Curaleaf stock is in the green on Wednesday after Curaleaf Holdings (CSE:CURA) (OTCQX:CURLF) announced that it is opening the first adult-use retail dispensary in Cape Cod, Massachusetts today.
Expanded Presence
The new store is located at 170 Commercial Street in the heart of Provincetown and will be open seven days a week. Normal opening hours will be from 10 am to 6 pm Monday through Saturday, and 10 am to 5 pm on Sundays during winter and spring, with opening hours extending from 9 am to 9 pm during the summer months. Curaleaf Holdings opened its first dispensary in Oxford, Massachusetts, in 2019 and plans to open another adult-use retail location in Ware in the coming months. Curaleaf stock is up 1.7% following the announcement.
"As one of the largest cannabis companies in the United States, we are proud to be based right here in Massachusetts and to be expanding our presence across the Commonwealth," said Curaleaf CEO Joseph Lusardi. "Providing high quality and reliable products to patients and customers in our home state is a key part of Curaleaf's mission." Headquartered in Wakefield, the company currently operates in 12 states with 52 dispensaries, 14 cultivation sites, and 14 processing sites. Curaleaf stock is currently trading for $8.90.
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Revival in Curaleaf Stock to Continue?
Earlier this month, Curaleaf announced that it had received one of 14 medical cannabis retail license from the Utah Department of Health and revealed plans to open its first dispensary in the state in the City of Lindon. The news of an expanded national presence has helped generate somewhat of a revival in Curaleaf stock following a disappointing six month period from May to November in which the pot stock fell 60% in light of broader market underperformance.
However, the last few months have been much kinder to investors, with Curaleaf stock gaining over 45% since early November. While the opening of new stores has played a key role in those gains, robust Q3 results have also been a significant factor. For the three months ended September 30, Curaleaf Holdings posted revenue of US$61.8 million, up 27% from the previous quarter, while total sales also grew 34% to US$51 million. With an even larger US market presence, can Curaleaf beat those gains in its next earnings call?
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