Cannabis News
Florida Welcomes Curaleaf’s 26th Dispensary, Available For Business In Port Charlotte, Stock Up 8%
- The Charlotte County Chamber of Commerce will host the grand opening next week.
- Curaleaf recently published their Q2 2019 financial reports.
- Curaleaf Holdings (CSE:CURA) (OTCQX:CURLF) is up 8%
Hurricane Dorian has been wreaking havoc on the southeast United States, as Florida has taken on some damage. However, as the weather seemed to offer the state some reprieve, business has mostly returned to what it should be, and Curaleaf Holdings is already taking advantage of the newfound calmness in the atmosphere. According to Grizzle, the company has established their 26th dispensary in Florida.
The dispensary is located in Port Charlotte, which means that Curaleaf now has a total of just under 50 dispensaries across the country. As more states legalize cannabis, the various government and business agencies are popping up at dispensaries to discuss the ways that new store openings can improve the economy. In fact, the Charlotte County Chamber of Commerce plans to be the host of a grand opening, which is scheduled for next week.
Chief Executive Officer Joe Lusardi spoke on the recent store opening and upcoming projects, stating, “It’s part of our continuing effort to expand our footprint in Florida to provide patients with access to Curaleaf’s premium medical cannabis products and educational resources.” The resources that Lusardi references will include consultations with new patients and weekly presentations for physicians and potential patients.
The Q2 2019 financial reports were only just issued by Curaleaf, revealing a pro forma revenue of $110.9 million, as well as a managed revenue of $55.1 million.
Chief Financial Officer Neil Davidson commented, “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.”
During this quarter, there were many high-profile acquisitions from Curaleaf, like the brand Select, along with the dispensary and greenhouse locations in Arizona. The most recent large-scale acquisition just missed the deadline for the quarterly report, which involves private MSO company Grassroots. The deal, worth $875 million in cash and stock, will most likely be closing next year, and will make it possible for the company to get involved with operations in Illinois.
