Curaleaf Holdings, Inc. (OTCQX: CURLF, TSX: CURA) generates frequent news as an international provider of consumer cannabis products operating across medical and adult-use markets. Company updates often highlight its portfolio of brands, including Curaleaf, Select, Grassroots, Find, Anthem and The Hemp Company, and how these brands are deployed through retail dispensaries and international channels.
News coverage for Curaleaf commonly includes corporate and regulatory developments, such as its announced intention to seek shareholder approval for a proposed arrangement to continue from British Columbia, Canada to Delaware in the United States. This proposed domestication is described by the company as a way to align its corporate structure with its operational focus while maintaining its listings on the Toronto Stock Exchange and OTCQX.
Investors and observers can also expect retail expansion and operational updates. Recent announcements have covered the opening and relocation of dispensaries, including Curaleaf Millcreek in Erie, Pennsylvania, and Curaleaf Cape Canaveral in Florida. These releases describe new store locations, in-store experience, and the availability of products such as premium flower, vapes and edibles under the company’s brands.
Curaleaf’s news flow further includes transaction and financing announcements, such as its binding commitment to acquire, and later the termination of that commitment for, The Cannabist Company’s Virginia assets, and the upsizing of its revolving credit facility with Needham Bank from $40 million to $100 million. In addition, the company issues financial results releases, including quarterly reports prepared under U.S. GAAP that detail segment revenue, margins, cash flow and non-GAAP performance measures.
Beyond financial and operational items, Curaleaf also reports on community and social initiatives like its Feed the Block fundraiser to address food insecurity and partnerships with organizations such as the Baldwin Fund. For those tracking CURLF, this news page brings together these various categories of updates in one place.
Greenhouse Group has opened its largest adult-use cannabis dispensary in Skokie, Illinois, covering 15,000 square feet. The opening ceremony, in collaboration with the Skokie Chamber of Commerce, took place on September 3, 2020. The dispensary aims to provide a welcoming environment and a premium customer experience, featuring educational displays and product consultations. Customers can access various cannabis products, including the new Blues Brothers x Grassroots line. Greenhouse Skokie is now under the Curaleaf umbrella following Curaleaf's acquisition of Grassroots on July 23, 2020.
Curaleaf Holdings has announced the opening of its first retail location in Utah, located in Lehi, marking the company's 90th storefront nationwide. This strategic location, awarded one of the state's 14 licenses, is positioned off the heavily trafficked I15 freeway, enhancing patient access. Curaleaf aims to provide high-quality medical cannabis products, anticipating strong demand as acceptance grows for cannabis use. The company is also nearing completion of a processing operation in North Salt Lake City, set to open mid-September.
Curaleaf Holdings has opened its 30th dispensary in Florida, located in Tampa, marking the 89th dispensary nationwide. This expansion aims to serve Florida's 394,000 registered medical patients, contributing to job creation in the cannabis sector, with an average of 11 jobs per new location. Curaleaf's new Tampa store features the best-selling Select products, aligning with the company's commitment to quality service and accessibility. This opening occurs amid Florida's economic recovery from a peak unemployment rate of 10.4% due to COVID-19.
Curaleaf has opened its 29th cannabis dispensary in Clearwater, Florida, expanding its retail footprint to 89 locations nationwide. The new store offers products from Curaleaf and Select brands, including Select Elite Live, an enhanced live resin product. Florida's medical cannabis market is rapidly growing, with over 394,000 registered patients. To ensure safety, Curaleaf has adopted contactless payment options amid COVID-19. The company employs over 3,000 individuals across 23 states, showcasing its commitment to providing accessible medical cannabis and supporting patient needs.
Curaleaf Holdings reported a record second quarter for 2020, achieving $165.4 million in pro forma revenue and $121.4 million in managed revenue, reflecting a 120% year-over-year growth. Total revenue reached $117.5 million, a 142% increase from the previous year. The company reported Adjusted EBITDA of $28.0 million, marking a 40% sequential growth. Despite challenges from COVID-19, Curaleaf completed significant acquisitions, expanding its operational footprint to 23 states. The net loss improved to $2.0 million from $24.5 million in Q2 2019.