As the cannabis space continues to pick up steam, Curaleaf Holdings Inc (OTCMKTS:CURLF) has been one of the clear winners, with shares up as much as 175% in the past two months. To further flesh out the story, the company just announced that retail locations in Massachusetts will re-open for adult-use purchases starting on May 25th, 2020.
According to the release, dispensary locations in Ware and Oxford will be open for regular hours from 9 AM to 8 PM Monday through Saturday, and 10 AM to 5 PM Sunday. The Provincetown location will be open for new summer hours from 9 AM to 9 PM Monday through Sunday.
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 retail locations in Massachusetts will re-open for adult-use purchases starting on May 25th, 2020.
The chart shows 39% added to share values of the name over the past month of action. In addition, the company has witnessed a pop in interest, as transaction volume levels have recently pushed topping 100% over the long run average.
“We are pleased that our three adult use dispensaries in Ware, Oxford and Provincetown are among the first of Commonwealth businesses allowed to re-open on May 25, and we appreciate the Governor and Lt. Governor’s decision,” said Patrik Jonsson, president of Curaleaf Massachusetts. “We’re very much looking forward to resuming serving our customers with the quality products they have come to rely on, and also getting our people back to work. We expect sales to be brisk as a result of pent up demand, and we are working closely with the Cannabis Control Commission and the Massachusetts Department of Health to comply with all guidelines surrounding our reopening.”
Now commanding a market cap of $2.6B, CURLF has a significant war chest ($54.9M) of cash on the books, which must be weighed relative to about $137.8M in total current liabilities. One should also note that debt has been growing over recent quarters. CURLF is pulling in trailing 12-month revenues of $293M. However, the company is seeing declines on the top-line on a quarterly y/y basis, with revenues falling at -23.3%. We will update the story again soon as developments transpire. 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.