Shares of Curaleaf Holdings Inc (OTCMKTS:CURLF) could be warming up for an accelerating breakout as the stock presses toward a fresh move to new highs. We would keep it on the radar for strength early this week. To make matters even more interesting, the company just announced it has signed a definitive agreement granting it an option to acquire Ohio Grown Therapies medical cannabis cultivation and processing licenses and facility in Ohio.
According to the release, “OGT was awarded preliminary cultivation and processing licenses by the Ohio Department of Commerce in 2018. OGT is building out its 32,000 square foot cultivation and processing facility in Johnstown, Ohio. At completion, the facility will be comprised of 15,000 square feet for two-tier cultivation and 7,500 square feet for processing. Curaleaf is advising OGT on the buildout and expects to acquire OGT’s cultivation and processing licenses as well as the lease to the Johnstown facility in the second half of 2019, subject to regulatory approval.”
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 it has signed a definitive agreement granting it an option to acquire Ohio Grown Therapies medical cannabis cultivation and processing licenses and facility in Ohio.
Traders will note 26% tacked on to share pricing for the name in the past month. Moreover, the listing has witnessed a pop in interest, as transaction volume levels have recently pushed 79% above the average volume levels in play in this stock over the longer term.
“Curaleaf’s expansion into Ohio is another step in our goal to be the most accessible cannabis company in the country, providing patients with high-quality, reliable products,” said Joseph Lusardi, CEO of Curaleaf. “This transaction is reflective of our strategy to become vertically integrated with a focus on limited license markets. As the seventh most populous state in the country, Ohio is an emerging cannabis market with strong growth potential and we plan to continue pursuing opportunities that increase our exposure to this expanding customer base.”
Earning a current market cap value of $5.16B, CURLF has a significant war chest ($364.1M) of cash on the books, which stands against about $33.9M in 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%. We will update the story again soon as further details emerge. 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.