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Curaleaf Holdings Inc (OTCMKTS:CURLF) Continues to Sail Through Troubled Waters

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The dark storm clouds continue to swirl over the head of Curaleaf Holdings Inc (OTCMKTS:CURLF) as shares sail through a sea of downward trending action. But support may not be far away, particularly given the ramp in company-specific catalysts that we have begun to see. Recovering the $5/share support zone would be a big positive signal going forward. To further develop that story, the company just announced that it has agreed with Cura Partners, Inc., owners of the Select brand, to amend the terms of their prior agreement for Curaleaf’s acquisition of Select’s state-regulated cannabis business.

According to the release, “Additionally, the Company has also announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has expired with respect to the acquisition of Select by Curaleaf. On May 1, 2019, Curaleaf announced signing a definitive agreement to acquire Select’s business. The acquisition includes Select’s manufacturing, processing, distribution, marketing and retailing operations and all adult-use and medical cannabis products marketed under the Select brand name, including all intellectual property.”

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 agreed with Cura Partners, Inc., owners of the Select brand, to amend the terms of their prior agreement for Curaleaf’s acquisition of Select’s state-regulated cannabis business.

The stock has suffered a bit of late, with shares of CURLF taking a hit in recent action, down about -14% over the past week. What’s more, the stock has seen a growing influx of trading interest, with the stock’s recent average trading volume running 21% over the long run average.

“The amended terms of the acquisition that we have agreed to with Select reflect our commitment to executing a prudent investment strategy that is in the best interests of our shareholders. We remain extremely confident in the strength and operations of the Select business and of the long-term prospects of the cannabis sector as a whole. We look forward to bringing our companies together to lead this industry as it continues to mature and grow,” said Curaleaf CEO Joseph Lusardi. “Expiration of the HSR waiting period was a key milestone in closing this transaction and we continue to work with state regulators to receive the necessary approvals with a target closing date of January 1, 2020.”

At this time, carrying a capital value in the market of $1.67B, CURLF has a significant war chest ($140.3M) of cash on the books, which compares with 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.

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