Cannabis Stock Curaleaf Q2 Revenue Increases 22%
During a year when many cannabis stocks have tanked, it’s great to see strong financial results from MSOs like Curaleaf (OTC: CURLF). Curaleaf’s highly anticipated Q2 results came as a pleasant surprise as the company announced record-breaking revenue. The multi-state operating cannabis company revealed that its net revenue soared 142% year-on-year to reach $117.5 million. The sequential increase in revenue was 22%. The cannabis stock posted a healthy 5.2% gain on Monday shortly after the news.
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What was even more encouraging was the significant reduction in net loss over the past quarter. In Q2, the net loss was $2.02 million, against $15 million in the previous quarter. Notably, the prior-year period loss was a whopping $24.5 million.
Curaleaf’s acquisition route for future growth
Among other highlights for the second quarter, Curaleaf completed the acquisition of ‘Arrow’ in Connecticut as well as ‘Maine Remedy’ assets. The cannabis company has also closed the purchase deals for Curaleaf NJ, Inc. and Maine Organic Therapy assets after the quarter-end. The acquisition of Blue Kudu by Curaleaf would also expand the product base in Colorado.
However, out of all the acquisitions closed by the cannabis stock, the one that truly stands out is the acquisition of Grassroots. The $700 million purchase deal of Grassroots has made Curaleaf as one the largest cannabis business globally in terms of operating presence and revenue. The acquisition would boost the presence of the pot producer in six major states. This includes Massachusetts and the highly promising markets of both Illinois and Pennsylvania.
Curaleaf will now focus highly on organic growth and the smooth absorption of several companies it recently acquired. Yesterday, Joseph Lusardi, the cannabis company’s CEO stated, “Overall, Curaleaf remains well-positioned for continued growth in the second half of 2020.” He further added that this growth would be driven by “organic initiatives”.
Curaleaf to retain momentum in the second half of 2020
Curaleaf has been one of the best cannabis stock picks in the volatile cannabis sector and is likely to be on the growth path. Its astounding second-quarter results, and the completion of Grassroots acquisition has given this cannabis stock the momentum it needs in 2020.
The resilience that the company has shown in the current COVID-19 crisis has stoked investor optimism. Market analysts believe that by integrating the businesses of Grassroots and Select, Curaleaf will see visible growth in both its topline and bottom-line.
In addition, the marijuana company also has a healthy $122.8 million in cash which clearly indicates that it is well-positioned to finance its growth initiatives. Overall, the results of Curaleaf surpassed market expectations tremendously even amid the pervasive market uncertainty due to COVID-19.
Cannabis Stock Curaleaf Q2 Revenue Increases 22%
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