|Bid||0.00 x 0|
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|Day's Range||5.52 - 6.11|
|52 Week Range||2.54 - 8.88|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
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WAKEFIELD, Mass. , May 21, 2020 /CNW/ -- Curaleaf Holdings, Inc. (CURA.CN) (CURLF), a leading vertically integrated cannabis operator in the United States , today announced that retail locations in Massachusetts will re-open for adult-use purchases starting on May 25th, 2020 . 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 CEO Joe Lusardi breaks down the company's latest earnings report, along with his expectations for the cannabis industry amid the coronavirus.
Curaleaf Holdings Inc. Monday reported revenue that came in below the consensus estimates. The American weed retailer reported a first-quarter net loss of $15.1 million, which amounts to 3 cents a share, widening from $10.2 million, or 2 cents a share, in the year-ago quarter. Total revenue rose to $96.5 million from $35.3 million a year ago. Curaleaf's total revenue consists of its own retail and wholesale revenue of $77.1 million and $19.4 million of revenue from management fees. Curaleaf said its revenue growth was in part due to new stores operating in Florida, Massachusetts and New York, among other states. Analysts polled by FactSet had expected revenue of $98.4 million. The company's chief financial officer said that executives are predicting revenue will continue to grow in the second quarter, despite COVID-19 restrictions in Massachusetts, which has halted recreational sales, and Nevada, which allowed only cannabis delivery when the state issued lock-down orders. Curaleaf reported it had $176.4 million in cash at the end of March. U.S.-traded shares of Curaleaf have gained 4.4% this year, as the S&P 500 index fell 11.4%. The stock does not trade after hours in the U.S.
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) ("Curaleaf" or the "Company"), a leading vertically integrated cannabis operator in the United States, today announced it was further expanding its product portfolio with the addition of Curaleaf and Select Nano Gummies. Utilizing Nano-emulsion technology, the gel edibles are infused with small, water-soluble cannabinoids that allow for faster, more efficient cannabinoid consumption.
The brand is being distributed for the first time in Oklahoma at two Mango Cannabis dispensaries in Edmond and Tulsa . Select, which was acquired by Curaleaf in February 2020 , currently retails in Oregon , California , Nevada , Arizona , Colorado , Michigan , Maryland and Oklahoma .
CapStone Holdings, a business incubator and investment group, today announced a $50 million stake in Curaleaf, a leading U.S. provider of cannabis-based medical and adult-use products.
As the U.S. economy looks to reopen in multiple states, a lot of American cannabis stocks are still trading near multi-year lows despite limited store closures. The cannabis sector got a major seal of approval with most stores remaining open as states unanimously approved dispensaries as essential stores.The sector could get a further boost from the need for tax revenues as the whole U.S. tax revenues are down substantially during March and April with the economy shutdown. States from Arizona to Florida to New York could look towards approving recreational cannabis as a way to grab more tax revenues while the Federal government may finally move forward with some real regulations. The government could either approve cannabis or at least provide the companies with access to the banking system and tax relief.The negative ramifications for the cannabis sector are the tighter credit dynamics, but the large multi-state operators (MSOs) could benefit from weaker players being forced out of business. In addition, a lot of sector leaders are wrapping up or cancelling major deals placing the sector in a more researchable position providing more confidence for investors. Clearly, the market didn’t like the uncertainty in the sector with large deals faltering and taking additional months to close.We’ve delved into these three MSOs with positive outlooks for a strong June quarter and catalysts for higher stock prices in 2020. Using TipRanks’ Stock Comparison tool, we lined up the three alongside each other to get the lowdown on what the near-term holds for these MSO players.Harvest Health & Recreation (HRVSF)One of the most disappointing MSOs over the last year has been Harvest Health & Recreation. The company ended 2019 with major plans to acquire Falcon and Verano that both collapsed sending the shares to new lows in a weak stock market.While these deals were supposed to push the MSO into the top tier of cannabis stocks, the company is still on path to top $50 million in quarterly sales during the June quarter. Even better, Harvest Health is positioned in mostly medical marijuana states providing tons of optionality when recreational cannabis gets approved in either Arizona, Florida or Pennsylvania.A lot of the major deals in the MSO space kept companies like Harvest Health and shareholders alike in limbo. With multiple deals on the table, the valuation was always questioned due to the future share issuance and the unknown complete picture of the new entity.For Q4, the cannabis company reported sales of only $37.8 million and guided towards Q1 growth at a similar rate as the just reported 14% growth in the prior quarter. Harvest Health should top $43 million in the already ended quarter and be on pace to approach $50 million in the current quarter.The additional revenues from a full quarter of Arizona Natural Selections will boost Q2 results. Harvest Health ended the quarter with 35 open dispensaries with a license footprint above 100 providing a substantial growth path.In total, Harvest Health has over 400 million shares outstanding now for a market cap only in the $240 million range while revenues should top $200 million this year before any future benefits of recreational cannabis in key states like Arizona and Florida.Most of the Street have not given up on the company just yet, as TipRanks analytics showcase Harvest Health as a Strong Buy. Out of 4 analysts tracked in the last 3 months, 3 are bullish on the stock, while 1 remains sidelined. With a potential upside of over 400%, the stock’s consensus target price stands at $4.37. (See Harvest Health stock analysis on TipRanks)Curaleaf (CURLF)Curaleaf remains the biggest unknown cannabis company in the world. As the Grassroots deal closes here shortly, the company should have completed a quarter where pro-forma sales should approach $150 million due to recreational sales in Illinois.While most of the large Canadian cannabis companies have retrenched, Curaleaf continues to expand despite hiccups such as the disappointing Select deal. The resolution of the vape issues should boost wholesales vape revenues going forward and the closure of the Grassroots deal gives the cannabis giants a strong position in the soaring recreational market in Illinois plus expanded access to Pennsylvania.For Q4, Curaleaf reported official sales of only $82 million with guidance for up to $100 million in the current quarter knowing the Grassroots deal wouldn’t close on time. As mentioned, the March quarter should approach $150 million in pro-forma revenues with an even bigger boost in the June quarter as Curaleaf opens more stores.After these deals, Curaleaf will have at least 650 million shares outstanding placing the market cap in the $2.6 billion range here. The company had plans for pro-forma sales in the $1 billion range this year and those numbers will depend highly on a rebound in Select brand vape sales and the Grassroots deal closing.As with these other MSOs, Curaleaf recently closed a deal in just a week for 3 dispensaries in Connecticut. The market will find the certainty of these tuck in deals more appealing going forward.Overall, Wall Street loves Curaleaf stock, considering most voices are betting on this cannabis producer. TipRanks analytics exhibit Curaleaf as a Strong Buy based on 6 Buy ratings and 3 Holds. The 12-month average price target stands at $9.74, marking a 110% upside from where the stock is currently trading. (See Curaleaf stock analysis on TipRanks)Trulieve (TCNNF)Another underappreciated cannabis play is Trulieve Cannabis. The stock has bounced off the lows back above $9, but Trulieve traded above $13 back in December and the company reaffirmed strong numbers only a couple of weeks ago.The MSO has incredible expectations for 2020 adjusted EBITDA of $150 million. While the major Canadian companies are struggling to even reach EBITDA positive levels, Trulieve reported a 22% sequential boost in quarterly EBITDA to $45 million in the December quarter.The company is mainly just a medical cannabis provider in Florida, so the $400 million revenues estimates for this year is a sparse reflection of the ultimate revenue potential. Considering Trulieve has already confirmed 2020 numbers into April, the stock is de-risked having likely survived the worst of the COVID-19 crisis while benefitting from medical cannabis being labeled an essential product. With a market cap of only $1 billion, the stock is truly underappreciated.It's worth pointing out that Wall Street analysts are unanimous in their endorsement of the shares. Trulieve has been endorsed with "buy" ratings by all five of the analysts who have voiced an opinion on the stock over the three months. Meanwhile, the consensus estimate of analysts polled is that Trulieve shares should rise a 68% (68.61% to be precise) to hit $17.35 within a year.To find good ideas for cannabis stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) ("Curaleaf" or the "Company"), a leading vertically integrated cannabis operator in the United States, today announced that it will report its financial and operating results for the first quarter ended March 31, 2020 after market close on May 18, 2020.
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) ("Curaleaf" or the "Company"), a leading vertically integrated cannabis operator in the United States, has completed its acquisition of three Arrow Alternative Care ("AAC" and "Arrow") dispensaries in Connecticut.
Even before Covid-19 hit, the top U.S. pot companies were racking up lots of sales growth and ample cash flows. Given the market potential, and the low share prices, the main players look like bargains.
Despite the economic shutdown in large parts of North America, all of the initial reads on the cannabis sector have surprisingly been positive. Due to the medical cannabis aspects of the sector, most retail stores have been deemed essential allowing for the stores to remain open.Consumers from the U.S. and Canada have flooded retail stores and online websites to buy up cannabis products due to fears of and economic shutdown and potential store closures. Oddly though, the stocks haven’t generally rebounded despite positive sector trends as 2020 starts.Areas from California and Washington saw sales jump approximately double during the period from March 13 to March 17. Average store revenues were up roughly 100% at more than 1,300 stores using cannabis e-commerce platform Jane Technologies. Several other metrics saw massive product demand during mid-March.All of the news isn’t bullish as Massachusetts closed recreational cannabis stores, Nevada stores are seeing declining sales due to a lack of tourists and Canopy Growth closed 23 stores in Canada. In addition, sales are already seeing a return to normal levels as customers pull back from aggressive buying once realizing the stores will remain open even during lockdown.Several cannabis companies have recently reported solid quarterly reports that should only benefit from increased sales during the coronavirus outbreak along with company specific catalysts in 2020.We’ve delved into these three companies with solid earnings and positive outlooks for a strong March quarter and the full-year 2020. Furthermore, we’ve looked at the stocks through the lens of TipRanks' Stock Comparison tool to find out what makes them special. Let’s dive in.Curaleaf (CURLF)The largest under the radar cannabis play remains Curaleaf Holdings. The company reported pro-forma Q4 revenues of over $131.7 million to lead the cannabis space.The amount far tops the C$123.8 million generated by Canopy Growth while Curaleaf is EBITDA positive and produces far better bottom line results than the consistent C$90 million EBITDA losses of Canopy Growth.The amazing part is the tepid reaction to results due to the indication that the recent Select acquisition was underperforming. The company only generated a minimal boost from the Q3 pro-forma revenues of $129.1 million with a suggestion that strong Curaleaf and Grassroots results were offset by Select only producing $5 million in monthly revenues. The brand was generating $35 million in quarterly revenues when the merger was announced and the competitive California space along with the vape health issues really hurt revenues.The stock is only at $3.50 after hitting around $7.50 earlier this year and the company is positioned for a boost in sales from Illinois due to Grassroots and a rebound in Select sales from vapes and expanded distribution. In addition, Curaleaf is seeing a boost from the initial rush of sales due to stay-at-home order for the virus outbreak. The stock only has a $1.7 billion market valuation with sales still on pace to reach $1 billion this year providing a great entry point.Analysts are striking a bullish tone on Curaleaf stock, as well. 6 Buys and 1 Hold assigned in the last three months add up to a Strong Buy analyst consensus. In addition, the $9.68 average price target puts the potential twelve-month gain at over 170%. (See Curaleaf stock analysis on TipRanks)Green Thumb Industries (GTBIF)Green Thumb Industries is a leading player in several states seeing ramping growth due to legalization of recreational cannabis in Illinois and medical cannabis in Pennsylvania. The company reported Q4 revenues of $75.8 million and guided to 20% revenue growth in Q1 as most stores offer medical cannabis are considered essential by states and remain open.While Curaleaf didn’t guide for the quarter, Green Thumb appears more confident the virus outbreak isn’t going to impact sales, especially considering the quarter was nearly over when the company reported Q4 results. Green Thumb generated Q4 adjusted operating EBITDA of $14.4 million in the quarter as the company continues to maintain efficient operations.Similar to other cannabis stocks, Green Thumb is down about 50% from highs just a few months ago. The stock had a 52-week high above $16 and now trades down around $5.5 despite these strong quarterly results.With 215 million shares outstanding as of the start of 2020, Green Thumb has a market cap of $1.2 billion. The company appears set to generate 2020 revenues of $450 million and up to $680 million in 2021. The stock becomes more of a bargain as investors start viewing the 2021 revenues as legitimate with the strong recreational sales in Illinois and the potential growth in other states.Encouragingly for investors, 6 out of 7 analysts have published a "buy" rating on the stock, according to TipRanks. Their $14.63 average price target translates into 158% upside potential from the current share price. (See Green Thumb stock analysis on TipRanks)MediPharm Labs (MEDIF)Another company still in expansion mode is MediPharm Labs. The Canadian cannabis extraction company was built for profitable growth and the company remains on path to expand internationally in 2020 while other Canadian companies reign in global ambitions.For Q4, revenues were up over 200% from last Q4 to C$32.4 million, but revenues did decline from C$43.4 million in the prior quarter. Revenues and profits did take a hit as the Canadian market was oversupplied with wholesale bulk oil, but MediPharm Labs still generated gross profit of C$10.0 million and EBITDA of C$2.7 million.The company completed a year where revenues reached C$129.3 million and adjusted EBITDA was an impressive C$24.7 million. MediPharm Labs is positioned for growth in 2020 as Cannabis 2.0 products rollout in Canada and the company expands internationally having just obtained a GMP certification by the Therapeutic Goods Administration in Australia.The stock is down to near $1 despite these positive results. With a market cap of only $155 million, MediPharm Labs is cheap in comparison to expectations for revenue growing to nearly $120 million or C$170 million this year and up to $170 million in 2021. As more retail stores open in Canada and Cannabis 2.0 product sales expand, the cannabis extraction company will see revenues rebound making the stock a bargain down here near $1.Indeed, the stock boasts a confident Strong Buy consensus from the Street. TipRanks shows that the average analyst price target stands at $4.37, which implies over 300% upside over the next 12 months. (See MediPharm stock analysis on TipRanks)To find good ideas for cannabis stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.
Even before the pandemic struck the U.S., the American marijuana industry was racking up impressive sales increases. And that’s with legal sales in a limited number of states and a number of financial restraints. Now, the crisis looks like an opportunity.
The COVID-19 pandemic has proven a boon to U.S. marijuana producer Curaleaf Holdings Inc., as sales jump and many states say that cannabis is an essential service, an analyst wrote in a note to clients Wednesday.
Cannabis retailer Curaleaf Holdings Inc. reported revenue Tuesday that topped the analyst consensus and wider-than-expected losses. The company reported a net loss of $26.6 million, which amounts to 6 cents a share, versus a loss of $11.2 million, or 3 cents a share in the year-ago quarter. Curaleaf revenue rose to $75.5 million versus $32 million a year ago. At the end of December, Curaleaf said it had $42.3 million in cash. Analysts surveyed by FactSet had expected a loss of 2 cents a share on sales of $74.7 million. For the first quarter, analysts expect sales of $110 million; there are not enough estimates to form a reliable consensus for earnings, according to FactSet. Curaleaf stock has dropped 60% in the past year, and rose 25% to $3.85 in Tuesday trading. The S&P 500 index has fallen 20% in the past year as the ETFMG Alternative Harvest ETF , which tracks a basket of stocks including cannabis companies, fell 72%.
Curaleaf Reports Record Fourth Quarter and Fiscal Year End 2019 Financial and Operational Results
Toilet paper isn’t the only item consumers are stocking up on. Adult-use marijuana sales surged recently as consumers in the U.S. prepared to be stuck at home. As a result of all the panic buying, sales in California are over 2.5x higher than in March 2019 and 1.5x higher in Colorado. A dozen other markets appear to be on their way to notching all-time year-to-date highs.Many states have deemed dispensaries as an essential service, ensuring that they can remain operational under certain limitations and guidelines. While Canaccord analyst Matt Bottomley acknowledges that the industry isn’t fully insulated from the effects of the COVID-19 pandemic, he argues that any negative risks are limited substantially thanks to dispensaries. To this end, the analyst tells clients that he sees big things in store for a few U.S. Multi-State-Operators (MSOs).Bearing this in mind, we used TipRanks’ database to take a closer look at three cannabis stocks backed by the investment firm. Not only have all of the names received enough support from other analysts to earn a “Strong Buy” consensus rating, but each also boasts some brag-worthy upside potential. Let’s get started.Curaleaf Holdings (CURLF)First up, we have Curaleaf, which is slated to report earnings today. Based on several developments during the quarter, Canaccord's Bottomley expects the company to “continue to see attractive growth in its standalone/managed revenue.” In Q4, CURLF expanded its standalone business with the opening of its first adult-use dispensary in Massachusetts and two additional retail openings in Florida. This puts its total exposure in Florida at 28 locations. Even though there’s some uncertainty related to its Grassroots and Select segments, the analyst thinks both will ultimately fuel growth for CURLF.As a result, Bottomley is calling for standalone/managed revenue of $86.5 million, which would reflect a 15% quarter-over-quarter gain. While the growth is expected to be more modest for Select, due to vaping headwinds, Grassroots could post a 20% quarter-over-quarter rise. This would bring pro forma Q4 revenue to $152.9 million, up 19% from the prior quarter, and adjusted EBITDA to $9.6 million. A slight adjusted gross margin increase could also be in store.Additionally, after the quarter concluded, the company announced two more recreational dispensaries in Massachusetts, term loan financing of $300 million, license wins in Utah and Pennsylvania and that its Select and Acres acquisitions had been finalized. This prompted Bottomley to state, “As a result, we expect the company to see a significant step-function increase in its standalone top line in the first quarter of 2020.”With everything CURLF has going for it, it makes sense that Bottomley left his Buy rating and C$16 (US$11) price target as is. Should the target be met, a twelve-month gain of 184% could be in the cards. (To watch Bottomley’s track record, click here)Turning now to the rest of the Street, other analysts are generally on the same page. 4 Buys and 1 Hold add up to a Strong Buy analyst consensus. At US$8.28, the average price target implies 114% upside potential. (See Curaleaf stock analysis at TipRanks)Green Thumb Industries (GTBIF)Moving on to Green Thumb, Bottomley tells investors he has been impressed with this cannabis name, with it gearing up to announce its financial results on March 26.Like Curaleaf, GTBIF has made strides in expanding its presence in several states throughout the U.S. At the end of the fourth quarter, the company revealed that it had opened six new locations, two in Pennsylvania and new stores in Florida, New Jersey, Connecticut and Ohio. With these new additions, its year-end store count comes in at 39. If that wasn’t enough, GTBIF received a $20.3 million sales and leaseback arrangement for its Pennsylvania cultivation/production facility.The implication of these developments? Bottomley argues “For Q4/19, we expect GTI to realize moderate same-store-growth and incremental contribution from six additional stores opened during the period (albeit with less than a month of contribution on average).” This means that quarterly revenue could reach $76.5 million, up 13% quarter-over-quarter, and positive adjusted EBITDA of $11.5 million could be in the cards. Gross margins are expected to hold sturdy as well.It should also be noted that following the end of the quarter, GTBIF announced additional sales and leasebacks of facilities in Ohio and Illinois and two more store openings in Illinois. “As a result, we believe Q1/20 will likely see significant growth over our Q4/19 forecasts,” Bottomley commented.In line with his optimistic expectations, Bottomley reiterated his Buy rating. At C$20 (US$13.80), the analyst’s price target suggests 144% upside potential.Looking at the consensus breakdown, other analysts take a similar approach. With 4 Buys and 1 Hold issued in the last three months, the word on the Street is that GTBIF is a Strong Buy. Not to mention the $16.29 average price target implies 185% upside potential. (See Green Thumb stock analysis at TipRanks)Harvest Health & Recreation (HRVSF)With Harvest Health & Recreation preparing to report earnings the week of April 6, Bottomley has high hopes based on its recent retail openings.During the quarter, HRVSF added its fourth dispensary in California, got a license for a fifth and reached a management service agreement for a store in Maryland. According to Bottomley, in order to compete with GTBIF in Pennsylvania, it opened three new stores in the state.As Bottomley expects “continued progression it its core business, aided by contribution from an additional California recreational store and three new medical dispensaries in Pennsylvania”, he thinks standalone revenue will land at $40.7 million, representing 23% quarter-over-quarter growth. To top it all off, the analyst is predicting a gross margin expansion of 900 basis points to 40% and pro forma quarterly revenue of $109 million, up 14% quarter-over-quarter.Despite the call for negative adjusted EBITDA, Bottomley points to several new developments reported after quarter-end as being capable of driving upside. “Subsequent to quarter end, the company (1) announced the purchase of an additional facility in Nevada; (2) announced and closed a deal for Have a Heart; (3) announced license wins/strategic arrangements in Arkansas and Michigan; (4) acquired four additional licenses (with three operating dispensaries) in its home state of Arizona (where it has a leading presence); and (5) announced significant corporate updates,” he noted.Taking all of this into consideration, Bottomley decided to stay with the bulls, maintaining a Buy recommendation and C$7.00 (US$4.85) price target. This target implies that shares could soar 375% in the next year.What do other analysts have to say? It turns out that a majority are also bullish. A Strong Buy consensus rating breaks down into 5 Buys and 1 Hold. Impressively, the $6.79 average price target leaves room for 567% upside potential. (See Harvest Health stock analysis on TipRanks)
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) ("Curaleaf" or the "Company"), a leading vertically integrated cannabis operator in the United States, will acquire three Arrow Alternative Care (AAC) dispensaries in the state of Connecticut.
Curaleaf Holdings Inc. said Tuesday it will be hiring across its retail, cultivation and processing facilities, as the Massachusetts-based cannabis company has received an Essential Services Designation in some key markets. The company said its medical-only dispensaries remain open in Arizona, Florida, Maine, Maryland and Massachusetts, while its Nevada dispensary is open for delivery only. It's New Jersey, New York and Oregon dispensaries are also open. The company has adjusted its dispensary schedules, including having dedicated hours for seniors only. "The COVID-19 situation is evolving rapidly and we are responding as quickly as possible to ensure we can continue to meet the needs of our customers," said Chief Executive Joseph Lusardi. "In these difficult times, we will be hiring employees and working with local organizations to provide job opportunities to those who are out of work." The stock has lost 45.1% over the past month, while the Cannabis ETF has declined 40.9% and the S&P 500 has shed 30.6%.
Khadijah Tribble is a respected expert on equity and inclusion in the cannabis industry. In partnership with Chief Marketing Officer Jason White and the marketing team, Tribble will oversee the Company's efforts to build an eco-system of impact, policy and business that aligns with the greater good of the cannabis industry and the communities in which Curaleaf operates and serves.
You might think the cannabis business would go untouched by the coronavirus as people stay home and look for ways to allay anxiety. But there could be problems.