Business

Curaleaf rings in earnings with a big quarter

By Alex Halperin
Mar 9, 2021

Multi-state operator Curaleaf, released record results for Q4 and 2020 and announced plans to move into the European market. The results enforce its position as a leading player in the U.S. as more states legalize REC and the push for federal reform intensifies.

The Wakefield, Mass.-based company reported total revenue of 230.3M for Q4, up 205% year-over-year and total annual revenue of $626.6M, up 184% year-over-year. 

The results open what stock analyst Alan Brochstein anticipates will be a “very solid earnings season” for American operators. 

The bullish sentiment owes to several factors including strong sales during the pandemic, REC legalization in Arizona and New Jersey and ongoing pushes to legalize in New York and other states. WIth the Democrats controlling both Houses of Congress, federal reform has gained momentum as well, though it’s not yet clear whether proposed bills have the support necessary to pass the U.S. Senate. 

Curaleaf also announced that it has signed a definitive agreement to acquire London-based EMMAC Life Sciences Group, which it describes as Europe’s largest vertically integrated independent cannabis company.  Curaleaf said it would pay $286M for EMMAC 85% in stock and 15% in cash.

While the European legal cannabis market is far smaller than in the U.S., MED is legal in several countries and some are discussing full legalization. Combined, the European Union and recently departed member the United Kingdom have more than 500M people.

In the U.S., Curaleaf operates 101 dispensaries in 23 states. In 2020 it expanded its presence with eight acquisitions including edibles brand Blue Kudu and vape brand Select.

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