Shares of Curaleaf Holdings Inc (OTCMKTS:CURLF) have continued to outperform over the past 2 months relative to most issues on the OTC related to the cannabis space. The stock is now running above upward-sloped major moving averages as positive catalysts continue to hit the wires. To add meat to the bone, the company just announced that Curaleaf Holdings, Inc., the largest vertically integrated cannabis operator in the United States, has qualified to trade on the OTCQX Best Market.
According to the release, “Curaleaf upgraded to OTCQX from the Pink market. Curaleaf begins trading today on OTCQX under the symbol CURLF. U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.”
Curaleaf Holdings Inc (OTCMKTS:CURLF) promulgates itself as a company that operates as an integrated medical and wellness cannabis operator in the United States.
The Company is the parent of Curaleaf, Inc., a leading vertically integrated cannabis operator in the United States. Headquartered in Wakefield, Massachusetts, Curaleaf, Inc. has a presence in 12 states.
Curaleaf, Inc. operates 30 dispensaries, 12 cultivation sites and 9 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.
It cultivates, processes, markets, and/or dispenses a range of cannabis products in various operating markets, including flower, pre-rolls and flower pods, dry-herb vaporizer cartridges, concentrates for vaporizing, concentrates for dabbing, tinctures, lozenges, capsules, and edibles.
The company also provides non-cannabis services to licensed cannabis operators in the areas of cultivation, extraction and production, and retail operations. As of November 01, 2018, it operated a network of 29 dispensaries. The company was founded in 2010 and is headquartered in Wakefield, Massachusetts.
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As noted above, CURLF just announced that Curaleaf Holdings, Inc., the largest vertically integrated cannabis operator in the United States, has qualified to trade on the OTCQX Best Market.
“We are pleased to welcome Curaleaf Holdings, Inc. as the first Massachusetts-based cannabis company to the OTCQX Best Market,” said Jason Paltrowitz, Director of OTC Markets Group International Ltd. and EVP of Corporate Services at OTC Markets Group. “Recently completing a private placement of $400 million, trading on OTCQX will enable Curaleaf to further expand its shareholder base and visibility.”
Recent action has seen 28% added to share values of the name over the past month of action. Furthermore, the name has seen a growing influx of trading interest, with the stock’s recent average trading volume running 29% beyond what we have been seeing over the larger time frame. This should not be overlooked with the stock trading on a float that is extremely small at just 4.8M shares.
“Curaleaf is pleased to be trading on the OTCQX Best Market as a leading public company in the rapidly evolving cannabis sector,” said Joe Lusardi, CEO of Curaleaf. “OTCQX will allow us to gain increased visibility in the U.S. through a trusted market for investors as we build long-term shareholder value.”
Currently trading at a market capitalization of $3.53B, CURLF has a significant war chest ($62.1M) of cash on the books, which stands against about $149.5M in total current liabilities. One should also note that debt has been growing over recent quarters. CURLF is pulling in trailing 12-month revenues of $27.9M. However, the company is seeing recent declines on the top-line on a sequential quarterly basis, with revenues flat as of its latest reporting period. As more color becomes clear on the name, we will review the situation and update our take. Sign-up for continuing coverage on shares of $CURLF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $CURLF, either long or short, and we have not been compensated for this article.