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Saturday, December 3, 2022

The Inside Scoop on Curaleaf Holdings, Inc. (OTCBB: CURLF)

Curaleaf Holdings, Inc. (CSE: CURA) (OTCBB: CURLF) recently shed their US ticker LDVTF after announcing on November 28 its shares have been approved for quotation on the OTC Bulletin Board (OTCBB) and will trade under the symbol “CURLF,” effective immediately. The Company also announced that it has applied to up-list its shares to the OTCQX.

The Company recently 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. “

Curaleaf CEO Joe Lusardi stated “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 several key factors that drove significant year-over-year quarterly revenue growth of 289%, a majority of which was attributable to organic growth. With the closing of our US$400 million private placement and going-public transaction in October, we strengthened both our balance sheet and ability to accelerate our growth objectives in 2019. With a strengthened balance sheet, we are actively seeking accretive acquisitions in several major markets across the United States, including Maryland, Massachusetts, Nevada, Florida, Arizona and Connecticut. We are confident that strong organic growth, combined with a sound M&A strategy, will allow Curaleaf to establish the first national cannabis retail dispensary brand in the United States.”

Curaleaf is a Wakefield-based vertically-integrated cannabis company 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.

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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.

“Curaleaf is a leading medical cannabis brand that is recognized across the country for its quality and expertise,” said Steve Cottrell, president of Curaleaf Arizona. “With this rebrand, we will bring additional resources to Midtown Roots to support upgrades that will enhance the patient experience as well as the continued education of our staff.”

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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.

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Disclosure: we hold no position in Curaleaf either long or short and we have not been compensated for this article.

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