One stock that closed the week in strong fashion after suffering a brutal trend of late is Curaleaf Holdings Inc (OTCMKTS:CURLF). Friday’s action is the important part. The move came off a base that had been building for the prior four sessions, holding key support each day. Then, the stock caught a bid and closed at a 6-day high to end the week. The company just announced its acquisition of the cultivation and processing assets of Acres Cannabis in Amargosa Valley, NV.
According to the release, “this includes 269,000 sq. ft. of operating cultivation facilities and 3,200 sq. ft. processing lab. The transaction was announced earlier on March 18, 2019. With the closing of Acres Cultivation, Curaleaf significantly increases its cultivation and processing operations in Nevada, while maintaining the highest industry standard across all facilities. This marks an important step in the Company’s expansion west. Its expanded production capabilities will allow the Company to further supply the market with high quality, reliable products.”
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 acquisition of the cultivation and processing assets of Acres Cannabis in Amargosa Valley, NV.
Traders will note 5% piled on for shareholders of the stock during the trailing week. Moreover, the stock has seen interest climb, with an increase in recent trading volume of 16% beyond its prior sustained average level.
“The completion of the cultivation and processing component of the Acres transaction is further evidence of execution of our plan to expand our business through a combination of strategic M&A, disciplined operations and organic growth,” said CEO Joseph Lusardi. “We are grateful for the diligence and attention of the state regulators and for their thorough and thoughtful review.”
Currently trading at a market capitalization of $1.7B, 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%. We will update the story again as 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.