Cannabis company Curaleaf has reported another all-time high for cannabis revenues in a single quarter. The multi-state cannabis operator saw its cannabis sales exceed $300 million during the third quarter of 2021, while also showing significant growth in terms of earnings before interest, taxes, and depreciation (EBITDA). Curaleaf’s continued financial success is representative of broader success for the U.S. cannabis industry, particularly with more and more states looking to legalize marijuana for recreational use.

To learn more about the record cannabis revenues for Curaleaf in Q3 2021, keep reading this blog.

Curaleaf Financial Results Show All-Time High for Quarterly Cannabis Revenues

Curaleaf, an international cannabis company, has released its financial and operating results for Q3 2021. According to the data, Curaleaf had third quarter revenues of more than $317 million. This was a small increase over second quarter revenues, and a significant increase of 74% over the third quarter of 2020. The gross profits on Curaleaf’s cannabis sales in the third quarter were more than $144 million.

Projections for the rest of the year are strong, with the company currently on track to reach $1.2 billion in annual revenues. This is within the range of Curaleaf’s annual revenue guidance, which was between $1.2 billion and $1.3 billion.

Curaleaf Expanding Operations into New State Cannabis Markets

Curaleaf Executive Chairman Boris Jordan reflected on the past few months and said that the company has succeeded in large part by “prioritizing growth and gaining market share.” Curaleaf Chief Executive Officer Joe Bayern echoed that sentiment by noting that the company is in excellent position for long-term growth due to the strategic development of its retail and wholesale presence in a number of burgeoning state cannabis markets.

In October, Curaleaf announced the acquisition of Los Suenos Farms in Pueblo County, Colorado, giving the company another source for cannabis cultivation and bringing Curaleaf’s total cultivation capacity to roughly 4.4 million square feet. Other major deals in the second quarter included an agreement to acquire vertically integrated multi-state cannabis operator Tryke Companies, which cultivates and supplies cannabis to dispensaries in Arizona, Nevada, and Utah. The Tryke deal, in particular, will boost Curaleaf’s cash flow and profit margins since Tryke operates Reef dispensaries in multiple cannabis markets.

Other third quarter highlights for Curaleaf included the following:

• Opened cannabis dispensaries in New Jersey and Maine. Curaleaf now has a total of 109 retail marijuana locations in the United States.
• Introduced the Select Squeeze brand beverage enhancer in the Michigan, New Jersey, and New York markets. The in-house branded product is infused with THC.
• Launched the Cliq by Select premium vape system, an in-house branded product with a proprietary pod. The vape product is now available in several markets, including Arizona, California, Nevada, and Oregon.

Contact Scythian Cannabis Real Estate

Scythian Real Estate is a privately held cannabis real estate fund with numerous properties throughout the U.S. One of Scythian’s partners is Curaleaf, which has several dispensaries operating under the name Grassroots Cannabis. If you are a cannabis company looking to expand operations into new state markets, Scythian can assist you. Send us an email today.

PLEASE NOTE THAT THIS BLOG IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY SECURITIES IN SCYTHIAN REAL ESTATE FUND.

Cannabis company Columbia Care had record Q3 2021 cannabis revenues, with third quarter revenues topping $132 million. The company recently released its financial and operating results to the public, and the numbers are staggering. In addition to more than $132 million in quarterly revenues from medical marijuana sales, Columbia Care also posted an adjusted gross profit of more than $64 million. The promising financial figures bode well for the cannabis operator going forward, as well as for the cannabis industry as a whole.

To learn more about Columbia Care’s record quarterly results, keep reading this blog.

Columbia Care Posts Record Quarterly Revenue for Cannabis Sales

Columbia Care, one of the country’s largest and most successful multi-state cannabis operators, recently released its quarterly economic report. The data shows that the company posted an all-time record for a single quarter during Q3 2021, with $132.3 million in cannabis revenues. This represented a substantial 144% increase over the third quarter of 2020, and a 21% increase over the second quarter in 2021.

These were the company’s top cannabis markets in terms of revenue during the third quarter:

• California: Columbia Care upgraded its cultivation facilities in California to increase capacity and yield, as well as the quality of marijuana production in the state.
• Colorado: Columbia Care saw harvesting in Trinidad set records for grams per cannabis plant and THC levels.
• Massachusetts: Columbia Care had record wholesale revenues in the state, with a major boost coming from the start of adult use sales at the Boston Cannabist dispensary.
• Ohio: Columbia Care had record retail transaction volume in the state, fueled in part by the expansion of Columbia Care brand flower to more than 90% of Ohio dispensaries.
• Pennsylvania: Cannabis revenues at Pennsylvania dispensaries were up approximately 85% over the third quarter of 2021. The company also plans to introduce Columbia Care brand flower and other products to PA dispensaries in the fourth quarter.

Columbia Care Projects All-Time High for Annual Cannabis Revenues in 2021

Given the steady increase in revenues during the first three quarters of 2021, Columbia Care now projects to hit nearly $500 million in total cannabis revenues for the entire year. After the quarterly financial results were revealed, the company provided revised guidance to show projected annual revenues of between $470 million and $485 million.

Nicholas Vita, the CEO of Columbia Care, said that the company expects to have strong growth in the months ahead as they continue to execute on a nationwide strategy that includes opening new dispensaries and rolling out new cannabis products. Vita noted that Columbia Care opened dispensaries in New Jersey and Missouri during the third quarter, as well as converting existing Columbia Care locations to Cannabist retail stores.

Future Looks Bright for Cannabis Industry Leader Columbia Care in 2022 and Beyond

Columbia Care is an industry leader in providing medical marijuana to qualifying patients throughout the United States. The company is dedicated to increasing the health and wellness of individuals by emphasizing individualized medical care and treatment involving high-quality cannabis, which is offered through in-house brands such as ClaraCeed, EleCeed, Medical Cannabis, and TheraCeed. Columbia Care operates in several states, with 39 current cannabis licenses in 15 different markets. The company also has 63 facilities that are utilized for either cannabis operation/distribution or development of new cannabis products.

Columbia Care is well positioned to scale in a number of lucrative cannabis markets, including New Jersey, New York, and Virginia. CEO Nicholas Vita observed that October saw the company complete “the largest single-day national flower brand launch in the history of the industry.”

Contact Scythian Real Estate Today

Scythian Real Estate is a privately held cannabis fund that has partnered with a number of major cannabis operators, including Columbia Care. Scythian’s relationship with Columbia Care extends to more than a dozen dispensaries operating under The Green Solution (TGS) and for which Scythian provided financing through sale-leaseback deals.

For more information about Scythian Real Estate, send an email.

PLEASE NOTE THAT THIS BLOG IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY SECURITIES IN SCYTHIAN REAL ESTATE FUND.

Retail sales of cannabis are at an all-time high in many states where marijuana has been legalized for adult use, and Colorado cannabis cultivators responded to the increased demand for recreational marijuana by growing a record amount of cannabis in 2020. As flower, concentrates, edibles, and other recreational marijuana products continue to sell extremely well at dispensaries in 2021, the expectation is that cannabis cultivators will need to produce even more product for Colorado’s adult-use market.

To learn more about the effect of recreational marijuana retail sales on Colorado cannabis cultivators, keep reading this blog.

Colorado Cannabis Market Thriving with Increased Sales of Flower, Concentrates, and Edibles

Data recently released by the Colorado Department of Revenue shows that major cannabis operators approved for cultivation in Colorado grew approximately 1.8 million pounds of cannabis in 2020. This represented a sizable 24% increase over the total amount of cannabis grown in 2019. Moreover, those 1.8 million pounds of cannabis came from roughly 3.7 million plants.

According to the Department of Revenue report, more than two-thirds of all cannabis produced in Colorado last year was eventually sold on the adult-use marijuana market. Data indicates that 72% of retail sales were for recreational marijuana, while the remaining 28% of sales were for medical marijuana. The vast majority of cannabis concentrates (85%), edibles (89%), and infused products (87%) were sold on the adult-use market. These sales figures align with the recent trend in cannabis licenses in Colorado: the number of adult-use licenses issued to dispensaries rose by nearly 2% last year, while the number of medical marijuana licenses declined slightly.

Colorado Cannabis Cultivators Growing Marijuana for Retail Market at Record Pace

The increase in cannabis cultivation in Colorado was a direct result of the surge in demand for legal marijuana, particularly adult-use marijuana. The total revenue generated by all cannabis sales in Colorado during 2020 was $2.19 billion, which was substantially higher than the $1.79 billion in cannabis revenues generated during 2019. So far in 2021, the numbers are even higher: over the first six (6) months, total marijuana sales eclipsed $1.35 billion.

Additionally, the increased demand for cannabis on the retail market has led to a shorter seed-to-sale time: it took just 126 days for cannabis to go from a cultivation site to a dispensary last year. This was six fewer days than it took, on average, in 2017.

Contact Denver-Based Scythian Real Estate Today

Scythian Real Estate is a privately held cannabis fund that works with major cannabis operators like The Green Solution, Columbia Care, and Schwazze. For more information about Scythian Real Estate, send an email.

PLEASE NOTE THAT THIS BLOG IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY SECURITIES IN SCYTHIAN REAL ESTATE FUND.

California state officials revealed data showing that recreational cannabis tax revenues for the most recent fiscal year set a new all-time record. During the fiscal year, which ran from July 2020 through June 2021, sales from adult-use marijuana at dispensaries located throughout the state generated more than $800 million in tax revenues. The incredible success of the California recreational marijuana market bodes well for the future of the cannabis industry not just on the West Coast, but across the United States.

To learn more about California’s promising cannabis economy, keep reading this blog.

California Cannabis Market Generating Record Revenues

The California Legislative Analyst’s Office (LAO), which is tasked with providing fiscal advice to the California Legislature, recently released a report showing that adult-use marijuana tax revenues for the 2020-2021 fiscal year totaled approximately $817 million. This represented a whopping 55% year-over-year increase when compared to the previous fiscal year. Moreover, the combined excise and cultivation tax revenue collected from cannabis operators during the fiscal year’s 4^th quarter, which ended in June, exceeded $210 million. This was the single-largest quarter in the history of California’s legal cannabis market. Beyond that, these numbers, which are merely estimates, could rise when the official sales figures are tallied by the California Department of Tax and Fee Administration.

The booming cannabis market in California is representative of the strong sales in other states where cannabis has been legalized for recreational use. Remarkably, the retail cannabis market in California and other states has thrived despite the adverse effects of the COVID-19 pandemic on just about every other aspect of the economy. While many retail businesses were forced to shutter their doors and lay off workers due to struggling sales numbers, the cannabis industry saw a rise in sales revenues as more and more consumers looked for ways to relax during the pandemic.

How Does California Collect Taxes from Retail Marijuana Sales?

The California LAO report accounts for two types of taxes on adult-use marijuana:

1. A cultivation tax on cannabis that is grown and cultivated to be sold on the retail market later.
2. An excise tax on retail cannabis sold at state-licensed dispensaries.

One type of cannabis tax that is missing from this data is sales taxes that are collected at the point of sale. Additionally, depending on the municipality, certain California cities and towns also collect additional taxes from retail dispensaries.

Importantly, several California municipalities are expected to issue marijuana business licenses over the next few years. For example, Red Bluff, Chico, Redwood City, Fresno, and Costa Mesa have pending retail licenses in late 2021 and early 2022. Additionally, West Sacramento, San Jose, Visalia, San Bernardino, and Long Beach are likely to issue retail marijuana licenses in 2023.

Contact Scythian Real Estate for Information on Cannabis Operator Financing

Scythian Real Estate is a privately held cannabis real estate fund with properties throughout the United States. If you are a cannabis operator looking to expand your operations into California or anywhere else where cannabis is legal, Scythian can help. Send us an email today.

PLEASE NOTE THAT THIS BLOG IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY SECURITIES IN SCYTHIAN REAL ESTATE FUND.

The legal cannabis market is booming throughout the United States, and it appears that the industry is going to continue to thrive in the years ahead. A recent economic study found that annual retail sales of marijuana will eclipse $43 billion by 2025. These financial projections, along with optimism about federal legalization efforts, have cannabis companies and their investors excited about what the future holds for the industry in general.

To learn more, keep reading this blog.

Study: Retail Cannabis Market Will Remain Strong

New Frontier Data, a company that specializes in cannabis market research, has released an economic analysis that projects retail sales of both adult-use marijuana and medical marijuana to reach an astonishing figure in just a few years. According to the study, the legal cannabis market in the U.S. will get even stronger as more and more states look to pass their own legalization laws. By 2025, the study indicates, annual sales of cannabis at retail dispensaries in the United States will be around $43 billion. To put that number in perspective, total combined sales of adult-use marijuana and medical use marijuana were roughly $20 billion in 2020.

In the current climate, roughly two-thirds of all retail marijuana transactions involve recreational marijuana and related products, and the New Frontier Data research shows that the majority of retail cannabis sales will continue to involve adult-use marijuana. Still, sales of medical cannabis sales should remain strong, particularly as more and more people look for alternative ways to relieve pain and cope with debilitating medical conditions and diseases.

State Cannabis Markets Are Thriving

The legal marijuana market has hit historic levels in 2021, with each new month seeing retail cannabis sales in states across the country set a new all-time record. For example, Colorado recently recorded a new quarterly high for adult-use cannabis sales.

In addition to sales surging in states with established cannabis markets, several more states are likely to generate millions of dollars in cannabis revenues in the coming months when their own markets are established. As many as 10 new state markets are expected to be activated over the next two years. This includes burgeoning cannabis markets in both New York and New Jersey, where state lawmakers have finally begun implementing the framework for legal sales of recreational marijuana by licensed cannabis operators. These markets could be vital to the success of the cannabis industry generally, especially since market research forecasts that more than 40% of cannabis demand in the U.S. will be met by legal transactions in regulated cannabis markets by 2025.

Is Federal Legalization of Cannabis on the Horizon?

All indications are that federal legalization of cannabis for recreational use is on the horizon. Lawmakers in the United States Congress have been working hard to get bipartisan approval in both the House and the Senate for national legalization, and the expectation among cannabis industry insiders is that it is probably only a matter of time before certain obstacles and regulatory issues are overcome. The recent enthusiasm for legal cannabis at the federal level has coincided with the strong growth of cannabis markets in states where either recreational marijuana or medical marijuana is already legal, suggesting that some legislators may see an opportunity for additional tax revenues at a time when government spending has become a major talking point for the upcoming 2022 election. The fact that state and local cannabis markets thrived during the COVID-19 pandemic may also be a factor in the support for national cannabis reform measures.

Contact Scythian Cannabis Real Estate

Scythian Real Estate is a privately held cannabis fund that assists cannabis operators who are interested in securing financing. Email us today for additional information.

PLEASE NOTE THAT THIS BLOG IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY SECURITIES IN SCYTHIAN REAL ESTATE FUND.