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Sunday, June 13, 2021

The Bounce Sets Up in Curaleaf Holdings Inc (OTCMKTS:CURLF)

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We keep looking for fresh evidence of a bottom that can hold in a number of cannabis plays, and an interesting candidate right now for that kind of action around a key technical level is Curaleaf Holdings Inc (OTCMKTS:CURLF). That key level is $6.25/share, and the stock is knocking on its door once again for the fourth time in 6 months. To make matters more interesting, the company just announced that it has launched its initiative with the Veterans Cannabis Project (VCP), an organization that advocates for legal and supported access of medical cannabis for veterans through the Department of Veterans Affairs, in Oregon.

According to the release, customers can now purchase a custom-designed Veterans Cannabis Project pre-roll product, with a portion of all proceeds benefiting the VCP. Each box includes five pre-rolls (total of 2.5 grams) of UKU flower – one of Oregon’s top-selling flower brands – and will be available for $13. Images can be downloaded here. “Raising awareness of veterans’ access to cannabis is an important issue for Curaleaf,” said Tim Fitzpatrick, President of Curaleaf Oregon. “Curaleaf can play an important role by educating veterans and consumers on how cannabis may be of great benefit for veterans. We are proud to be able to support our veterans as they look to improve their quality of life.”

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 it has launched its initiative with the Veterans Cannabis Project (VCP), an organization that advocates for legal and supported access of medical cannabis for veterans through the Department of Veterans Affairs, in Oregon.

While this is a clear factor, it has been incorporated into a trading tape characterized by a pretty dominant offer, which hasn’t been the type of action CURLF shareholders really want to see. In total, over the past five days, shares of the stock have dropped by roughly -5% on above-average trading volume. All in all, not a particularly friendly tape, but one that may ultimately present some new opportunities.

“As a veteran myself, I was grateful to be made aware of how medical cannabis can help me,” said Doug Distaso, VCP’s Executive Director. “There are millions of veterans, but federal law makes it illegal for Veteran Health Administration physicians to recommend cannabis as a treatment. This is something we are looking to change. Our partnership with Curaleaf will help veterans gain legal access to cannabis.”

At this time, carrying a capital value in the market of $2.3M, CURLF has a significant war chest ($230.6M) of cash on the books, which compares with about $34.9M in total current liabilities. CURLF is pulling in trailing 12-month revenues of $117M. In addition, the company is seeing recent top-line growth, with sequential quarterly revenues growing at 11%. This may be a very interesting story and we will look forward to updating it again soon. 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.

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