Curaleaf stock is up slightly on Monday after Curaleaf Holdings (CSE:CURA) (OTCQX:CURLF) launched its first adult-use recreational dispensary in Massachusetts, which is co-located with Curaleaf's current medical retail location opened in April 2018.
First Retail Location in Crualeaf's Home State
The company began selling recreational cannabis at the store, located at 425 Main Street in Oxford, over the weekend, but can only serve customers via appointment for the first 30 days of business. A grand opening ceremony will take place on Wednesday, November 6, and will be attended by Boston Red Sox legend and longtime cannabis advocate Bill "Spaceman" Lee. Curaleaf stock is up 0.3% at the time of writing as investors welcome access to a substantially larger customer base in Massachusetts.
"Providing high quality and reliable products to patients and customers in our home state of Massachusetts is important to us. We've enjoyed a great relationship with the people of Oxford and the surrounding towns, and we look forward to strengthening our partnership with those communities," said Curaleaf Holdings CEO Joseph Lusardi. Curaleaf, which is currently the largest cannabis company in the US, is headquartered in Wakefield and employs 170 people across the state. Curaleaf shares are currently trading for $6.21.
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Welcome Reprieve for Curaleaf Stock
The launch of the new Oxford location is a welcome reprieve for the Curaleaf investors after news that its $1 billion USD all-stock takeover of extraction firm Cura Partners was being downsized as the company contends with changing industry headwinds. Under the amended agreement, Cura shareholders are guaranteed 55 million shares in Curaleaf stock, which will account for about $284 million USD.
Curaleaf stock sunk to a year-low following the downsizing of the deal, as the company remains embroiled in a class-action suit relating to false claims made about its range of CBD products on its website. However, the passage of the SAFE Banking Act in September should help the company achieve its goal to be the largest cannabis firm in the world by revenue through access to regulated banking services.
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