Curaleaf Hldgs Stock Price, News & Analysis

Curaleaf Holdings has announced the opening of a new medical cannabis dispensary in Pensacola, Florida. This expansion increases Curaleaf's retail presence to 63 dispensaries in Florida and 149 nationwide. The new location, situated at 2E 9 Mile Rd, Pensacola, FL 32534, will begin serving patients on August 9, 2024.

The Pensacola dispensary is Curaleaf's second in the area, offering a wide range of cannabis products including the Select Fruit STIQ all-in-one vape, JAMS edibles, B NOBLE, and the Select BRIQ two-gram vape. Operating hours will be 9:00 a.m. to 8:30 p.m. CT Monday through Saturday and 10:00 a.m. to 7:00 p.m. CT on Sunday.

Curaleaf CEO Matt Darin expressed optimism about the upcoming vote on Amendment 3 for adult-use cannabis. A grand opening event is scheduled for September 6, featuring live music, prizes, and special discounts for medical patients.

Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) has announced a significant leadership change. Executive Chairman Boris Jordan will become Chairman and CEO, effective August 16, 2024, replacing current CEO Matt Darin, who plans to retire but will stay on as a special advisor through year-end. This announcement coincides with Curaleaf's Q2 earnings report, showing 2% year-over-year revenue growth to $342 million and adjusted EBITDA of $73 million (21.3% of revenue).

Boris Jordan, Curaleaf's founding investor since 2014, has been instrumental in the company's growth to become a leader in the global cannabis industry. Under his leadership, Curaleaf has expanded to 17 states, 15 countries, and operates 147 dispensaries across the U.S. with over 5,000 team members. Jordan aims to streamline operations, accelerate growth initiatives, and drive margin expansion in his new role.

Curaleaf Holdings reported Q2 2024 financial results, with revenue of $342 million, up 2% year-over-year. Adjusted gross margin improved to 48%, up 253 basis points. International revenue grew 78% year-over-year. The company generated $30 million in operating cash flow and $6 million in free cash flow from continuing operations.

Key highlights include:

• Net loss of $48.9 million or $0.06 per share
• Adjusted EBITDA of $73 million with 21% margin
• Cash balance of $89.4 million at quarter end
• Opened 62nd Florida dispensary, ending with 146 U.S. retail stores
• Launched hemp-derived THC products through new online storefront

Management noted benefits from streamlining efforts and expects accelerating revenue and margins in H2 2024 as state and international catalysts develop further.

Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) announced the commencement of adult-use cannabis operations in Ohio on August 6, 2024. Curaleaf Newark will open for both adult-use and medical patients, while Curaleaf products will be available at licensed dispensaries across the state for adults 21 and over. The company will offer a range of premium products, including Select Briq, Select X Bites, Curaleaf and Grassroots flower, JAMS Jellies, and Plant Precision Ratio Bites.

CEO Matt Darin expressed excitement about serving a new community of Ohioans and believes Ohio has the potential to be one of the nation's most exciting cannabis markets. Curaleaf has prepared for this launch by increasing cultivation capacity and prioritizing flower availability. The company is committed to supporting both adult-use and medical customers, maintaining dedicated services for medical patients.

Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) has launched its fourth annual 'Feed the Block' fundraiser to combat food insecurity. From August 1-31, 2024, customers can round up purchases at Curaleaf dispensaries to support local food organizations. The initiative, part of Curaleaf's 'Rooted in Good' Corporate Social Responsibility platform, has raised over $450,000 since 2020.

Curaleaf will match 25% of total donations during August. The program addresses rising food insecurity, with nearly one in ten Americans experiencing food shortages. Globally, 282 million people faced acute hunger in 2023, a 9.3% increase from the previous year. Feed the Block operates in 13 states, supporting local food banks during the critical summer months when school meal programs are unavailable.

Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) has announced a significant expansion of its retail operations in New York. The company is opening two new medical dispensaries in Rochester and Syracuse, and introducing co-located adult-use sales at its existing Plattsburgh and Forest Hills locations. This expansion will increase Curaleaf's total retail footprint in New York to six dispensaries, with three offering both medical and adult-use sales.

The new Curaleaf Rochester location opened on July 25, while Curaleaf Syracuse is set to open in the coming weeks, pending regulatory approval. Both new medical dispensaries will be staffed with full-time pharmacists and offer a wide range of cannabis products. The company is also hosting grand opening events to celebrate the new locations.

This expansion aligns with Curaleaf's commitment to providing access to licensed, tested cannabis products for both medical patients and adult-use consumers across New York state.

Curaleaf Holdings is set to announce its financial and operational results for Q2 2024 on August 7, 2024, after market close. The company will host a conference call and audio webcast at 5:00 p.m. ET, featuring prepared remarks and a Q&A session. Investors can join the call via various international numbers or access the webcast online. A replay will be available until August 14, 2024.

Curaleaf has announced the launch of a new hemp-derived THC product line under its Select and Zero Proof brands, available from June 26 through a new online platform, TheHempCompany.com. This initiative aims to set new industry standards for safety and quality. In addition to Curaleaf's products, the platform will feature third-party offerings that meet Curaleaf's stringent criteria. Products will be delivered directly to consumers in 25 states and the District of Columbia, starting July 1, with additional distribution through retail and on-demand delivery via DoorDash. The company emphasizes transparency, quality, and safety, with age-gated sales and clear labeling. This move is part of Curaleaf's strategy to expand its presence in the hemp-derived market and generate substantial shareholder value.

Curaleaf Holdings held its 2024 Annual General Meeting of Shareholders on June 14, 2024, via live webcast. A total of 1,741,506,378 votes were cast. Key decisions included the re-election of directors with high approval rates: Boris Jordan (98.515%), Joseph Lusardi (98.931%), Dr. Jaswinder Grover (99.906%), Karl Johansson (99.587%), Peter Derby (99.253%), Mitchell Kahn (98.736%), Shasheen Shah (99.848%), and Michelle Bodner (98.873%). Shareholders also approved the reappointment of PKF O'Connor Davies, LLP as the auditor and set the number of directors to 10. Detailed voting results are available on SEDAR+ and EDGAR.