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Sunday, January 17, 2021

Curaleaf Holdings Inc (OTCMKTS:CURLF) Battles the Stormy Seas

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The action hasn’t been friendly of late for shares of Curaleaf Holdings Inc (OTCMKTS:CURLF) with weakness in pot stocks and the powerful assault on anything to do with vaping coming quickly on board in the action. Before these “macro” catalysts were a significant part of the picture, the stock was trading well. The question now is this: can it regain that mojo despite some exogenous headwinds?

To aid in that endeavor, the company just responded to the passage of the Secure and Fair Enforcement Banking Act of 2019, noting that “The historic passage of the SAFE Banking Act by the U.S. House of Representatives is an important first step in the process toward normalizing the cannabis industry’s ability to transact. If ratified, the bill will increase the safety of our operations for our patients, customers and employees by reducing the reliance on cash and promoting transparency.”

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 its support for the new banking act passed in the US House of Representatives to allow pot stocks to have full access to banking services.

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 -18% on above average trading volume. All in all, not a particularly friendly tape, but one that may ultimately present some new opportunities. That said, over the past month, shares of the stock have only dropped by roughly -4%.

“The historic passage of the SAFE Banking Act by the U.S. House of Representatives is an important first step in the process toward normalizing the cannabis industry’s ability to transact. If ratified, the bill will increase the safety of our operations for our patients, customers and employees by reducing the reliance on cash and promoting transparency. This is incredibly important legislation for an industry that represents approximately $50 billion in sales per year and is expected to grow to $80 billion in sales by 2030, according to Cowen. In addition to normalizing the industry, the bill also provides more access to capital for cannabis businesses of all sizes, which will support social equity in our industry. We applaud the members of the House for their leadership in passing this important bill with bipartisan support and look forward to gaining support in the Senate,” said Curaleaf CEO Joseph Lusardi.

Earning a current market cap value of $2.3B, CURLF has a significant war chest ($140.3M) of cash on the books, which must be weighed relative to 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%. 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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