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Curaleaf Holdings announced the launch of Select Fruit Stiq, a rechargeable 1G All-In-One cannabis oil vape with bold fruity flavors. The product features Berry, Citrus, and Tropical terpene blends and aims to provide a high-quality vape experience. Initially launched in Arizona, Utah, and Nevada, Select Fruit Stiq received positive feedback. Now, it's available in six flavors: Sweet Strawberry, Blackberry Blast, Lemon Sunset, Key Lime Tide, Watermelon Breeze, and Go Go Guava. The vape will expand to more states, including New Jersey, Florida, and Illinois, pending regulatory approvals, throughout the summer.
Curaleaf Holdings (CURLF), a major player in the cannabis sector, responded to the House Committee on Agriculture's approval of the Miller amendment to the 2018 Farm Bill. The amendment, introduced by Mary Miller (R-IL), aims to roll back the Farm Bill. Curaleaf's Executive Chairman, Boris Jordan, expressed disagreement with the amendment, emphasizing the company's support for hemp farmers and the importance of maintaining safety and age standards for hemp-derived products. Jordan advocated for a unified regulatory framework for all cannabinoids to combat illicit market dangers. Curaleaf remains committed to medical and adult-use cannabis consumers and community initiatives.
Curaleaf Holdings announced the opening of its Miami North Biscayne dispensary, marking its 62nd location in Florida and 146th nationwide. The dispensary, located at 2250 NE 163rd St. Suite 1, North Miami Beach, FL, opened to licensed medical patients on May 21 and will operate daily with varying hours. A grand opening is scheduled for June 1, featuring a ribbon-cutting ceremony and exclusive deals. The new store will offer a wide range of products, including Grassroots craft flower and Select Briq vapes, with plans to introduce new items pending regulatory approval. Curaleaf's loyalty program allows patients to earn points on purchases, redeemable for future savings.
Curaleaf reported first quarter 2024 revenue of $339 million, a 2% year-over-year increase, with an adjusted gross margin of 48%. Adjusted EBITDA was $77 million, representing 23% of revenue. The company ended the quarter with $105 million in cash and generated $46 million in operating cash flow and $33 million in free cash flow. Key highlights include the acquisition of Northern Green Canada, expanding market presence in Europe, and successful brand expansion in the U.S..
