We continue to see an overall bullish posture to shares of Curaleaf Holdings Inc (OTCMKTS:CURLF). The stock recently dipped under key support and then rebounded sharply following earnings to push back above its major moving averages. The next challenge on a technical basis for the stock would be at a test of recent range resistance just above the $8/share level. To help add some color to the story, the company just announced the opening of its 26th Florida dispensary at 1944 Kings Highway in Port Charlotte.
According to the release, “Curaleaf has the largest cannabis dispensary footprint in the US with 49 dispensaries across the country, and continues to execute on its strategy of rapid expansion in Florida. Curaleaf’s Port Charlotte medical cannabis center will celebrate its grand opening with an event in partnership with the Charlotte County Chamber of Commerce on Thursday, September 12, 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 just announced the opening of its 26th Florida dispensary at 1944 Kings Highway in Port Charlotte.
We’ve witnessed 6% piled on for shareholders of the company during the trailing week. Moreover, the name has benefitted from a jump in recent trading volume to the tune of 14% beyond what we have been seeing over the larger time frame.
According to the release, the 3,600 square foot location is easily accessible off I-75 to serve patients in Port Charlotte, Charlotte Harbor, Punta Gorda, Solana, Harbour Heights and Lake Suzi. “It’s part of our continuing effort to expand our footprint in Florida to provide patients with access to Curaleaf’s premium medical cannabis products and educational resources,” said Joe Lusardi, Curaleaf CEO.
Earning a current market cap value of $2.7B, CURLF has a significant war chest ($140.3M) of cash on the books, which is balanced by about $64.1M in total current liabilities. CURLF is pulling in trailing 12-month revenues of $181.9M. In addition, the company is seeing recent top-line growth, with sequential quarterly revenues growing at 38.4%. 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.