One stock that appears to be in the grip of breakout momentum in the cannabis patch is Curaleaf Holdings Inc (OTCMKTS:CURLF). Shares of the stock closed last week up near new all-time highs after jumping off of pullback support in the $8.25 area. To further flesh out the narrative, the company recently announced that it completed the acquisition of EC Investment Partners, LLC.
According to the release, “Curaleaf has the largest footprint of single-branded retail stores in the U.S. and is executing on its strategy of building a national brand in highly populated states. Curaleaf will continue to explore opportunities to open additional locations throughout the state of California in 2019.”
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 recently announced that it completed the acquisition of EC Investment Partners, LLC. Traders will note 16% during the past month in terms of shareholder gains in the name.
In addition, the company has seen a growing influx of trading interest, with the stock’s recent average trading volume running just under 150% beyond its prior sustained average level. This should not be overlooked given the stock’s very limited trading float of 4.8M shares.
“The acquisition of Eureka cements our foundation in California and positions us well in the largest cannabis consumption market in the U.S.,” said Joseph Lusardi, CEO of Curaleaf. “The closing of this transaction marks an important milestone for Curaleaf, enabling us to enter the highly attractive California market as a vertically integrated operator with plans to expand across the state.”
At this time, carrying a capital value in the market of $4.77B, CURLF has a significant war chest ($364.1M) of cash on the books, which must be weighed relative to virtually no total current liabilities. CURLF is pulling in trailing 12-month revenues of $70.1M. In addition, the company is seeing recent top-line growth, with sequential quarterly revenues growing at 51.1%. You can bet we will update this one again as new information comes into view. 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.