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Curaleaf Holdings, Inc. reports developments across its consumer cannabis business, including retail dispensary openings, medical and adult-use product brands, quarterly operating results, and international expansion. The company trades on the Toronto Stock Exchange as CURA and on OTCQX as CURLF.
Recurring updates cover brands such as Curaleaf, Select, Grassroots, Find, Dark Heart, Anthem, and Four 20 Pharma; U.S. dispensary activity; medical cannabis distribution in Germany and other international markets; share repurchase activity; board and shareholder matters; and regulatory topics affecting cannabis operations.
Curaleaf has announced its acquisition of Bloom Dispensaries for approximately US$211 million, enhancing its operational presence in Arizona. This cash transaction, set to close in January 2022, will increase Curaleaf's Arizona dispensary count to 16 and expand its footprint to 128 retail locations nationwide.
The acquisition is projected to be immediately accretive to Curaleaf's adjusted EBITDA margins, with Bloom generating 2021 revenues of around US$66 million and boasting more than 40% EBITDA margins.
Curaleaf announced its tenth dispensary in Arizona, acquiring Natural Remedy Patient Center for approximately US$13 million. This cash and stock transaction will close in January 2022, increasing Curaleaf's retail footprint to 118 dispensaries across the U.S. The existing Safford location will be relocated to a new, flagship 9,000 square foot dispensary in Scottsdale, enhancing visibility at a high-traffic site. The company emphasizes its strategy to expand its U.S. presence through acquisitions and organic growth.
Curaleaf Holdings, Inc. (CSE: CURA / OTCQX: CURLF) is set to enhance its retail presence in Florida by opening four new dispensaries by year-end 2021. With this expansion, the company will operate a total of 42 dispensaries in Florida and 117 nationwide. The first location, Curaleaf Stuart, is now open, followed by three others in Lady Lake, Wesley Chapel, and Miami. Curaleaf has doubled its Florida market share to 15% this year, attributed to increased product innovation and retail accessibility. Grand opening events are scheduled for January 8, 2022.
Curaleaf Holdings (CURLF) announced the launch of Select X Bites, a new edible cannabis product designed for faster onset, stronger effects, and longer-lasting experiences. Utilizing innovative encapsulation technology, each 10mg THC bite is aimed at seasoned users and is initially available in states like Arizona, Maine, Colorado, and Nevada, with expansion planned for Massachusetts, Michigan, California, and Maryland. This product follows a series of new offerings from Select, focusing on consumer preferences and advanced cannabis experiences.
Curaleaf and B NOBLE have expanded their partnership into medical dispensaries in New York. This initiative marks a significant milestone in advancing social equity in the cannabis industry. The New York Cannabis Control Board recently approved whole flower cannabis offerings. B NOBLE, co-founded by Bernard Noble, aims to support those affected by the War on Drugs. The brand will introduce whole flower products in New York, with 10% of proceeds dedicated to local organizations focused on social equity. B NOBLE is now available in ten states, highlighting its growth and commitment to social impact.
Curaleaf Holdings, Inc. (CSE: CURA / OTCQX: CURLF) announces the opening of its 38th dispensary in Florida, located in Spring Hill. This marks Curaleaf's expansion in the state, bringing its total to 113 nationwide dispensaries. The Spring Hill location will offer high-quality medical cannabis products, including Select and new releases like Select Squeeze and Select Bites. To celebrate the grand opening on December 4th, patients can enjoy a 30% discount on most products. Curaleaf has also created over 1,000 jobs in Florida in 2021, enhancing local access to cannabis care.
Curaleaf has announced the opening of its new dispensary, Curaleaf 48th Street, in Phoenix, Arizona, marking the company’s ninth location in the state and 112th nationwide. The facility, spanning 5,000 square feet, will operate seven days a week and create over 40 new jobs in the local economy. Following the legalization of adult-use cannabis in January, Curaleaf has reported an 80% increase in customer demand. The grand opening event is scheduled from December 3 to December 5, featuring promotional offers for first-time visitors.
Curaleaf Holdings has established a national distribution agreement with Southern Glazer's Wine & Spirits, enhancing the reach of its Hemp and Select CBD product lines. This collaboration leverages Curaleaf's high-quality non-psychoactive hemp expertise alongside Southern Glazer's extensive distribution network and e-commerce platform. The partnership aims to drive growth and innovation in Curaleaf's CBD offerings, including new products featuring minor cannabinoids. Curaleaf operates across 23 U.S. states, with over 111 dispensaries, and is committed to quality and customer accessibility.
Curaleaf Holdings reported Q3 2021 revenue of $317 million, marking a 2% sequential increase and 74% year-over-year growth. Adjusted EBITDA reached $71 million, up 69% YoY. However, gross profit fell by 7% from Q2, affected by a one-time loss on inventory and declining gross margins at 45.6%. The company announced the acquisition of Tryke Companies to boost market presence in Nevada, Arizona, and Utah, following the completion of the Los Sueños Farms acquisition in October 2021.
Curaleaf Holdings has announced its acquisition of Tryke Companies, a multi-state cannabis operator, valued at approximately US$286 million. The deal includes US$40 million in cash at closing and US$75 million to be paid over three years. This acquisition aims to enhance Curaleaf's operations and product offerings in Arizona, Nevada, and Utah, with expected immediate improvements to EBITDA margins and free cash flow. Tryke's business is projected to generate nearly US$110 million in revenue for 2021, reinforcing Curaleaf's growth strategy.