Curaleaf Holdings Inc on a high as sales and earnings hit record levels

Curaleaf Holdings Inc () has celebrated fresh highs after its revenues and earnings hit record levels in the first quarter of 2021.

The US’s largest cannabis group reported record revenues of US$260mln in the three month period, up 170% year-on-year, while adjusted earnings (EBITDA) rose 213% to a record US$63mln.

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However, the company’s net losses in the period did widen to US$17.2mln, from US$15mln a year ago, despite the record takings.

Curaleaf’s chief executive Joe Bayern attributed the record numbers to “the leverage of the strategic investments [Curaleaf has] made across the organization in cultivation, product innovation as well as expanding our branded retail and wholesale distribution channels”.

“Curaleaf launched a range of innovative new products to our retail and wholesale channels during the quarter, including our new Select Squeeze THC-infused beverage enhancer which marked our most successful product launch ever and represented one of the cannabis industry’s widest national product launches to date. With our revenue projected to increase to US$305mln to US$315mln in the second quarter, we also expect to generate significant improvements in terms of achieving positive net income and positive operating cash flows in the back half of 2021,” the CEO added.

Meanwhile, Curaleaf’s executive chairman, Russian-American billionaire Boris Jordan, said the firm’s prospects for growth in the US “have never been stronger”, highlighting “the acceleration of cannabis liberalization momentum at the state and federal levels”.

“The recent approvals of adult-use cannabis in New Jersey and New York, which are states where Curaleaf has a leading market share, will unlock vast new markets, worth an estimated US$2.1bn and US$5bn in sales respectively,” Jordan added.