What’s Going on with Curaleaf Holdings?
Curaleaf Holdings (CURLF) stock is down Tuesday morning, May 11, after the U.S. cannabis company reported record first quarter 2021 results after market close yesterday. Shares fell 4.27% settling at $14.36 a share.
What Does This Mean for CURLF?
The Massachusetts-based cultivator and seller of cannabis-based products announced yesterday that it had a record first quarter 2021 revenue of $260 million, representing an increase of 170% from the same period in 2020, which was $96 million. Curaleaf Holdings also disclosed a bump in its revenue guidance for the second quarter of 2021, increasing guidance from $305 million to $315 million.
“Curaleaf delivered record first quarter 2021 financial results with total revenue exceeding the high-end of our guidance range as we extended our U.S. leadership, all while creating a new foundation for future international growth opportunities,” Curaleaf CEO Joe Bayern explained.
The company closed the first quarter of 2021 with 102 retail locations and plans to continue to take advantage of liberalizing state and federal cannabis laws to fuel growth. Curaleaf Holdings is also expanding its presence in Europe, evident in the recent acquisition of EMMAC, a leading vertically integrated European cannabis firm.
CURLF has an Overall Score of 29. Find out what this means to you and get the rest of the rankings on CURLF!
Curaleaf is headquartered in Wakefield, Massachusetts, and cultivates and sells medicinal and recreational cannabis in the U.S. The company has operations in 23 states, including the assets from the Cura Select and Grassroots acquisitions. Its brands include Curaleaf, UKU, Select, and Grassroots. The company acquired EMMAC Life Sciences in March 2021, beginning its foray into the global medical market in competition with Canadian cannabis producers.