We continue to see shares of Curaleaf Holdings Inc (OTCMKTS:CURLF) as somewhat ahead of the rest of the pack in terms of basic relative strength. The stock is cooperating of late with that view and moving higher in recent action after holding support around the $5/share level in late October. To add some color to the story, the company just announced that it has opened its 27th dispensary in Florida at 3631 NW Federal Highway in Jensen Beach on Friday, November 15th.
According to the release, “Curaleaf has the largest cannabis dispensary footprint in the US with 50 dispensaries across the country and continues to execute on its strategy of rapid expansion in Florida. The new 4,500 square foot location is accessible to patients from the Jensen Beach area, including the communities of Jupiter, Port St. Lucie, Stuart, Port Salerno and Palm City, and will offer a full range of premium quality medical cannabis products and private consultations by meticulously trained staff.”
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 opened its 27th dispensary in Florida at 3631 NW Federal Highway in Jensen Beach on Friday, November 15th.
The chart shows 11% added to share values of the stock over the past week of action, but that move comes in the context of a larger bearish trend. Market participants may want to pay attention to this stock. CURLF is a stock with a past that has featured a litany of sudden rips to the upside. What’s more, the company has benefitted from a jump in recent trading volume to the tune of 22% beyond its prior sustained average level.
“We have been hearing from patients about the need for a full-service medical cannabis center along the Martin County and St. Lucie County coast,” said Joe Lusardi, Curaleaf CEO. “Curaleaf is proud to be the first dispensary in Jensen Beach, and we look forward to serving this community.”
Now commanding a market cap of $2.1B, 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%. 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.