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As of 5/1/19 Curaleaf MA has two medical-only dispensaries in operation. However we are in the process of getting approved for three adult-use retail locations and hope to have these open late Fall 2019.
Oxford will be co-located, Provincetown and Ware will be adult-use only, and Hanover will remain as medical only.
Yes. Quite frankly house passing is intraday news and not a significant change to the fundamentals even tho the fluff PR. Next, The vaping issue is also front and center in Massachusetts - home of Curaleaf. Gov. Charlie Baker put a 4 month ban into place for ALL vape products that also include those from the seed to sale dispensarys. (we can sideline logic on this later)...but this is a major loss of revenue in this state - not just curlf dispensary sells curlf product. MSO yes...maybe it will help in 2020 but not this year. People are buying and selling on these 5% swings. Maybe you should join them! =)
Link:
Curaleaf Holdings Initiated at Sell by MKM Partners
6:54 AM ET 9/20/19 | Dow Jones
Ratings actions from Benzinga: https://www.benzinga.com/stock/CURLF/ratings
> Dow Jones Newswires
September 20, 2019 06:54 ET (10:54 GMT)
Curaleaf Reports Second Quarter 2019 Financial and Operational Results
4:00 PM ET 8/27/19 | Dow Jones
Curaleaf Reports Second Quarter 2019 Financial and Operational Results
Reported Record Pro Forma Revenue(1)(2) of $110.9 million and Managed Revenue(1) of $55.1 Million
Generated $3.4 million of Adjusted EBITDA(1) as Operations Continue to Scale
Announced Acquisition of Grassroots, Inc. the Largest Private U.S. MSO for approximately $875 million Creating World's Largest Cannabis Company and Expanding Presence to 19 States
WAKEFIELD, Mass., Aug. 27, 2019 /CNW/ -- Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) ("Curaleaf"or the "Company"), a leading vertically integrated cannabis operator in the U.S., today reported its financial and operating results for the second quarter ended June 30, 2019. All financial information is provided in U.S. dollars unless otherwise indicated.
Q2 2019 Financial Highlights (Unaudited)
($ thousands, except per % qoq % yoy
share amounts) Q2 2019 Q1 2019 Change Q2 2018 Change
Managed Revenue(1) $55,100 $40,682 35% $17,294 219%
Total Revenue $48,489 $35,251 38% $14,644 231%
Gross profit before impact
of biological assets $26,020 $18,107 44% $7,809 233%
Gross profit on cannabis
sales(1) $15,257 $10,624 44% $4,631 229%
Gross margin on cannabis
sales(1) 40% 38% 40%
Adjusted EBITDA(1) $3,357 ($3,686) ($3,838)
Net income (loss)
attributable to Curaleaf
Holdings Inc. ($24,541) ($10,209) ($4,933)
Net income (loss) per
share -- basic and
diluted ($0.05) ($0.02) ($0.01)
(1) See "Non-IFRS Financial and Performance Measures" below for more
information regarding Curaleaf's use of Non-IFRS financial measures and other
reconciliations.
(2) Pro Forma Revenue includes the revenue of closed and pending acquisitions
of Eureka Investment Partners, LLC ("Eureka"), Absolute Healthcare, Inc.'s
Emerald Dispensary operations, Acres Cannabis ("Acres"), Phytotherapeutics
Management Services, LLC, Glendale Greenhouse, Cura Partners, Inc. ("Select")
and GR Companies, Inc. ("Grassroots") as if they occurred on January 1, 2019.
Second Quarter Highlights
-- Reported record quarterly pro forma revenue of $110.9 million, managed
revenue of $55.1 million and Adjusted EBITDA of $3.4 million
-- Announced the acquisition of Select, the leading cannabis wholesale brand
in the U.S.; Select transaction would combine Curaleaf's retail locations,
vertical integration, wellness brand and strong East Coast market
presence with Select's wholesale model, lifestyle brand and leading West
Coast market presence.
-- Acquired exclusive rights to operate Absolute Healthcare, Inc.'s Emerald
dispensary in Gilbert, Arizona one of the highest grossing dispensaries
in the state
-- Announced two additional acquisitions in Arizona, both of which closed in
August 2019
-- Glendale Greenhouse, a vertically integrated cannabis operation in the
Phoenix metro area
-- Phytotherapeutics Management Services, the license of which will be
applied to a newly developed flagship dispensary located at 2175 N 83rd
Avenue
-- Closed on acquisitions of Eureka in Northern California and Blackjack in
Las Vegas, Nevada
-- Acquired option to purchase Ohio Grown Therapies LLC's medical cannabis
cultivation and processing licenses and facility in Ohio
Post Second Quarter Highlights
-- Announced acquisition of Chicago, Illinois-based Grassroots, the largest
private U.S. MSO for approximately $875 million creating world's largest
cannabis company which will expand presence to 19 states
-- Received approval for change of ownership and control in Massachusetts
-- Signed a sale-leaseback agreement with Freehold Properties, Inc. for six
properties valued at $28.3 million
"We have made significant progress over the last few months in executing on our strategy to become the leading vertically integrated multi-state cannabis operator in the United States," said Joseph Lusardi, Chief Executive Officer of Curaleaf. "The recently announced acquisitions of Select and Grassroots, as well as, tuck in acquisitions in Arizona, California, Nevada and Ohio position Curaleaf as the undisputed leader in the cannabis industry. With the industry's largest operational footprint, we have the scale to rapidly accelerate growth across the country. I continue to believe Curaleaf is the best positioned operator in the cannabis space with the potential to create substantial shareholder value."
Neil Davidson, Chief Financial Officer of Curaleaf, added, "We achieved a number of milestones in the second quarter, foremost, we generated positive Adjusted EBITDA for the first time in Company history, and we achieved record pro forma revenue of $111 million. As our operations continue to ramp, we expect to see further improvement in our overall operating margins and an improving and accelerating cash flow profile. We continue to focus on positioning ourselves as the industry leader through prudent capital allocation to deliver strong organic growth."
Financial Results for the Second Quarter Ended June 30, 2019
Managed Revenue for the second quarter was $55.1 million an increase of 219% over the prior year and 35% over the prior quarter. Pro Forma Revenue was $110.9 million.
Total Revenue for the second quarter of 2019 increased 231% year-over-year to $48.5 million, compared to $14.6 million in the second quarter of 2018. Total Revenue for the second quarter of 2019 increased 38% over the prior quarter.
Retail and wholesale revenue increased more than three-fold to $37.7 million during the quarter, compared to $11.5 million in the second quarter of 2018. The increase in retail and wholesale revenue was primarily due to organic growth in Florida resulting from opening dispensaries, the opening of two dispensaries in New York, contributions from acquisitions in Arizona and Maryland, as well as increased wholesale revenue in Massachusetts as a result of adult-use dispensaries opening in the state.
Gross profit before impact of biological assets for the second quarter of 2019 was $26.0 million, compared to $7.8 million for the second quarter of 2018. The increase was due to continued improvement in the operating capacity of the Company's cultivation and processing facilities.
Gross profit on cannabis sales(1) was $15.3 million in the second quarter of 2019, resulting in a 40% margin, compared to $4.6 million in the second quarter of 2018. The increase was due to the mix in retail revenue over wholesale revenue and continued improvement in the operating capacity of the Company's cultivation and processing facilities.
Adjusted EBITDA(1) was $3.4 million for the second quarter of 2019, compared to a loss of $3.8 million for the second quarter of 2018.
Net loss for the second quarter of 2019 was $24.4 million, compared to a net loss of $6.4 million in the second quarter of 2018 due to an increase of $5.8 million in depreciation and amortization and an increase of $3.8 million in share-based compensation, both of which are non-cash, an increase of $4.4 million in one-time charges, primarily acquisition related, an increase of $3.4 million in net interest expense and an increase of $7.0 million in provision for income tax. Net loss per share for the second quarter of 2019 was $0.05, compared to a loss of $0.01 in the second quarter of 2018.
Balance Sheet and Liquidity
As of June 30, 2019, we had $107.3 million of cash, $95.5 million of outstanding debt and fully diluted shares outstanding of 461.3 million.
Conference Call and Webcast Information
Curaleaf will host a conference call and audio webcast today at 5:00 pm ET to answer questions about the Company's operational and financial highlights. The dial-in numbers for the conference call are +1-877-407-9039 (U.S. Toll-Free) or +1-201-689-8470 (International). Please dial-in 10 to 15 minutes prior to the start time of the conference call and an operator will register your name and organization.
The conference call will also be available via webcast, which can be accessed through the Investor Relations section of Curaleaf's website, https://ir.curaleaf.com/ir-calendar.
For interested individuals unable to join the conference call, a dial-in replay of the call will be available until September 10, 2019 at 11:59 pm ET and can be accessed by dialing +1-844-512-2921 (U.S. Toll Free) or +1-412-317-6671 (International) and entering replay pin number: 13693392. The online archive of the webcast will be available on https://ir.curaleaf.com/ir-calendar for 30 days following the call.
Non-IFRS Financial and Performance Measures
In this press release Curaleaf refers to certain non-IFRS financial measures such as Pro Forma Revenue, Managed Revenue, Gross Profit on Cannabis Sales and Adjusted EBITDA. These measures do not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other issuers. Curaleaf defines Managed Revenue as total revenue plus revenue from entities for which the Company has a management contract but does not consolidate the financial results based on IFRS 10 -- Consolidated Financial Statements. Curaleaf defines Pro Forma Revenue as Managed Revenue plus revenue from operations of pending and closed acquisitions as if such acquisitions occurred on January 1, 2019. The Company defines Gross Profit on Cannabis Sales as retail and wholesale revenues less cost of goods sold. Adjusted EBITDA is defined by Curaleaf as earnings before interest, taxes, depreciation and amortization less share-based compensation expense and one-time charges related acquisition and financing related costs. Curaleaf considers these measures to be an important indicator of the financial strength and performance of our business. The following tables provide a reconciliation of each of the non-IFRS
(MORE TO FOLLOW) Dow Jones Newswires
August 27, 2019 16:00 ET (20:00 GMT)
Curaleaf Reports Second Quarter 2019 Financial -2-
measures to its closest IFRS measure.
Managed Revenue
Q2 2019 Q1 2019 Q2 2018
Total Revenue $ 48,489 $ 35,251 $ 14,644
Revenue from managed entities, net
of MSA fees 6,611 5,431 2,650
Managed revenue $ 55,100 $ 40,682 $ 17,294
Gross Profit on Cannabis Sales
Q2 2019 Q1 2019 Q2 2018
Retail and wholesale revenues $ 37,726 $ 27,768 $ 11,466
Cost of goods sold 22,469 17,144 6,835
Gross profit on cannabis sales $ 15,257 $ 10,624 $ 4,631
Adjusted EBITDA
Q2 2019 Q1 2019 Q2 2018
Net loss $(24,435) $(10,828) $(6,430)
Interest expense, net 2,895 2,648 (488)
Income tax recovery (expense) 8,192 (1,438) 1,235
Depreciation and amortization 7,195 4,895 1,428
Share-based compensation 4,489 1,782 649
Other (income) expense 1,135 26 --
Change in fair value of biological
assets (1,392) (2,246) (1,120)
One time charges 5,278 1,475 888
Adjusted EBITDA $ 3,357 $ (3,686) $(3,838)
About Curaleaf Holdings
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) ("Curaleaf") is the leading vertically integrated multi-state cannabis operator in the United States. It is a high-growth cannabis company with a national brand known for quality, trust and reliability. The company is positioned in highly populated, limited license states, and currently operates in 12 states with 48 dispensaries, 14 cultivation sites and 13 processing sites. Curaleaf has the executive expertise and research and development capabilities to provide leading service, selection, and accessibility across the medical and adult-use markets, as well as in the CBD category through its Curaleaf Hemp brand. On May 1, 2019, Curaleaf announced the acquisition of the Select brand from Cura Partners for approximately $949 million. On July 17, 2019, Curaleaf announced the acquisition of Grassroots for approximately $875 million.
Condensed Interim Consolidated Statements of Financial Position
(Unaudited)
($ thousands)
June 30, December 31,
2019 2018
Assets
Current assets:
Cash $ 107,346 $ 266,616
Accounts receivable 14,415 9,402
Inventory, net 42,154 27,976
Biological assets 9,010 4,491
Prepaid expenses and other current assets 6,784 4,975
Total current assets 179,708 313,460
Deferred tax asset 2,556 2,556
Notes receivable 47,568 33,811
Property, plant and equipment, net 103,788 66,969
Right-of-use assets 56,165 --
Intangible assets, net 99,449 52,925
Goodwill 90,593 47,267
Investments 68,164 45,408
Other assets 7,070 7,440
Total assets $ 655,061 $ 569,836
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $ 10,376 $ 3,974
Accrued expenses 16,907 15,721
Income tax payable 3,839 2,730
Current portion of lease liability 7,374 --
Current portion of notes payable 8,000 --
Current portion of notes payable --
related party 2,570 2,403
Total current liabilities 49,065 24,828
Deferred tax liability 2,895 6,508
Notes payable 84,928 81,901
Lease Liabilities 51,512 --
Non-controlling interest redemption
liability 2,957 2,957
Contingent consideration liability 14,475 --
Contingent consideration liability -
related party 18,000 18,000
Total liabilities 223,833 131,194
Shareholders' equity:
Share capital 680,987 657,525
Treasury shares (4,663) (4,325)
Reserves (141,192) (146,761)
Accumulated deficit (100,416) (65,666)
Total Curaleaf Holdings, Inc.
shareholders' equity 434,716 440,773
Redeemable non-controlling interest (2,957) (2,957)
Non-controlling interest (531) (2,174)
Total shareholders' equity 431,228 435,642
Total liabilities and shareholders'
equity $ 655,061 $ 569,836
Condensed Interim Consolidated Statements of Profits and Losses
(Unaudited)
($ thousands, except for share and per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
2019 2018 2019 2018
Revenues:
Retail and
wholesale
revenues $ 37,726 $ 11,466 $ 65,494 $ 17,176
Management fee
income 10,763 3,178 18,246 6,550
Total revenues 48,489 14,644 83,740 23,726
Cost of goods
sold 22,469 6,835 39,614 11,691
Gross profit
before impact of
biological
assets 26,020 7,809 44,126 12,035
Realized fair
value amounts
included in
inventory sold (15,478) (2,871) (25,833) (4,336)
Unrealized fair
value gain on
growth of
biological
assets 16,870 3,991 29,471 5,957
Gross profit 27,412 8,929 47,764 13,656
Operating
expenses:
Selling, general
and
administrative 28,029 12,535 51,298 19,834
Share-based
compensation 4,489 649 6,270 1,161
Depreciation and
amortization 7,195 1,428 12,091 2,544
Total operating
expenses 39,713 14,612 69,659 23,539
Loss from
operations (12,301) (5,683) (21,895) (9,883)
Other income
(expense):
Interest income 2,436 1,702 4,919 3,157
Interest expense (3,983) (1,214) (8,147) (2,026)
Interest expense
related to lease
liabilities (1,348) -- (2,315) --
Other expense (1,047) -- (1,073) --
Total other
income
(expense), net (3,942) 488 (6,616) 1,131
Loss before
provision for
income taxes (16,243) (5,195) (28,511) (8,752)
Income tax
benefit
(expense) (8,192) (1,235) (6,753) (1,012)
Net loss and
comprehensive
loss (24,435) (6,430) (35,264) (9,764)
Less: Net loss
attributable to
non-controlling
interest 106 (1,497) (513) (2,604)
Net loss
attributable to
Curaleaf
Holdings, Inc. $ (24,541) $ (4,933) $ (34,751) $ (7,160)
Loss per share
attributable to
Curaleaf
Holdings,
Inc. -- basic
and diluted $ (0.05) $ (0.01) $ (0.08) $ (0.02)
Weighted average
common shares
outstanding --
basic and
diluted 461,313,741 382,618,764 459,499,816 381,856,676
Investor Contact:
Curaleaf Holdings, Inc.
Daniel Foley, VP, Corporate Finance & Investor Relations
IR@curaleaf.com
Media Contact:
Teneo
Megan Bishop, SVP
Media@curaleaf.com
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities laws and United States securities laws ("forward-looking statements"). Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on management's current beliefs, expectations or assumptions regarding the future of the business, future plans and strategies, operational results and other future conditions of the Company. In addition, the Company may make or approve certain statements in future filings with Canadian securities regulatory authorities, in press releases, or in oral or written presentations by representatives of the Company that are not statements of historical fact and may also constitute forward-looking statements. All statements, other than statements of historical fact, made by the Company that address activities, events or developments that the Company expects or anticipates will or may occur in the future are forward-looking statements, including, but not limited to, statements preceded by, followed by or that include words such as "assumptions", "assumes", "guidance", "outlook", "may", "will", "would", "could", "should", "believes", "estimates", "projects", "potential", "expects", "plans", "intends", "anticipates", "targeted", "continues", "forecasts", "designed", "goal", or the
(MORE TO FOLLOW) Dow Jones Newswires
August 27, 2019 16:00 ET (20:00 GMT)
Curaleaf Reports Second Quarter 2019 Financial -3-
negative of those words or other similar or comparable words and includes, among others, information regarding: its outlook for and expected operating margins, capital allocation, free flow cash and other financial results; growth of its operations via expansion, for the effects of any transactions; expectations for the potential benefits of any transactions; statements relating to the business and future activities of, and developments related to, the Company after the date of this press release, including such things as future business strategy, competitive strengths, goals, expansion and growth of the Company's business, operations and plans; expectations that planned acquisitions will be completed; expectations regarding cultivation and manufacturing capacity; expectations regarding receipt of regulatory approvals; expectations that licenses applied for will be obtained; potential future legalization of adult-use and/or medical cannabis under U.S. federal law; expectations of market size and growth in the U.S. and the states in which the Company operates; expectations for other economic, business, regulatory and/or competitive factors related to the Company or the cannabis industry generally; and other events or conditions that may occur in the future. Forward-looking statements may relate to future financial conditions, results of operations, plans, objectives, performance or business developments. These statements speak only as at the date they are made and are based on information currently available and on the then current expectations. Holders of securities of the Company are cautioned that forward-looking statements are not based on historical facts but instead are based on reasonable assumptions and estimates of management of the Company at the time they were provided or made and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, as applicable, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, including, but not limited to, risks and uncertainties related to: the available funds of the Company and the anticipated use of such funds; the availability of financing opportunities; legal and regulatory risks inherent in the cannabis industry; risks associated with economic conditions, dependence on management and currency risk; risks relating to U.S. regulatory landscape and enforcement related to cannabis, including political risks; risks relating to anti-money laundering laws and regulation; other governmental and environmental regulation; public opinion and perception of the cannabis industry; risks related to contracts with third-party service providers; risks related to the enforceability of contracts; reliance on the expertise and judgment of senior management of the Company, and ability to retain such senior management; risks related to proprietary intellectual property and potential infringement by third parties; the concentrated voting control of the Company's Chairman and the unpredictability caused by the capital structure; risks relating to the management of growth; increasing competition in the industry; risks inherent in an agricultural business; risks relating to energy costs; risks associated to cannabis products manufactured for human consumption including potential product recalls; reliance on key inputs, suppliers and skilled labor; cybersecurity risks; ability and constraints on marketing products; fraudulent activity by employees, contractors and consultants; tax and insurance related risks; risks related to the economy generally; risk of litigation; conflicts of interest; risks relating to certain remedies being limited and the difficulty of enforcement of judgments and effect service outside of Canada; risks related to future acquisitions or dispositions; sales by existing shareholders; limited research and data relating to cannabis; as well as those risk factors discussed under "Risk Factors" in the "Risk Factors" in the Company's Annual Management, Discussion and Analysis dated April 22, 2019 and as described from time to time in documents filed by the Company with Canadian securities regulatory authorities. The purpose of forward-looking statements is to provide the reader with a description of management's expectations, and such forward-looking statements may not be appropriate for any other purpose. In particular, but without limiting the foregoing, disclosure in this press release as well as statements regarding the Company's objectives, plans and goals, including future operating results and economic performance may make reference to or involve forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. A number of factors could cause actual events, performance or results to differ materially from what is projected in the forward-looking statements. You should not place undue reliance on forward-looking statements contained in this press release. Such forward-looking statements are made as of the date of this press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement.
View original content:http://www.prnewswire.com/news-releases/curaleaf-reports-second-quarter-2019-financial-and-operational-results-300907974.html
SOURCE Curaleaf Holdings, Inc.
View original content: http://www.newswire.ca/en/releases/archive/August2019/27/c2103.html
Copyright CNW Group 2019
> Dow Jones Newswires
August 27, 2019 16:00 ET (20:00 GMT)
Here is the other side of the story. They don't reveal this info but it was on the local news. This is a link to the story. There was a 250,000 fine involved.
When there is 1 - there is more coming. This in my opinion is ambulance chasing. The FDA isn't even sure of the rules themselves. I didn't see any materially false info - even FDA cannot say...Stay vigilant.
No - As I posted a couple of days ago CVS has announced that they are pulling the product from shelves and do not plan on restocking. Curaleaf had no comment. I did not hear anything about Walgreens? Where is that info?
Don't forget about the CVS & Walgreen roll out a little while ago. 800 and 1,600 stores respectfully to start, probably more now.
I was just having fun. Looks GREAT!!
That's a male plant
*wink*
New Disclaimer at Curaleaf hemp...
All Products contain 0% THC
Cannabidiol (CBD) is a natural constituent of industrial hemp. The statements on this website have not been evaluated by the FDA. Our products are not intended to diagnose, treat, cure, or prevent any disease.
CVS pulls products
before y'all read through this...the only red flag I see is the lack of concern that CVS will no longer sell Curaleaf - see the quote below where an Analyst basically says..it didn't matter - it was good headlines but is not material to financial results...I mean this was recieved as huge news...now we backpedal. UGH...what a mess.
“We do not sell any CBD-containing supplements or food additives. As such, the only Curaleaf products we are selling are its CBD lotion and CBD transdermal patches,” CVS said in a statement. “Following the FDA’s warning letter to Curaleaf, we will be removing these items from our CBD offering.”
"Following the FDA's warning letter to Curaleaf, we will be removing these items from our CBD offering," Mike DeAngelis, CVS' senior director, corporate communications, said in an email.
In a follow-up, he added: "At this time we have no plans to resume selling these products once they are removed from our stores." Curaleaf did not immediately respond when asked for its reaction.
"We are not overly concerned by this development, given the experience of CWEB which has also been issued similar FDA warning letters, and continues to market its CBD products unabated," GMP Securities analyst Robert Fagan said in a note, referring to Colorado-based CBD-maker Charlotte's Web.
"While the introduction of CBD products, and shelf-placement within CVS stores made for good headlines for CURA, we believe they were not material to financial results," he continued.
One Analyst POV
"The tone at today's Senate subcommittee hearing on banking reform was very positive, in our view; any forward movement by Congress could open the space up to more pronounced involvement of the institutional investor community, helping valuations greatly. The FDA is under immense pressure to get CBD regulations into place, and there is potential for guidelines to come to market by this fall, according to the agency. We see potential for agent risk to be improved in coming months, as more management positions change over to experienced individuals,"
re: FDA letters...
The FDA has issued roughly two dozen warning letters to companies for allegedly making unproven health claims about CBD products. This one against Curaleaf is notable because the company is a leading player in the booming CBD industry.
MORE Act introduced to congress today.
https://www.cnbc.com/2019/07/22/nadler-harris-to-introduce-bill-decriminalizing-pot-expunge-prior-convictions.html
(-5.76%) -- better than -15%
Curaleaf issues response to FDA letter regarding its CBD product marketing
1:50 PM ET 7/23/19 | Briefing.com
"Curaleaf is committed to the highest standards of quality and compliance, and will work collaboratively with the FDA to resolve all issues addressed in the agency's letter. The Company will respond to the FDA letter within the required 15 working days. Compliance is a top priority for Curaleaf and the Company is fully committed to complying with FDA requirements for all of the products that it markets. We can affirm that nothing in the letter raises any issues concerning the quality and consistency of any Curaleaf product or calls into question the high safety standards of the Company's cultivation and manufacturing processes. Curaleaf CBD products are all derived from hemp and meet the requirements of the Farm Bill."
Big Balls...it will take...to hold this...now...imho...
...but I am not going to sell - not ever - especially for a loss and lose the wash rule if they correct this in the next 30 days...not doing it.
But...
Ok now that the FDA letter is a known thing - I expect this stock to tank in the short term. Buying opportunity yes...but Question is will it? Since I cannot predict how curaleaf will react - I wrote them a quick email letter to let them know as a shareholder that I expect them to address the FDA letter with our community.
Couple of things - CBD is a hot button item within the FDA but thankfully it is not the sole product of this company. I expect CBD will be addressed sooner than later within FDA but this crackdown could unravel the entire CVS deal, not to mention the bottom line.
Wow...here we go...now I am on the front line now of MJ reforms.
This sector has got me down...need to see some green for more than a week. Huge news earlier last week and now down 13-14% intraday? Buy em cheap yes...but these shares are drowning. IMHO
Agreed! Thanks my friend.
~MS
LCK,
For me it was a good strategy because I was one of those guys who bought his first at 9.80 and then again at 10.25 (*not exact). Since I have been buying as we went lower I have lowered my average share price to 8.50 (*).
I think it all depends on what you are looking to do. For me - I am playing Long term here...Good Luck to you sir!
Question about things...
1. Did we fill that gap? techys>?
2. 30 mins to close - will they close it green (green) for July 4th?
...Stay Tuned. =)
Took a few at 6.96 and 6.97 averaging down here as this is just too good an opportunity to pass up for my long term cannabis play. Good luck to all if us. Happy Independence Day!
Curaleaf Announces Two Acquisitions to Open 7th and 8th Stores in Phoenix Metro Area
8:00 AM ET 6/27/19 | Dow Jones
Provides Curaleaf with the Leading Retail Footprint in the Phoenix Metro Area
WAKEFIELD, Mass., June 27, 2019 /CNW/ -- Curaleaf Holdings, Inc. (CSE: CURA /OTCQX: CURLF), a leading vertically integrated cannabis operator in the United States, today announced that it has made two separate acquisitions in Arizona for combined consideration of $25.5 million.
Curaleaf entered into an agreement to acquire Glendale Greenhouse, a vertically integrated cannabis business operating a cultivation and processing facility, as well as a prime retail location, with plans to rebrand as Curaleaf after the transaction closes.
The Glendale Greenhouse production facility is a 20,000 square-foot, multi-level cultivation center which is capable of producing 3,600 pounds of flower annually. Its 1,500 square-foot dispensary, located directly off the Agua Fria Freeway with 90,000 cars passing daily, can be expanded to nearly 5,000 square-feet. Glendale Greenhouse holds the master lease on the 15,000 square-foot multi-tenant building where the dispensary is located. The facility also operates a state-of-the-art CO2 extraction lab and a kitchen, which is already producing various edible lines such as mints, gummies, brownies and ice cream, with additional products expected to launch later this year.
Additionally, Curaleaf agreed to acquire Phytotherapeutics Management Services, LLC, which operates under the license of Phytotherapeutics of Tucson, LLC. Upon close of the transaction, the license associated with the dispensary will be applied to a newly developed, flagship dispensary located at 2175 N 83(rd) Avenue, which is part of an exciting Phoenix metro submarket with close access to the I-10 Freeway. The dispensary will also be in the immediate vicinity of the nationally recognized Ak-Chin Pavilion, a popular outdoor amphitheater and concert stadium hosting nearly forty events a year. This new location on 83(rd) Avenue will bring Curaleaf's store count in Arizona to eight, all in Maricopa county. According to US Census Bureau data, Maricopa is the nation's fastest growing county for the third consecutive year, giving Curaleaf the highest store count in the county.
"The acquisition of both Glendale Greenhouse and the opening of our 83(rd) Avenue location demonstrates our commitment to the Arizona market and to providing consumers with reliable and high-quality cannabis experience," said Joseph Lusardi, Chief Executive Officer. "This transaction not only strengthens our position with the seventh and eighth Curaleaf branded dispensaries in the fast-growth Phoenix metro market, but greatly enhances our processing capabilities and accelerates our plans to produce and distribute wholesale products in the state."
The transactions had a combined consideration of $25.5 million, of which $3.5 million is in stock and $22 million in cash.
About Curaleaf Holdings
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) ("Curaleaf") is the leading vertically integrated multi-state cannabis operator in the United States. It is a high-growth cannabis company with a national brand known for quality, trust and reliability. The company is positioned in highly populated, limited license states, and currently operates in 12 states with 47 dispensaries, 13 cultivation sites and 12 processing sites. Curaleaf has the executive expertise and research and development capabilities to provide leading service, selection, and accessibility across the medical and adult-use markets, as well as in the CBD category through its Curaleaf Hemp brand and Bido brand for pets.
Investor Contact:
Curaleaf Holdings, Inc.
Dan Foley, VP, Finance and Investor Relations
IR@curaleaf.com
Media Contact:
Teneo
Megan Bishop, SVP
Media@curaleaf.com
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "proposed", "is expected", "budgets", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects the current beliefs of Curaleaf and is based on information currently available to Curaleaf and on assumptions that Curaleaf believes are reasonable. These assumptions include, but are not limited to, the ability of Curaleaf to complete the transactions described above and the anticipated benefits to Curaleaf of the transactions described above. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Curaleaf to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; the failure of Curaleaf to complete the transactions described above; the ability of Curaleaf to successfully integrate the businesses and their respective corporate cultures; delay or failure to receive board or regulatory approvals; the actual results of future operations; competition; changes in legislation affecting Curaleaf; the timing and availability of external financing on acceptable terms; and lack of qualified, skilled labor or loss of key individuals and the other factors identified in Curaleaf's Management's Discussion and Analysis of Financial Condition and Results of Operations for the year ended December 31, 2018 and its other public filings with the Canadian Securities Exchange. Although Curaleaf has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Curaleaf as of the date of this news release and, accordingly, is subject to change after such date. However, Curaleaf expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
View original content:http://www.prnewswire.com/news-releases/curaleaf-announces-two-acquisitions-to-open-7th-and-8th-stores-in-phoenix-metro-area-300875873.html
SOURCE Curaleaf Holdings, Inc.
View original content: http://www.newswire.ca/en/releases/archive/June2019/27/c2632.html
Copyright CNW Group 2019
> Dow Jones Newswires
June 27, 2019 08:00 ET (12:00 GMT)
Illinois. 11th state to legalize. New!
https://www.vox.com/2019/6/25/18650478/illinois-marijuana-legalization-governor-jb-pritzker?fbclid=IwAR253X5OQHbD4egKCbkfauDyFmhasFitTRJN9Wha6BzlemPb-3Yp3KxhIqU
Link to Article. Recreational sales start 1/2020
Nice INtel!
Ahh...I thought it was the DEA who regulated Scheduled drug. My apologies.
~MS
This adds to the support for removal of Schedule 1.
Even McConnell is not above the law.
https://www.forbes.com/sites/javierhasse/2019/05/31/federal-appeals-court-rules-dea-federal-govt-must-promptly-reassess-marijuanas-illegality/#45b434d77be9
Another victory in congress. Read Forbes Article
https://www.forbes.com/sites/tomangell/2019/06/20/congress-votes-to-block-feds-from-enforcing-marijuana-laws-in-legal-states/#796a9dbf4b62
snagged lots at 7.13 and 7.92 - this stock is going much higher and I want to make sure I have my ticket punched and ready to go. Curlf to the moon! =)
Starting the Day on Positive Side - great for longs
I would not want to be short.
Shorting
This stock is also getting pounded by short volume. It's the one and only reason there is blood in the water now. Hang tight.
Date Close High Low Volume Short Volume % of Vol Shorted
Jun 13 NA NA NA 249,008 129,730 52.10
Jun 12 NA NA NA 260,113 139,396 53.59
Jun 11 NA NA NA 254,881 128,372 50.37
Jun 10 NA NA NA 513,819 272,817 53.10
Jun 07 NA NA NA 212,393 146,586 69.02
Jun 06 NA NA NA 157,588 104,297 66.18
Jun 05 NA NA NA 294,353 169,932 57.73
Jun 04 NA NA NA 493,271 251,835 51.05
Jun 03 NA NA NA 340,406 133,988 39.36
You may be right but I see a lot of buying around 7.20 -
This could be your short covering. It is possible that on Monday they gap fills quickly and the worm turns around on #CURLF - I am very impressed with the trading in the last hour. It is a good sign.
Looks like $6.50 is new resistance level.
Colorado breaches 1 Billion in POT sales.
https://www.cnn.com/2019/06/14/us/marijuana-pot-sales-colorado-billion-trnd/index.html
Shorts have this one -
Date Close High Low Volume Short Volume % of Vol Shorted
Jun 13 NA NA NA 366,781 150,694 41.09
Jun 12 NA NA NA 380,137 181,295 47.69
Jun 11 NA NA NA 534,032 188,918 35.38
Jun 10 NA NA NA 685,433 210,221 30.67
Jun 07 NA NA NA 343,940 74,499 21.66
Jun 06 NA NA NA 281,996 98,551 34.95
Jun 05 NA NA NA 608,813 226,124 37.14
Jun 04 NA NA NA 547,785 194,822 35.57
Jun 03 NA NA NA 770,134 228,509 29.67
Best wishes Mike
I think this is positive ...naked shorts
According to the OTC REGSHO interest page, CURLF has been heavily shorted by Naked interests,(don't get caught naked), and equity short interest, the two have diverged in seperate directions. Just saying that it looks to me that in most cases, naked shorts don't last as long as equity shorts, and equity being the "smart money", will eventually rebound #CURLF back to its HOY. What do you think?
https://www.otcshortreport.com/company/CURLF
I'm fine with this downward push. I have bought several small lots along the way. Maybe heading lower now to fill that gap and cheap shares now ...hang tight...glta!