Curaleaf Holdings Inc (OTC: CURLF), one of the largest verticallyintegrated cannabis operators in the U.S. said Tuesday that its revenue grew substantially in the second quarter — and so did its net loss.
The company posted total revenue of $48.49 million, up by 231% on the year. Its managed revenue went up by 219% to $55.1 million.
Curaleaf also reported a net loss of $24.54 million, significantly higher than $10.21 million last quarter and $4.93 million in the same period last year.
The company's net loss per share widened from 2 cents in the first quarter to 5 cents.
Curaleaf achieved positive adjusted EBITDA of $3.36 million for the first time in its history versus an adjusted EBITDA loss of $3.84 million last year.
The gross margin remained unchanged at 40%.
Why It's Important
Curaleaf struck a number of deals during the second quarter.
It agreed to acquire U.S. cannabis wholesale brand Select.
The company also made two acquisitions in Arizona: Glendale Greenhouse and Phytotherapeutics Management.
It also acquired exclusive rights to operate Absolute Healthcare's Emerald dispensary in Gilbert, Arizona.
In addition, Curaleaf acquired the option to buy cannabis and cultivation licenses and a facility in Ohio from Ohio Grown Therapies.
As Curaleaf's operations continue to grow, the company expects to improve its operating margins and accelerate its cash flow profile, Chief Financial Officer Neil Davidson said in a statement.
The stock was up 0.66% at $6.40 at the close Tuesday.
Curaleaf Sells 6 Properties For .3M
Curaleaf: Cannabis Sector 'Needs, Wants And Appreciates' FDA Oversight
See more from Benzinga
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.