Curaleaf stock is in the red on Friday despite Curaleaf Holdings (CSE:CURA) (OTCQX:CURLF) announcing that it had received final license approval to open an adult-use retail dispensary in Ware, Massachusetts.
The Massachusetts-based firm has been busy expanding in its home state in recent weeks, with today’s announcement coming a little over a week after Curaleaf Holdings announced that it was opening a dispensary on Cape Cod. The new store will be located at 124 West Street, Ware, and is expected to be open by early March, pending the scheduling of post-final inspections. Despite news of further expansion, Curaleaf stock is down 2.5% today.
“Providing high quality and reliable products to patients and customers in our home state of Massachusetts is a big part of our company’s strategy,” said Curaleaf CEO Joseph Lusardi. “We’re excited to be opening our third adult-use dispensary here in the Commonwealth of Massachusetts.” Curaleaf Massachusetts President Patrik Jonsson said that the new store will add 20 new jobs, which he hopes will have a positive impact on the local economy. Curaleaf stock is currently trading for $8.66.
Curaleaf Stock on the Up
Today’s announcement comes almost three months after Curaleaf Holdings announced the opening of its first location in Massachusetts, in the town of Oxford. Perhaps learning lessons from the struggles in the Canadian cannabis market, Curaleaf has made brick-and-mortar retail expansion a focal point of its expansion strategy and currently operates 53 stores across 14 states. Despite remaining unprofitable, this strategy saw net revenue rise by 189% in the most recent quarter, with Curaleaf shares up over 40% since.
Earlier this week, Curaleaf Holdings solidified its position as the largest cannabis operator in the US market with its acquisition of cannabis vape firm Select. This deal will give Curaleaf access to key hubs in the west, where the company has already received certain retail and cultivation licenses in high demand states like Nevada. After a disappointing few months late last year, Curaleaf shares have popped over 20% in January, with 2020 shaping up to be a much better year for Curaleaf Holdings and its investors.
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