary operator Midtown Roots. Midtown Roots is the only dispensary located in the heart of downtown Phoenix, and is easily accessible across the street from the Thomas/Central Ave light rail public transit stop. It will be Curaleaf’s 5th dispensary in the Phoenix metro area and the 33rd Curaleaf dispensary nationwide. With the acquisition of dispensary operator Midtown Roots, Curaleaf has now served over 70,000 patients in Arizona between its 5 locations.
On the recent news CEO Joseph Lusardi stated:
“This store fits very well into our existing footprint in Phoenix and is expected to be immediately accretive. Combining Emerald’s large patient base with Curaleaf’s established supply chain is anticipated to generate strong earnings and enhance patient care in Arizona.”
Total consideration for the transaction was $18 million, of which $10 million in cash was paid into escrow on May 17, 2019, $5 million in cash is payable six months after the closing, and $3 million in cash is payable 12 months after the closing, which is subject to regulatory approval.
We have a Monster Pick Coming. Subscribe Right Now!
Curaleaf is an exciting, rapidly expanding cannabis Company that owns 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. GMP Securities analysts Robert Fagan wrote in a note to clients Monday that he expects potential total sales from Curaleaf’s existing facilities to be roughly $491 million. In the fiscal second quarter, Curaleaf banked sales of $21.4 million in Q3. We will be updating on Curaleaf when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with Curaleaf.
Sign Up now for our 100% FREE Penny Stock Newsletter
Disclosure: we hold no position in Curaleaf either long or short and we have not been compensated for this article.