Curaleaf stock is making gains today after Curaleaf Holdings (CSE:CURA) (OTCQX:CURLF) announced that it has received a medical cannabis retail license from the Utah Department of Health.
Curaleaf Stock Boosted By Entry to Utah Market
Curaleaf Holdings is the recipient of one of 14 permits that the department is awarding, covering four geographic regions in the US state. Curaleaf's license will cover region 3, which includes Utah, Wasatch, Daggett, and San Juan Counties, among others. Disappointingly for the firm, it does not cover the state's most heavily populated area of Salt Lake City. Curaleaf said it intends to open a dispensary in the City of Lindon, with Curaleaf stock popping about 3% on the news.
"Curaleaf is proud to have been selected as a recipient of a medical retail license in Utah, and we look forward to bringing our premium products, services and expertise to medical patients there," said Joseph Lusardi, Chief Executive Officer of Curaleaf Holdings, in a statement posted this week. "We are grateful to be part of the early development of the industry in the state and will earn the trust and patronage of patients there as we have in the other states where we operate." Curaleaf stock is currently trading for $7.96 on the Canadian Securities Exchange.
Big Year Ahead?
2019 proved a difficult year for investors in the company, in line with the broader industry trend, as Curaleaf stock shed almost 50% of its value in the latter half of the year. Despite those losses, last year was not without its highlights for the Massachusetts-based firm. Under the leadership of Boris Jordan, who became the first billionaire to emerge from the cannabis industry, Curaleaf made a number of high profile acquisitions, including its takeover of Select, which will bring the company's presence from 12 to 19 US states.
Since purchasing the company back in 2013, Jordan has transformed it into a multi-billion dollar firm that looks set to only grow further with the recent passage of the SAFE Banking Act. 2020 is already shaping up to be a big year for US-based cannabis firms, with the race for the White House about to kick into top gear as cannabis legislation moves back into the spotlight, perhaps there could be more gains ahead for Curaleaf stock.
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