Curaleaf stock is trading higher on Tuesday after Curaleaf Holdings (CSE:CURA) (OTCQX:CURLF) received preliminary approval for a processing license by the Utah Department of Agriculture and Food.
Major Development
Over the past few years, Curaleaf Holdings Inc has emerged as one of the major players in the cannabis market in the United States. It is one of the few vertically integrated cannabis companies in the country, and today, the company made a major announcement.
The company announced that it has been given preliminary approval for a processing license by the regulatory body Utah Department of Agriculture and Food (UDAF). It is a significant development for Curaleaf as it allows the company to further expand its processing facilities in the United States.
With this preliminary approval, Curaleaf can start building its processing facility in Utah straight away, and it has also been revealed that the final approval for the company’s medical cannabis processing license is also on the way.
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Curaleaf stock is up 4.55% at C$9.45.
The Chief Executive Officer of the company, Joseph Lusardi, said, "We are pleased with the progress we are making in the state of Utah. Aligned with our strategy, this processing license puts us closer to achieving vertical integration in the state.” He went on to state that it will also help the company to have bigger control of its production processes and also help in bringing down the costs for the patients.
The fact that Curaleaf Holdings has managed to get the processing license is a major development for the company and is going to help it to run its business in Utah far more effectively. In addition to the processing license, Curaleaf received a license to open a cannabis medical dispensary in Utah.
The Utah Department of Health has awarded a total of 14 such permits spread across four regions in the state. Curaleaf has been given the permit for a store in the area that has been designated as Region 3.
Curaleaf stock has soared over 22% over the past week.
Featured image: Canva
